French cosmetics giant L’Oreal SA (OR.FR) is looking at acquisition targets that could fit its portfolio, Chief Executive Jean-Paul Agon said Thursday.

“We are open to great proposals when they fit our portfolio and strategy,” he said, speaking on a conference call on the company’s third quarter results.

Agon also said he does not expect a turnaround in the luxury market for beauty products by the end of the year.

The luxury market is “really tough” Agon said. While the company sees improvement in some profitable products, “the U.S. market is not back yet, he said.

Company Web site: www.loreal.com