L'Oreal chief executive Nicolas Hieronimus said he remained confident about the outlook for the beauty industry with consumers continuing to want to indulge despite the global economy becoming "even more complicated."

"The Carpe Diem of the moment really trumps inflation," the head of the world's largest cosmetics company told the Consumer Goods Forum's Global Summit conference.

The chief executive of CK Hutchison Holdings Ltd owned beauty and health retailer A.S. Watson, Malina Ngai, told the same conference that its customers have become more cautious and selective about what they buy and where they buy it.