L’Oreal China recently held the “co evolution, endless growth – 25th anniversary development strategy annual online communication meeting” in Shanghai. At the meeting, Fabry, President of L’Oreal North Asia and CEO of China, together with representatives of the group’s management team, shared with all sectors of society the development process of L’Oreal in China and how to develop from a beautiful dream of lipstick to China’s largest beauty group through Wuxi Online Offline Communication Information Technology Co.Ltd(300959) multi-party linkage.
It is reported that L’Oreal has entered the Chinese market since 1997. At present, L’Oreal has become the largest cosmetics group in China, and China has also become the second largest market of L’Oreal Group in the world. As the group’s North Asia headquarters, one of the world’s six R & D hubs and one of the world’s three beauty technology centers, China has become the core strategic market of L’Oreal Group and is expected to become the group’s largest market in the world.
Despite the challenges of the external environment, L’Oreal China has always been able to seize the opportunity and achieved strong growth of more than 20% in the past two consecutive years. In the past fiscal year, L’Oreal has achieved double-digit growth again, achieving an impressive performance twice the average growth rate of the beauty market. The four business divisions have achieved growth, of which the high-end cosmetics division has become the largest business division of L’Oreal in China, and the professional hair products division has achieved the fastest growth rate.
At the meeting, L’Oreal China officially released the new strategy of “beauty: coevolution · endless life”. It is planned to take 2022 as the starting point. In the future, science and technology will help open the era of “integration”, and time, space, age, gender, industry, resources, media and channels can be integrated. L’Oreal will strive to break the era of “integration” and promote the co evolution and transformation of the enterprise, China’s beauty ecosystem and even the pattern of the world’s beauty industry through the five driving forces of creation, joint empowerment, common development, joint protection and innovation.
Fabry said that China’s economy has always shown strong resilience and potential, which has injected momentum and vitality into the development of enterprises in China and the recovery of the international economy. L’Oreal’s gratifying achievements in China are inseparable from China’s firm strategy of expanding domestic demand and the decision of opening to the outside world, the power jointly created by ecosystem partners, the favor and support of consumers, and the hard work and contribution of employees. He looks forward to continuing to work with you in China to make China a global opportunity and jointly create the beauty that moves the world.
