L'Oreal lowers global cosmetics growth forecast

• L'Oreal (OTCPK:LRLCF, OTCPK:LRLCY) says it reset growth expectations for the global cosmetics market due to the downturn in the Chinese economy.
• The company now sees 3.5% growth to land on the bottom end of it original forecast of 3.5% to 4.0%.
• Shares of L'Oreal are down almost 4% in Paris trading.