L’Oreal SA said it expects the global cosmetics market to grow closer to the low end of its forecast range, adding to concern about a slowdown in China.

“Market growth in 2015 is expected to be around 3.5 percent instead of 3.5 percent to 4 percent,” a L’Oreal spokeswoman said Friday via e-mail, commenting on a presentation to investors the Paris-based company made earlier this week. “There was no warning on turnover.”

L’Oreal shares fell as much as 3.8 percent and were trading 3.1 percent lower as of 11:38 a.m. in the French capital.

Emerging markets have shifted from a boon to a burden for many consumer-product companies as sputtering economies have damped spending on everyday items like shampoos and face creams. China’s devaluation of the yuan on Aug. 11 has sparked concern that the economy may be in worse shape than previously thought.

Unilever has also seen a decline in beauty-product growth, forecasting the market to expand 2 percent to 2.5 percent over the next two years, compared with 4 percent growth last year.

L’Oreal’s sales grew 3.6 percent in the second quarter, excluding acquisitions, disposals and currency swings. Asia-Pacific sales grew 4.1 percent in the period, slowing from 5.8 percent in the first quarter.

The French company said in July it expects to outperform the market in 2015 and increase sales and profit.

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