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ANNUAL
REPORT
2012

Table of contents

  • Page 1
    ANNUAL REPORT 2012

  • Page 2

  • Page 3
    1 22.5 130 COUNTRIES COSMETICS GROUP WORLDWIDE st BILLION EUROS OF SALES IN 2012 27 INTERNATIONAL BRANDS (1) 72,600 EMPLOYEES 611 PATENTS REGISTERED IN 2012 (1) International brands with annual sales of more than 50 million euros.

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    ... mission of offering all women and men worldwide the best of cosmetics innovation in terms of quality, efficacy and safety. It pursues this goal by meeting the infinite diversity of beauty needs and desires all over the world. Beauty is universal. Since its creation by a researcher, the group has...

  • Page 6
    ... MAJOR DIVISIONS, FOR LUXE L'ORÉAL each one an expert in its distribution channel. In 2012, they continued to broaden their reach and win over new consumers. p. 28 L'ORÉAL LUXE (p.30) CONSUMER PRODUCTS (p.40) PROFESSIONAL PRODUCTS (p.50) ACTIVE COSMETICS (p.58) THE BODY SHOP (p.66) GALDERMA...

  • Page 7
    ... (p.76) . BEAUTY IS A p. 70 BEAUTY IS A COMMITMENT PROFESSIONAL PRODUCTS p. 78 L'Oréal's values, based on making the world a more beautiful place, led to tangible results in 2012, with advances in the field of CORPORATE SOCIAL RESPONSIBILITY (p.80) . ADMINISTRATION AND FINANCE is helping to...

  • Page 8
    BEAUTY FOR ALL In 2012, L'Oréal once again posted strong results. The group has continued to demonstrate its ability to outperform the market and strengthen its worldwide leadership of the beauty sector. MESSAGE FROM JEAN-PAUL AGON CHAIRMAN AND CHIEF EXECUTIVE OFFICER OF L'ORÉAL 6

  • Page 9
    ... members, who are free to make their own decisions. At the Annual General Meeting, the Board will propose the appointment of Mrs Virginie Morgon as a new Board Director. Mrs Morgon is an Executive Board Member of Eurazeo, one of the leading investment companies Accelerated international development...

  • Page 10
    ...al group has continued to make optimal use of growth drivers (media, etc.), which represent a major economic opportunity for the coming years. Targeting sustainable, responsible and inclusive growth Transforming the company also means redefining its position and its role in relation to the social...

  • Page 11
    ... middle classes all over the world. This makes it a structurally dynamic market, and so it will remain in the future. We also believe in our universalisation strategy, which embodies our essential mission-to offer women and men all over the world the best in beauty, in terms of 2012 Annual Results...

  • Page 12
    BEAUTY FOR ALL THE BALANCE OF POWER WITHIN THE BOARD OF DIRECTORS OUR STREAMLINED GOVERNANCE STRUCTURE SIMPLIFIES DECISION-MAKING AND CLEARLY ASSIGNS RESPONSIBILITY TO ENSURE RESPONSIVE MANAGEMENT OF THE GROUP. JEAN-PAUL AGON CHAIRMAN AND CHIEF EXECUTIVE OFFICER OF L'ORÉAL S ince 2011, Jean-...

  • Page 13
    ...10 11 12 13 14 A diverse Board of Directors working to offer beauty for all(1) 1. Jean-Paul AGON, Chairman and Chief Executive Officer since March 18 th, 2011 (term of office renewed in 2010) . 2. Sir Lindsay OWEN-JONES, Honorary Chairman (term of office renewed in 2010) . 3. Jean-Pierre MEYERS...

  • Page 14
    ...and the geographic zones. MEMBERS OF THE EXECUTIVE COMMITTEE Chairman and Chief Executive Officer President L'Oréal Luxe 1. Jean-Paul AGON 2. Nicolas HIERONIMUS 3. Jean-Jacques LEBEL President Consumer Products Division Executive Vice-President Communication, Sustainability and Public Affairs...

  • Page 15
    ...-President North America Zone President Active Cosmetics Division 7. Frédéric ROZÉ Executive Vice-President Human Resources and Advisor to the Chairman Executive Vice-President Africa, Middle East Zone 8. Brigitte LIBERMAN Executive Vice-President Research and Innovation 11. Laurent ATTAL...

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    L'Oréal has set itself the mission of offering all women and men worldwide the best of cosmetics innovation in terms of quality, efficacy and safety. It pursues this goal by meeting the infinite diversity of beauty needs and desires all over the world. UNIVERSAL 15

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    ... UNIVERSALISATION The transformation of the beauty market continues p.17 Worldwide advances for L'Oréal p.18 Global brands attentive to local trends p.20 An evolving industrial model p.22 The digital revolution in action at L'Oréal p.24 Human Resources at the heart of beauty for all p.26 16 2012,

  • Page 19
    ...where rising urban middle classes eager for innovation are fuelling an ongoing renewal of cosmetics products and services. UNITED STATES T With growth of +4.6%(1) in 2012, the United States confirmed its status as the most solid mature market, for all categories and distribution channels combined...

  • Page 20
    ... positions in the New Markets(1), particularly in the Asia and Africa, Middle East zones and to win new consumers in the major mature countries, such as North America, France, Germany and the United Kingdom. +7.2% (2) NORTH AMERICA I The good results of 2011 were surpassed in 2012. The Consumer...

  • Page 21
    ...and Garnier Color Sensation hair colourants. +9.6% (2) ASIA, PACIFIC L'Oréal is increasing market share in the zone. It strengthens its position with LANCÃ"ME, KIEHL'S and YVES SAINT LAURENT. In China, the group grew faster than the market, especially with L'Oréal Luxe, MAYBELLINE NEW YORK and...

  • Page 22
    ......A RESEARCH AND INNOVATION HUB Present in India for the last 18 years, L'Oréal's growth rate in the country is +23.3%(1), making it one of the most dynamic in the beauty market. The group inaugurated its new Research and Innovation hub, which consists of a Product Development Centre in Mumbai and...

  • Page 23
    ... beauty ritual: the application of a black paste that women use to emphasise and care for their eyes. By combining five different ingredients, MAYBELLINE NEW YORK has designed a modern kajal that guarantees intense colour, reduces puffiness and soothes the skin. DEVELOPING GENTLE, ODOUR-FREE HAIR...

  • Page 24
    ... MODEL ith two new plants in 2012, L'Oréal has accelerated its worldwide industrial roll-out. Located in high-growth countries, Indonesia and Mexico, these two new sites are key to the group's universalisation strategy. W DOUBLING OUTPUT Winning a billion new consumers means doubling the output...

  • Page 25
    ... developed beauty culture. L'Oréal Indonesia's original plant, which was opened in 1986, has now been replaced by a much larger and more modern site. 30% of its production is intended for the Indonesian market, and 70% for other South-East Asian countries. This is a key step forward in the group...

  • Page 26
    ... United States, the L'ORÉAL PARIS brand is developing Destination Beauty, the country's first YouTube channel dedicated to beauty. Another acceleration: e-commerce. KIEHL'S and THE BODY SHOP are pointing the way forward here, and have succeeded in perfect multi-channel integration. Their marketing...

  • Page 27
    .... Downloaded onto a smartphone or tablet, The Color Genius application offers three suggestions: make-up that matches your outfit, blends with a tone-on-tone solution, or clashes with it. The app has been launched in the United States, France, Australia, the United Kingdom, India and China. 25

  • Page 28
    .... The result is a worldwide recruitment policy that is more targeted, more pragmatic and more direct, particularly thanks to the use of social networks. In China for example, the personal accounts and photographs of L'Oréal China employees, illustrating their real-life experiences, had a powerful...

  • Page 29
    ... FINANCIAL DIRECTOR TAIWAN MY EXPERIENCE IN FRANCE AND BRAZIL ENABLES ME TO COMBINE MY LOCAL KNOWLEDGE WITH FRENCH CULTURE. Bianca is Brazilian. She teamed up with the group in 2005 as a senior Product Manager in hair colourants. In 2008, she was transferred to Paris, before becoming the Marketing...

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    By drawing on the diversity of its teams, and the richness and the complementarity of its brand portfolio, L'Oréal has made the universalisation of beauty its project for the years to come. ALL 29 FOR

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    ... specialities of luxury beauty: skincare, make-up, fragrances and haircare. They also set out to offer high-quality products through a selective distribution channel, and provide excellent service that respects the diversity of its consumers. LANCÃ"ME GIORGIO ARMANI YVES SAINT LAURENT BIOTHERM...

  • Page 34
    ... success, with +10.1%(1) growth, and Yves Saint Laurent 's new positioning as a global multi-segment brand are also key highlights from the year. THE RIGHT GROWTH LEVERS In 2012, L'Oréal Luxe maintained dynamic growth internationally, with market share gains in Western Europe, North America...

  • Page 35
    ...; it also means accompanying women in their beauty rituals and creating a lasting bond with them by delivering premium services in sales outlets and on the Internet. (1) Source: Eyecare segment, NPD France MTD October and November and Spain MTD November and December panels, market share value 2012...

  • Page 36
    ..., these innovative spaces offer a multisensory and transversal experience with perfume room, make-up boudoir, skincare alcove and a variety of services. The first "Maison Lancôme" opened its doors in April 2012 in Hong Kong. 1 1. MANIFESTO An incredibly bold fragrance by YVES SAINT LAURENT...

  • Page 37
    ... unique formulation, based on a suspension of ethylcellulose, delivers long-lasting colour and shine. (1) Source: Sell-out panels and distributor feedback. (2) Source: Lip gloss segment, NPD France, Italy, United Kingdom, Spain and IRI Germany panels, full year 2012, market share value. (3) Source...

  • Page 38
    ... 1,000 bottles, Armani/Privé Nacre takes its inspiration from haute couture collections. The olfactory adventure of the VIKTOR&ROLF brand offers another style altogether. After Flowerbomb, one of the top-selling women's fragrances (number six on the market) in the United States(1), VIKTOR&ROLF pays...

  • Page 39
    ...ò, world number one among men's fragrances(3), which took advantage of the impact of the new advertisement by the renowned photographer Bruce Weber. I A new-generation skin perfector In make-up, another key area for the brand, GIORGIO ARMANI released the magnificent and innovative Maestro Fusion...

  • Page 40
    ... for YVES SAINT LAURENT and BIOTHERM, the HELENA RUBINSTEIN premium service, the Privé spaces for GIORGIO ARMANI and the latest KIEHL'S stores. The digital media experience is also an important focus. With +36%(1) growth in 2012, the luxury brands' e-commerce sites alone offer customers state-ofthe...

  • Page 41
    ... global beauty shopper is looking for luxurious settings, expertise and quality service, as offered by the "Absolue Bar" LANCÃ"ME created at the Beijing Airport, with its Express zoning and Luxury zoning services. This shopper is also eager for advice, which means that the brands must recruit beauty...

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    CONSUMER PRODUCTS The Consumer Products Division offers the best in cosmetics innovation to the greatest number of people on every continent. Its brands are available in mass-market channels (hypermarkets, supermarkets, drugstores and traditional stores). The division is the spearhead of the group's...

  • Page 44
    ... new home hair colourant by Garnier. Hair oils that create new beauty rituals can also be counted. These cutting-edge innovations, combining technological prowess with enjoyment for the user, help us to win over new consumers. In 2012, all our brands reinforced their brand territories and positions...

  • Page 45
    ... for the USA, the Middle East and India. Another major success is Dark Spot Corrector by GARNIER: this simple and effective skincare product with pure vitamin C hydrates the skin while reducing all types of blemishes. Having met with great enthusiasm in the United States, its country of origin, this...

  • Page 46
    ... extremely positive buzz and have won over many new consumers for MAYBELLINE NEW YORK. Finally SuperStay 14 hours lipstick manages to combine remarkable colour hold with a featherlight feel on the lips, thanks to a technology based on ï¬,exible resins that coat the pigments with a long-lasting film...

  • Page 47
    3. COLOR TATTOO 24 HOURS These eye shadows are based on a brand new gel-cream formula, with highly concentrated pigments. TRUE MATCH BY L'ORÉAL PARIS A NEW DYNAMIC From the initial idea to the brand's new publicity campaign the True Match foundation by L'ORÉAL PARIS is a model of universal ...

  • Page 48
    ...revamped at the end of 2011, beat its previous market share record in Europe as a whole, strengthening its position as the haircare leader(1). For the first time it was number one in the United Kingdom(2). The Arginine Resist X3 range, launched in 2011 and distributed worldwide in 2012, took centre...

  • Page 49
    ... to Olia by GARNIER, home-use hair colourants will never be the same. Three years after the Inoa innovation from L'ORÉAL PROFESSIONNEL, ODS (Oil Delivery System) technology has been adapted for home-use hair colourants sold in mass-market outlets (learn about the science behind the product on p.75...

  • Page 50
    ...% of women use hair colourants in South Africa (1). With Color Intensity, SOFTSHEEN•CARSON, world number one in the ethnic haircare market (2), came up with an expert solution: an intense colour formula using a technology developed by its Chicago-based Advanced Research laboratories. This formula...

  • Page 51
    ...important aspect of beauty, regardless of their age or nationality. More than 95% of the women who use colour do SSIE so to be more attractive (United States), more feminine (Europe and Brazil) or more self-confident (China). The make-up market represents 5.5 billion units worldwide, and has nearly...

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    50

  • Page 53
    ... to first-class education and the most advanced innovations in haircare products and services, the Professional Products Division makes sure that with each passing day more and more people can take advantage of the highest standards of quality and expertise from beauty salon professionals all over...

  • Page 54
    ... and find new growth relays. The strong performances in 2012 in Asia, Eastern Europe, Africa and the Middle East illustrate this strategy at work. We are also determined to continue our diversification into professional nail care and nail colour, to support the many new global beauty concepts...

  • Page 55
    ... System) technology to its other two major brands, REDKEN and MATRIX. Together they offer unrivalled service in terms of colour quality and salon experience for the consumer. Market transformation The products have met with considerable success. In 2012, ODS colour helped to drive the growth...

  • Page 56
    ... will help the brand win over new consumers looking for high-end products. In the United States, the second-largest growth contributor for the brand, its expansion accelerated substantially, with sales rising by +14.9%(1). This success reï¬,ects the policy of focusing on salon services and products...

  • Page 57
    ... the brand's appeal to younger consumers. This new range was first launched in Europe and the United States. Today, it is being distributed successfully in Latin America, and Asia is set to follow in 2013. This major launch marked the start of the new KÉRASTASE advertising campaign, still in black...

  • Page 58
    ...-high-performance formula. In 2012, ESSIE strengthened its presence in the professional channel in Europe and expanded widely in international markets, doubling the number of salons selling its products. It has also opened three emblematic nail bars: in New York in 2011, and in Mexico City and Paris...

  • Page 59
    ...where beauty customs are infinitely diverse, premium and more accessible brands are developing a customised offering attuned to each culture. In Japan, L'ORÉAL PROFESSIONNEL has reinvented hair colour technology, adapting it to the codes of a market that rejects products if they are not odour-free...

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    ACTIVE COSMETICS The Active Cosmetics Division meets the needs of "borderline" skin, which is halfway between healthy and problem skin, through all types of health channels worldwide: pharmacies, beauty and health retailers, drugstores and medi-spas. Thanks to its highly complementary brands, and ...

  • Page 62
    ... success of L'Eau des bienfaits. SkinCeuticals, the division's premium brand, is expanding internationally, particularly in the New Markets, and is still extremely dynamic in the United States, its home market. Skincare is clearly set to become the number one category in the worldwide beauty market...

  • Page 63
    ... is backed by a global renewal of the brand on every front: communications, innovation and point-of-sale service. A new image In 2012, VICHY asserted its new identity with a positive and upbeat communications approach, supported by a strong advertising campaign and more attractive packaging...

  • Page 64
    ... retinol release formula. 2. ANTHELIOS AC A specific product for oily skin that is prone to acne and sun-sensitive. (1) Source: IMS Pharmatrend panel, anti-ageing products Europe 8, 2012 market share value. (2) Source: IMS Pharmatrend anti-hairloss market, September-December 2012, France, Italy...

  • Page 65
    ...A ROCHE-POSAY, the brand recommended by 25,000 dermatologists worldwide(2), took a historic step forward in 2012 by becoming the top dermo-cosmetics brand in Brazil, its second largest market after France, where health and beauty are a way of life. With growth of +15.4%(3), the brand has shown that...

  • Page 66
    ...which use a combination of aesthetic medicine and high-tech products. Already present in more than 3,000 doctor's offices and medispas in the United States, the brand now plans to continue to develop this professional high-end beauty channel in Europe, Asia, South America and the Middle East, where...

  • Page 67
    ... to North American consumers, as well as healthcare professionals and specialised media outlets. This strategy has proven very successful, as demonstrated by the Allure US Award presented to LA ROCHE-POSAY for Redermic [R], whose special formulation for the United States, with gradual release of...

  • Page 68
    ...'s innovations, particularly with Chocomania and its 13 Community Fair Trade ingredients. This amazing bodycare line, which set social networks buzzing, is a real success. The All-in-One BB Cream, launched at the end of 2012, also boasts a highly original texture that transforms to match the skin...

  • Page 69
    .... Saudi Arabia, for example: with 180 stores and an annual growth rate of +12.8% (1) , this market is already the brand's fifth largest and was a key growth driver in 2012. Winning new customers offline and online Digital communication is a strategic tool for transforming THE BODY SHOP and...

  • Page 70
    ... continuing to make long-term investments in Research & Development, allocating around 19% of its annual sales, while setting up new research partnerships. GALDERMA aims to strengthen its presence with patients and healthcare professionals by means of a vast portfolio of innovative medical solutions...

  • Page 71
    ... of the 20 top-selling products in the dermatology market(1) In 2012, GALDERMA sales increased by +5.9%(4), with particularly good results in Germany, China (see box) and Australia. In the prescription segment, the laboratory recorded a good growth rate, thanks to Epiduoâ„¢ gel, the number one acne...

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    Since its creation by a researcher, the group has been pushing back the frontiers of knowledge. Its unique Research arm enables it to continually explore new territories and invent the products of the future, while drawing inspiration from beauty rituals the world over. SCIENCE 71

  • Page 74
    ... the performance of a cosmetics product? This quest to better understand consumers has led to the construction of a worldwide network of research centres. been optimised, it became possible to launch the technology in 2012 in a home-use hair colourant product: Olia by Garnier. WINNING OVER THE...

  • Page 75
    ..., which fosters interaction with consumers, brands and the scientific community. 1. Global centres and regional hubs for constant innovation In 2012, L'Oréal's 22 Research and Innovation centres are located in six regions of the world: France, the United States, Japan, China, India and Brazil. The...

  • Page 76
    SCIENCE BEAUTY IS A AT THE CUTTING EDGE OF HAIR EXPERTISE In 2012, L'Oréal inaugurated its Global Hair Research Centre at Saint-Ouen, just outside Paris. Exclusively dedicated to hair, its role is to provide a continuous flow of innovations in the three main business segments: hair colourants, ...

  • Page 77
    ... for salons. It was initially a three-part product, but in 2012 researchers succeeded in the difficult task of making it just two, meaning that ODS technology could move into the mass-market retail channel with GARNIER Olia home-use hair colourants. Moreover, the product's texture has been perfected...

  • Page 78
    ... For the first time, L'Oréal's Research and Innovation teams carried out a worldwide study (United States, Brazil and Europe) in which 15 "clean scents" were tested by 1,800 women. The goal was to find a fragrance that evoked cleanliness across cultures. The research process ultimately led to the...

  • Page 79
    ...new possibilities. The researchers took a combination of five oils with different degrees of volatility, which evaporate gradually in the course of application. They created a perfectly liquid formula which has suspended pigments. Used for the first time in Maestro Skin Perfector by GIORGIO ARMANI...

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    78

  • Page 81
    Providing access to products that enhance well-being, mobilising its innovative strength to preserve the beauty of the planet and supporting local communities. These are exacting challenges, which are a source of inspiration and creativity for L'Oréal. COMMITMENT 79

  • Page 82
    ... help us to fully play our role as a responsible corporate citizen. SARA RAVELLA EXECUTIVE VICE-PRESIDENT COMMUNICATION SUSTAINABILITY AND PUBLIC AFFAIRS (1) CONSULT ALL THE GROUP'S COMMITMENTS AND INITIATIVES IN THE 2012 SUSTAINABLE DEVELOPMENT REPORT. L'ORÉAL SUPPORTS THE UNITED NATIONS GLOBAL...

  • Page 83
    ... to innovating throughout the product life cycle to ensure products meet the wide range of consumer needs while respecting the environment. 1 2 Research: the challenge of eco-design The Research and Innovation teams are committed to including the principles of sustainable development and...

  • Page 84
    ... to being a responsible corporate citizen. 2 1. MATRIX IN BRAZIL The brand, which is behind the "Imagine All You Can Be" initiative, has launched a micro-distribution programme for professional products among communities in Rio de Janeiro. 2. THE CHIMEX PLANT, IN FRANCE This plant located in the...

  • Page 85
    ... from a partnership between the L'Oréal Foundation and the Fondation des Apprentis d'Auteuil, which provides support to more than 13,000 disadvantaged young men and women, to help them find their place in society. The initiative is part of the international "Beauty for a Better Life" programme...

  • Page 86
    ... ago; EMILIANI ENTERPRISES, which completes the Professional Products division's distribution network in the United States; the VOGUE brand in Colombia for mass-market make-up; and URBAN DECAY, the Californian make-up brand, have joined the group. CONTRIBUTING TO THE SUSTAINABLE GROWTH OF L'ORÉAL

  • Page 87
    1 Worldwide management tools The Information Systems teams work in close conjunction with operational staff to create worldwide business control systems in fields as varied as purchasing, contract followup and supply chain. As part of this mission, 2012 saw the launch of an innovative system ...

  • Page 88
    The beauty market p.87 L'Oréal in figures p.88 Corporate Social Responsibility Indicators p.90 86

  • Page 89
    ... BY PRODUCT CATEGORY TOP 10 BEAUTY MARKETS (1) 1 / UNITED STATES 2 / JAPAN 3 / CHINA 4 / BRAZIL 5 / RUSSIA 6 / FRANCE 7 / GERMANY 8 / GREAT BRITAIN 9 / ITALY 10 / SPAIN 34% 22% 21% 12% 7% 4% Asia, Pacific Western Europe North America Latin America Eastern Europe Africa, Middle East...

  • Page 90
    ... 14.4% 7.3% Consumer Products L'Oréal Luxe Professional Products Active Cosmetics 29.1% 21.5% 21.0% 14.1% 9.7% 4.6% Skincare Make-up Haircare Hair colourants Perfumes Other (3) New Markets: 20.6% Asia, Pacific 8.8% Latin America 6.8% Eastern Europe 3.3% Africa, Middle East â- 35.6% Western...

  • Page 91
    ... to the Annual General Meeting of April 26th, 2013. (4) On the number of shares at December 31st, 2012, i.e. 608,810,827 shares. (5) Dividend distribution rate based on diluted net profit excluding non-recurring items per share. (6) Based on the dividend proposed to the Annual General Meeting of...

  • Page 92
    ... to offer products that are both suited to the world's diverse needs and sustainable for the environment throughout their life cycle. The Research and Innovation teams make further advances in eco-design, green chemistry and predictive evaluation every single day, in a bid to develop safe, effective...

  • Page 93
    ... company using a dynamic process of continuous improvement, the key factor behind the group's social and economic performance. PHILANTHROPY ❚ L'Oréal has stepped up its commitments as a responsible corporate citizen considerably over the past few years. Through the initiatives of its Foundation...

  • Page 94
    ... responsibility / Stock market information / Share capital / Annual General Meeting / Appendix THE SUSTAINABLE DEVELOPMENT REPORT Presentation and concrete examples of the group's sustainable development strategy. Sustainable Innovation / Sustainable Production / Sustainable Consumption / Shared...

  • Page 95
    ...84), David Parfitt (p.92), X. Design and production: Publicis Consultants l Verbe 133, avenue des Champs-Elysées, 75008 Paris. Competitive positions and market share held by the group's divisions and brands mentioned in this report are based on studies, panels and polls obtained from specialised...

  • Page 96
    Incorporated in France as a "Société Anonyme" with registered capital of 120,862,724.20 euros 632 012 100 R.C.S. Paris Headquarters: 41, rue Martre 92117 Clichy Cedex - France Tel.: +33 1 47 56 70 00 Fax: +33 1 47 56 86 42 Registered office: 14, rue Royale 75008 Paris - France www.loreal.com www....