(Bloomberg) -- L’Oreal SA expects slower growth for the overall beauty market this year, according to its CEO, as weakness in China weighs on sales after years of rapid gains.

Nicolas Hieronimus told investors at a JPMorgan event in Paris on Thursday that he now sees the global beauty market growing between 4.5% and 5% this year from a previous forecast of 5% earlier this year, a L’Oreal spokesperson told Bloomberg News. 

Hieronimus blamed the downward revision on a flat market in China, the representative added. That country had long been a growth engine for L’Oreal, with consumers snapping up its high-end cosmetics offerings. 

Shares of L’Oreal closed 3.4% lower on Thursday and fell a further 1.8% on Friday morning. They’ve lost 7.8% so far this year.

Rivals also slipped, with Estee Lauder Cos. down 2.1% in New York on Thursday.

L’Oreal in April reported a 9.4% gain in like-for-like sales during the first three months of the year, which had allayed some concerns about the state of the beauty business. The company’s next quarterly update is set for July 30.

(Updates shares)

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