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French cosmetics giant L'Oreal in 320m-euro tax readjustment

French cosmetics group L'Oreal announced on Friday it had reached a settlement with France's tax authorities to pay around 320 million euros in a correction of tax returns made by three of its subsidiaries between 2014 and 2018.

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Cosmetics maker L’Oreal said on Friday it had reached a settlement with French tax authorities regarding three of its subsidiaries, including one linked to its luxury Lancôme brand, resulting in a charge of around 320 million euros, reports Reuters.

The world’s biggest beauty manufacturer, behind labels like Maybelline and Armani lipsticks, gave no further details about the basis of the dispute, only saying it corresponded to a five year period between 2014 and 2018.

Read more of this report from Reuters.