L’Oréal SA stock surged Friday after reporting better-than-expected first-quarter sales as strength in Europe and North America helped offset a slowdown in shopping by Chinese travelers.
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Fears of a slowdown among Chinese shoppers have dogged the luxury industry for the better part of a year. Last week the scale of the problem hit home for one of fashion’s biggest but most exposed brands, Gucci. French group Kering SA saw $9 billion wiped off its market value…