Jean Paul Agon, the cosmetics giant’s chief executive, said Magic Holdings faced 10 times more competitors than it did when the French group bought the business two years ago for more than 600 million euros ($665.46 million).”Now we are coming back with a strong pipeline of innovation that we did not have at the beginning,” Agon told investors on a conference call on Friday.L’Oreal, also took a 234 million euro non cash charge on its sonic skin treatment unit Clarisonic which did not meet expectations since it joined the group in 2011. News of the writedowns came as L’Oreal published late on Thursday a 4.3 percent rise in second quarter sales.[nL8N1AE9A7]”These two acquisitions were not typical for us,” Agon said. “We have had some difficulties for a while.
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