{"id":16243,"date":"2019-12-16T19:50:28","date_gmt":"2019-12-16T18:50:28","guid":{"rendered":"https:\/\/staging.capitalmind.com\/why-loreal-remains-1-in-beauty\/"},"modified":"2019-12-16T20:26:56","modified_gmt":"2019-12-16T19:26:56","slug":"why-loreal-remains-1-in-beauty","status":"publish","type":"post","link":"https:\/\/working.capitalmind.com\/fr\/why-loreal-remains-1-in-beauty\/","title":{"rendered":"Why L\u2019Or\u00e9al remains #1 in beauty\u2026"},"content":{"rendered":"

I’m happy to share Jean Paul Agon\u2019s thoughts on the big questions facing L\u2019Or\u00e9al, including the rise of Digitally Native Vertical Brands, growth through acquisitions, his views on e-commerce, digital disruption, the Chinese market, and the future of beauty.<\/p>\n

Since Jean Paul Agon became CEO of L\u2019Or\u00e9al in 2006, revenues have grown by more than 3x and the stock price by more than 4x. According to Agon, the 112-year-old French beauty conglomerate has strengthened its position as the undisputed leader in the global beauty market due to a healthy appetite for acquisitions, as well as a robust and well balanced business model that covers all circuits, all categories, all price points and all consumers.<\/p>\n

The below Q&A is taken from a collection of interviews conducted in 2019.<\/p>\n

I – On M&A – growth through acquisitions:<\/strong><\/p>\n

\u201cOur model is, and has been for 50 years, to buy a brand at an early stage because we think it can become a globally successful player. For example, we bought Kiehl\u2019s in 2000, when the business was generating $20 million annually. It was a single store in New York City and had a few counters at Saks (department store). Then, for 20 years, we built the business and now it is a $1.37 billion business. The way we grow is exactly this combination of buy-and-grow – not buy or grow. And that\u2019s what we do every year. Once the brands have been acquired, they are brands that we build.\u201d<\/em><\/p>\n

\u201cWe are looking every year at all opportunities, and we continue to do this. Make-up, skin care, hair care, hair colour \u2013 everything.\u201d<\/em><\/p>\n

\u201cWe currently have 35 international brands. L\u2019Or\u00e9al is just one of them, but it\u2019s obviously the one that we started with, and it represents around 25% of our sales. And, in fact, it\u2019s the only brand that we didn\u2019t buy.\u201d<\/em><\/p>\n

II – On e-commerce:<\/strong><\/p>\n

\u201cThere is a clear and very powerful movement towards e-commerce, which is very good, because it allows us to reach more consumers and it\u2019s also pretty profitable.\u201d<\/em><\/p>\n

\u201cE-commerce is currently about 10% of our total [global] sales, already almost three billion euros, so it\u2019s not irrelevant. And it\u2019s growing at 35% a year. We don\u2019t see any slowdown in e-commerce beauty sales across the globe.\u201d<\/em><\/p>\n

\u201cIn China, where e-commerce is the most advanced, it\u2019s huge – it\u2019s more than 30% of sales.\u201d<\/em><\/p>\n

\u201cWith the new digital augmented services (which look at skin colour, hair colour and skin diagnosis) there is another tool to support online sales in the future.\u201d<\/em><\/p>\n

III – On digital disruption – in 2018, L\u2019Or\u00e9al acquired Modiface, an \u2018augmented reality\u2019 company that digitally shows consumers the make-up they can wear. This is the first time that L\u2019Or\u00e9al has acquired a pure tech company.<\/strong><\/p>\n

\u201cWe really believe that the future of beauty will be digital, and in this we are well ahead of the game. For us it is priority number one. In all aspects – social media, e-commerce, data, artificial intelligence. In terms of services, facilitating greater choice for consumers, helping them use products, individualizing products, etc. With digital, the possibilities become limitless. We are only scratching the surface of what will be possible.\u201d<\/em><\/p>\n

\u201cSince we accelerated our digital initiatives we have seen profit margins increase, so there is a clear correlation between margin improvement and digital.\u201d<\/em><\/p>\n

\u201c<\/em><\/strong>In the case of Modiface, the business case was obvious because this company is the best at what they do in terms of augmented reality, virtual simulation and obviously when you sell make-up, hair colour and skin care this capacity to simulate virtual reality is absolutely critical. It gives us a competitive advantage that is immense. Modiface helps all our brands to create new [augmented] services for consumers on their own sites or e-commerce sites. It is more an ROI thing, rather than a business itself.\u201d<\/em><\/p>\n

IV – On the future of beauty:<\/strong><\/p>\n

\u201cThe future is still about brands, more than ever. In a world of hyper choice and hyper segmentation, what consumers have on their minds in the end is brands. For example, when we acquire technology companies it\u2019s not for business per se, it\u2019s to serve the business.\u201d<\/em><\/p>\n

\"\"<\/p>\n

\n

Source: <\/em>https:\/\/www.loreal-finance.com\/en\/annual-report-2018\/acquisitions-2-4\/<\/em><\/a><\/p>\n

V – On competition from new direct-to-consumer brands on social media platforms: <\/strong><\/p>\n

\u201cIt\u2019s true that it\u2019s easier for new brands to enter the market because the barriers to entry have disappeared. However most, or 99.9%, of the new brands that enter the market will stay small because the barriers to scale up still exist. And on the contrary, digital is boosting the power of big brands. Our biggest brands – Lanc\u00f4me, Yves Saint Laurent, Armani, Kiehl’s, L\u2019Or\u00e9al, Maybelline \u2013 have all had their best years ever in 2019.\u201d<\/em><\/p>\n

VI – On China:<\/strong><\/p>\n

\u201cWe started in China in 1997, which was a bit late as many of our competitors were already there. We started in an apartment with 10 people. (I was based there then as well.) And now I\u2019m very happy to say that we are number 1 in China and China is a major part of our growth and business.\u201d<\/em><\/p>\n

\u201cChina has always been about skincare, compared to the rest of the world. Most people in China use a skincare product. So, number 1, skincare is still growing in China. But the interesting news is that consumers are now also going for make-up. Previously, make-up was very small in China, and 40 years ago it was almost forbidden. And now young consumers are excited about wearing make-up. And the lucky thing for us is that younger consumers in China are starting by going directly to luxury make-up brands. In a tier 3 or tier 4 city, it\u2019s common for teenagers to go straight to the Armani or Yves Saint Laurent counter to buy their lipstick, mascara or powder. They are starting directly with more expensive products. It\u2019s one of the reasons for the extraordinary boom we are experiencing in China.\u201d<\/em><\/p>\n

VII – On sustainability and ethics:<\/strong><\/p>\n

\u201cWe are recognised as a number 1 company on sustainability. The Carbon Disclosure Project (CDP), which is the authority in terms of the environment, awarded L\u2019Or\u00e9al for the third year in a row the \u2018AAA\u2019 recognition. \u2018A\u2019 for forest, for water and for carbon impact.\u201d<\/em><\/p>\n

\u201cWhen I took over as CEO, I understood that ethics would be something very important for the future. Again, I decided with the team that L\u2019Or\u00e9al should be, and could be, the number one company in ethics. If you think about it, it\u2019s not that difficult for L\u2019Or\u00e9al to be a great company in terms of sustainability. Also, ethics is not really a problem in our industry. And gender equality also. We could have said, \u2018it\u2019s not difficult for us, let\u2019s do something else\u2019. On the contrary, what we said is, \u2018it\u2019s not that difficult, so let\u2019s be exemplary, and be number one in the world\u2019.\u201d<\/em><\/p>\n

[In 2019, L’Or\u00e9al was named for the 10th\u00a0time as one of the World’s Most Ethical Companies. The Covalence ESG (Ethical Quote reputation index) also awarded L’Or\u00e9al the #1 ranking out of 581 of the largest listed companies worldwide.]<\/p>\n

VIII – On the key shareholders of L\u2019Or\u00e9al:<\/strong><\/p>\n

\u201cWe have two great shareholders – the Bettencourt family, who own 33% of the shares; and Nestle, with 23% of the shares. These large investors give us the possibility to think really long term, to be very strategic, and I think that it\u2019s also part of the success of L\u2019Or\u00e9al.\u201d<\/em><\/p>\n

\"\"<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

I’m happy to share Jean Paul Agon\u2019s thoughts on the big questions facing L\u2019Or\u00e9al, including the rise of Digitally Native…<\/p>\n","protected":false},"author":13,"featured_media":16209,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[3800],"tags":[],"news-event-type":[],"dealtype":[],"class_list":["post-16243","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-sectornews-fr","ps-consumer-fr"],"acf":[],"yoast_head":"\nWhy L\u2019Or\u00e9al remains #1 in beauty\u2026 | Investec Business Advisory<\/title>\n<meta name=\"description\" content=\"Jean Paul Agon\u2019s thoughts on the big questions facing L\u2019Or\u00e9al, including the rise of Digitally Native Vertical Brands, growth through acquisitions...\" \/>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, 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