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ANNUAL
REPORT
2013

Table of contents

  • Page 1
    ANNUAL REPORT 2013

  • Page 2

  • Page 3
    ... to one business: beauty. It is a business rich in meaning, as it enables all individuals to express their personalities, gain self-confidence and open up to others. Beauty is a language L'Oréal has set itself the mission of offering all women and men worldwide the best of cosmetics innovation in...

  • Page 4
    ... one of them captures beauty desires, establishing an ever closer relationship with consumers. CONSUMER PRODUCTS / 34 L'ORÉAL LUXE / 44 PROFESSIONAL PRODUCTS / 54 ACTIVE COSMETICS / 62 THE BODY SHOP / 70 GALDERMA / 72 BEAUTY 2013 AnnuAL RePORT dIgITAL edITIOn Take a look at the multimedia content...

  • Page 5
    ... 76 FROM SCIENCE TO BEAUTY / 78 UNIVERSALISATION INSPIRES INNOVATION / 80 COnSuMeR PROduCTS P. 44 P. 82 L'ORéAL Luxe P. 54 PROFeSSIOnAL PROduCTS COMMITMENT It is not enough for a company to deliver high performance. L'Oréal's ambition matches its responsibilities as a leader: to make the...

  • Page 6
    ... you draw from 2013? 2013 was another good year for L'Oréal. The group outperformed the market across all divisions and geographic zones, posting significant growth in both results and profitability. 2013 was also another year of progress in adapting the company to a changing world, and driving its...

  • Page 7
    ...the whole world's beauty expectations so effectively. Through globalisation, our brands have strengthened their positions across all geographic zones. Moreover, the group's growth is wellbalanced: Western europe remains very solid, north America recorded another year of growth and market share gains...

  • Page 8
    ... a global vocation, like the American make-up brand URBAN DECAY, which is a tremendous addition to our luxury brands. The same applies to DECLÉOR and CARITA, which will take us into a new business, professional skincare, broadening the growth potential of Professional Products. On the other hand...

  • Page 9
    ... for one billion new consumers. In 2013, we added several new cornerstones to help build the new L'Oréal: we changed our organisation, continued to rethink our marketing models, and made ambitious new commitments in terms of corporate responsibility. L'ORÉAL HAS JUST MADE A NEW SET OF SOCIAL AND...

  • Page 10
    ... great importance on the respect of L'Oréal's ethical Principles - Integrity, Respect, Courage and Transparency - and more generally of the Code of Business ethics. These commitments are the foundation notably of the group's policies on responsible innovation, environmental stewardship, social and...

  • Page 11
    ...striving to offer beauty for all 4 (1) Board members as of 31/12/2013. Chairman and CeO since March 18th, 2011 (term of office renewed in 2010). 2. JEAN-PIERRE MEYERS Vice-Chairman of the Board (term of office renewed in 2012). 3. PETER BRABECK-LETMATHE Vice-Chairman of the Board (term of office...

  • Page 12
    ...of the brands of L'Oréal Luxe, Active Cosmetics, Professional Products and THE BODY SHOP in each of the selective distribution channels. In order to boost the strategy of universalisation and conquering the next billion consumers, the group is refining and completing the structure of its zones with...

  • Page 13
    ...President Americas Zone 4. JÉRÃ"ME TIXIER executive Vice-President Human Relations and Advisor to the Chairman 9. LAURENT ATTAL executive Vice-President Research and Innovation 14. AN VERHULST-SANTOS President Professional Products division 5. SARA RAVELLA executive Vice-President Communication...

  • Page 14
    ... Hair colourants Fragrances Other (5) CONSOLIDATED SALES BY BRANCH (3) (â,¬ millions) CONSOLIDATED SALES (â,¬ millions) THe BOdY SHOP 20,343 836 826 22,463 22,977 21,315 COSMeTICS deRMATOLOgY (4) 2011 2012 2013 GEOGRAPHIC ZONES 39.8% â- 35.1% â- 25.1% â- New Markets: 20.6% Asia-Pacific...

  • Page 15
    ... 2011 2012 2013 2011 2012 2013 Shareholders' equity represents 72.34% of total assets NET PROFIT AFTER NON-CONTROLLING INTERESTS (â,¬ millions) NET EARNINGS PER SHARE (2) (in euros) 4.91 4.32 + 4.4% 5.13 Capital expenditure 2,868 2,438 2,958 4.6% of sales 2011 2012 2013 2011 2012...

  • Page 16
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  • Page 17
    UNIVERSAL THE WORLD OF BEAUTY IN 2013 / 16 TOMORROW, A NEW BEAUTY PLANET / 18 WORLDWIDE ADVANCES FOR L'ORÉAL / 20 STRATEGIC ACQUISITIONS / 22 BRAZIL, HEADING FOR SUSTAINABLE GROWTH / 24 HUMAN CAPITAL AT THE HEART OF L'ORÉAL / 28 AN INDUSTRIAL MODEL SERVING UNIVERSALISATION / 30 BEAUTY IS 15

  • Page 18
    ... CHINA 2 / BRAZIL 3 / UNITED STATES The top trio of countries - two from the new Markets and one mature market - contributed almost half the growth of the worldwide cosmetics market in 2013. (1) Source: L'Oréal estimates of the worldwide cosmetics market based on net manufacturer prices excluding...

  • Page 19
    ... to preserve the health and beauty of skin and hair. Traditionally strong in Western europe, dermocosmetics is seeing its development accelerate in north America and the new Markets. This dynamism stems from the strong consumer appeal of products combining efficacy and safety with good value for...

  • Page 20
    ... today is five times lower in the new Markets than in the mature countries(1). The worldwide cosmetics market should double in size in 10 to 15 years ESTIMATED GROWTH IN THE NUMBER OF COSMETICS CONSUMERS ESTIMATED PER CAPITA COSMETICS SPENDING (1) X + 5 100 euros 40% euros 20 2012 2030 New...

  • Page 21
    ... and by 2020, some 60% of the world's population will live in major urban centres af fected by pollution. TOP 5 COSMETICS MARKETS IN 2025 (1) CHINA UNITED STATES JAPAN BRAZIL INDIA (1) Source: L'Oréal estimates of the worldwide cosmetics market based on net manufacturer prices excluding soap...

  • Page 22
    ...a north American market that was less dynamic than in 2012, the group made market share gains. The Consumer Products division consolidated its market leader position(3). L'Oréal Luxe outperformed its market, thanks in particular to the good results of its American brands URBAN DECAY, CLARISONIC and...

  • Page 23
    .... The Professional Products division and L'Oréal Luxe made market share gains. The Consumer Products division won market share again, thanks to Olia hair colour by GARNIER and Revitalift Laser x3 skincare by L'ORÉAL PARIS. L A ROCHE -POSAY was behind the good performance of Active Cosmetics in...

  • Page 24
    ... segment, URBAN DECAY is strengthening the positions of L'Oréal Luxe in the dynamic distribution channels of "assisted self-service"(2) and e-commerce. A brand that fulfils the expectations of young women searching for inspiring ideas and creative colours. COLOMBIA VOGUE A LOCAL MAKE-UP LEADER IN...

  • Page 25
    ...the MOFCOM(5) for its proposal to acquire the company Magic Holdings, whose brand Mg is one of the Chinese leaders in cosmetic facial masks. As part of the Consumer Products division, Magic Holdings should help the group to conquer new consumers in the strategic Chinese market. INDIA KENYA CHERYL...

  • Page 26
    ...Oréal. REPORT HEADING FOR SUSTAINABLE GROWTH Brazil is one of the world's most dynamic beauty markets and L'Oréal is ready to grasp all the opportunities it holds. A closer look at an emblematic example of the universalisation strategy in all its dimensions. ⁄ BRAZIL LARGEST GROUP SUBSIDIARY...

  • Page 27
    ...distribution centre, we are currently increasing our production capacity and in two years' time we will have a new and much larger Research and Innovation centre. What makes this growth so solid and sustainable? We have changed a business that was essentially focused on haircare and hair colourants...

  • Page 28
    ... beauty advisors whose mission is to establish a close relationship with customers. 58 kiosks have been opened in large shopping malls, including franchise outlets. They are contributing to the brand's expansion in Brazil. (1) Source: IMS Brazil panel, dermocosmetics market, market share value 2013...

  • Page 29
    ... "Brazil's Best Hairdressing School" in 2013. The diversity of its consumers, and their demanding requirements not only in beauty, but also in social and environmental responsibility, make Brazil a unique source of inspiration for the group, especially in the country's key categories: haircare, sun...

  • Page 30
    ... How does Human Relations support the universalisation strategy? Our main challenge in supporting universalisation is to develop local talents and enable them to take up MORE ThAN Training plays a key role in sharing the vision and the "L'Oréal culture". 44,900 EMPLOyEES TRAINED IN 2013 28

  • Page 31
    ...Manager of Travel Retail in the Asia-Pacific Zone. It's an honour for me to be the first Asian woman at L'Oréal Asia-Pacific to run a business in travel retail, a fast-growing market. What is most important for me is planning for the future, having a strategic vision, and sharing it with your teams...

  • Page 32
    ...now has three industrial entities to serve consumers in the Africa, Middle east Zone. In Colombia, the factory acquired with the VOGUE brand is currently being expanded to meet strong local demand. In Asia-Pacific, the Yichang plant in China has had its production capacity increased, and is now the...

  • Page 33
    ... accustomed to their future work environment. This programme started at the end of 2013 at the factories in Colombia and Kenya. 1/ The Yichang plant in China is the largest make-up production facility in Asia. 2/ With the acquisition of INTERBEAUTY, L'Oréal has a new production platform based in...

  • Page 34
    L'ORÉAL, OFFERING FOR ALL CONSUMER PRODUCTS / 34 L'ORÉAL LUXE / 44 PROFESSIONAL PRODUCTS / 54 ACTIVE COSMETICS / 62 THE BODY SHOP / 70 GALDERMA / 72 BEAUTY 32

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  • Page 37
    ...ÉAL PARIS GARNIER MAYBELLINE NEW YORK softsheen•carson ESSIE 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...

  • Page 38
    CONSUMER PRODUCTS OUR HIGH VALUE-ADDED INNOVATIONS AT ACCESSIBLE PRICES ARE THE DRIVING FORCE OF OUR GROWTH. MARC MENESGUEN PReSIdenT COnSuMeR PROduCTS dIVISIOn 36 " "

  • Page 39
    ... universal reach. 2013 was a big year for haircare: the elvive saga is continuing with Total Repair extreme and the global success story of hair oils. In the home-use hair colourant market, GARNIER's breakthrough Olia technology is a game changer, and is winning over new consumers. Facial skincare...

  • Page 40
    ... demanding market, L'ORÉAL PARIS has successfully launched elvive Total Repair extreme. Its formula, initially developed for Asia, favours repairing the hair fibre from deep within. Capturing the latest hair colour trends It all started on Google. L'O RÉAL PARIS identified the dip-dye look as...

  • Page 41
    ... gift samples on its Facebook page! HOME-USE HAIR COLOURANTS WIN OVER NEW CONSUMERS driven by L'O RÉAL PARIS and GARNIER initiatives, the hair colourant market is attracting new customers. L'O RÉAL PARIS focuses on fashion and simplicity: the Preference Ombrés range launched at the end of 2012...

  • Page 42
    ... in anti-ageing skincare. MEN ARE A GROWTH LEVER IN ASIA Asia is the most dynamic men's cosmetics market, particularly in the cleansing and skincare segments. So many opportunities have been seized by Men expert by L'O RÉAL PARIS, whose Asian saga continued in 2013 with successes such as...

  • Page 43
    1/ The Color Elixir lipsticks combine colour with comfort and shine. 2/ Baby Lips, the tinted lip balm line which soothes and repairs lips. 1 ⁄ COLOUR SHAKES UP MAKE-UP Colour, fashion and technology were the three keywords for a make-up year that starred MAYBELLINE NEW YORK, L'ORÉAL PARIS and ...

  • Page 44
    ...expansion in this country. EYELINERS Master Precise by MAYBELLINE NEW YORK, a new generation eyeliner that is precise and easy to use. It is already one of the best eyeliners on the Turkish market. INNOVATION AND EDUCATION, THE TWO SECRETS OF SUCCESS To win over new consumers, the brands have used...

  • Page 45
    ... and small shops dominate the cosmetics market. Since 2013, VOGUE has benefited from the group's Research and marketing know-how to showcase its flagship brands. +8.4% GROWTH OF THE CONSUMER PRODUCTS IN THE NEW MARKETS (2) INTERBEAUTY, A KENYAN SUCCESS STORY The small shampoo company founded in...

  • Page 46
    44

  • Page 47
    .... The brands of L'Oréal Luxe strive to promote the different specialities of luxury beauty: skincare, make-up and fragrances. 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. 45

  • Page 48
    LUXE L'ORÉAL " NICOLAS HIERONIMUS PReSIdenT SeLeCTIVe dIVISIOnS 46 " WE ARE PASSIONATE ABOUT THE FUTURE: STRIVING TO TAKE BEAUTY FORWARD TOWARDS NEW HORIZONS, FULLY RESPECTING OUR BRANDS AND OUR DESIGNERS.

  • Page 49
    ... market. The division has again scored successes with its women's fragrances thanks to "La vie est belle" by L ANCÃ"ME and Sì by GIORGIO ARMANI, but also with men's fragrances with the successful Polo Red by RALPH L AUREN. Momentum in make-up has been strong, thanks to URBAN DECAY, a brilliant new...

  • Page 50
    ... geneRAL MAnAgeR OF L ANCÃ"ME InTeRnATIOnAL "La vie est belle" makes the World Top 4 (2) One year after its launch, "La vie est belle", the olfactory expression of happiness according to L ANCÃ"ME, is confirming its success by reaching fourth position in the women's fragrance rankings worldwide...

  • Page 51
    ...more than a third of its worldwide growth. In Asia, KIEHL'S is posting very good performances, driven by strong growth in China. Just five years after its launch, KIEHL'S is already one of the top 10 brands sold in China (1), with sales outlets in twenty-nine cities. The brand is also continuing its...

  • Page 52
    ...-up outlets have enabled it to feature amongst the major global make-up brands. With Rouge ecstasy, GIORGIO ARMANI is making headline news: the first CC (Colour & Care) lipstick, which combines powerful colour with comfort and lipcare. www.armanibeauty.com A website invitation to explore the world...

  • Page 53
    ...of 2012 by acquiring URBAN DECAY, the Californian expert make-up brand synonymous with modernity and irreverence. Fitting perfectly into the L'Oréal Luxe portfolio, URBAN DECAY offers cutting-edge products such as the naked Palette eyeshadows, a winner with young customers who are experts in beauty...

  • Page 54
    LUXE L'ORÉAL ASIA-PACIFIC First counters opened in Hong Kong and Taiwan. WESTERN EUROPE Successful first steps in instrumental cosmetics with, amongst others, more than 400 sales outlets in France and in the united Kingdom. NORTH AMERICA In its traditional market, the brand is launching its ...

  • Page 55
    ...richness of its brand portfolio. L'ORÉAL LUXE IS THE WORLD LEADER IN THE TRAVEL RETAIL BEAUTY MARKET (1) No.1 Polo Red by RALPH LAUREN is one of the year's success stories in men's fragrances, notably in travel retail. (1) Source: Generation data, market share value 2012. (2) Source: Generation...

  • Page 56
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  • Page 57
    L'ORÉAL PROFESSIONNEL KÉRASTASE REDKEN MATRIX PUREOLOGY ESSIE SHU UEMURA ART OF HAIR MIZANI Thanks 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 ...

  • Page 58
    PROFESSIONAL PRODUCTS AN VERHULST-SANTOS PReSIdenT PROFeSSIOnAL PROduCTS dIVISIOn 56 " WE OFFER INNOVATIONS AND SERVICES THAT SPRING FROM CONSUMER DESIRES, AND REQUIRE THE HAIRDRESSER'S EXPERTISE. "

  • Page 59
    ... brand, powered the Professional Products division in 2013. In hair colour, OdS2 (1) technology, rolled out across all our brands, is a strong growth driver, with the success of Inoa 2 by L'ORÉAL PROFESSIONNEL, Chromatics by REDKEN and Colorinsider by MATRIX. Once again hair oils proved successful...

  • Page 60
    ... product, enriched with an active ingredient from plant biotechnologies. To help women in their quest for beautiful hair, the brand has changed its approach and now acts at the source. Thanks to the skincare know-how of the L'Oréal laboratories, K ÉRASTASE confirmed in 2013 its professional...

  • Page 61
    .... Revealed at the London Fashion Week, Hairchalk is the new colour polish for hair from L'ORÉAL PROFESSIONNEL. This make-up for hair is an innovation that highlights the hairdresser's application expertise and enables women to show off this must-have look. directly generated by a trend, Hairchalk...

  • Page 62
    ... real image and reputation vectors. Its expansion is also being underpinned by the launches of the diamond Oil range and Curvaceous for curly hair, along with the ex tension of the Chromatics franchise. (1) Source: KLINE United States 2012 study, Salon hair Care Global Series and L'Oréal 2013 data...

  • Page 63
    ...the New Markets, with tailor-made innovation and training programmes. Colorinsider, the brand's first hair colour to use OdS2 (1) technology, is the top growth driver of MATRIX. The SoColor range has been launched in India and China, with fragrances and colours that have been adapted for Asia, where...

  • Page 64
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  • Page 65
    VICHY LA ROCHE-POSAY SKINCEUTICALS ROGER&GALLET INNÉOV SANOFLORE The Active Cosmetics Division's mission is to help everyone improve the quality and health of their skin, whether they are affected by sensitive skin or dermatological conditions, in all healthcare channels worldwide, including ...

  • Page 66
    ACTIVE COSMETICS " BRIGITTE LIBERMAN PReSIdenT ACTIVe COSMeTICS dIVISIOn 64 " IN THE CONTEXT OF UNIVERSALISATION, WE ARE SEIZING OPPORTUNITIES IN THE MANY APPROACHES TO HEALTH AND BEAUTY.

  • Page 67
    ... we have shown agility by adapting our model to the new Markets' realities. Our presence is being stepped up in drugstores, shopping malls and department stores where we are creating dermacenters which allow us to stage our brands thanks to expert dermo-advisors. In the medical field, dermatologists...

  • Page 68
    ... also been worldwide roll-outs for Redermic [R], the anti-ageing skincare with retinol first designed for the Americas, and Anthelios dry Touch, initially developed for Brazil, both of which are now successful in europe. Iso-Urea, the group's first "medical device" (3) LA ROCHE-POSAY's new Iso-Urea...

  • Page 69
    1/ Lipikar, body skincare for dry skin, wins over Latin America. THE NEW TERRITORY OF DAILY CARE drawing on its skincare expertise, the brand is adopting a new approach to increase growth potential. Its relationship with consumers is closer and becoming part of a daily routine, and its products are...

  • Page 70
    ... For women aspiring for their own ideal skin, VICHY is an expert partner present at every stage of their lives. This close relationship is reflected not only in product packaging and the way the brand expresses itself in sales outlets, but also in consumer relations, which are more positive and...

  • Page 71
    ..., its country of origin, in which consumers demand rapidly visible results, the brand is being rolled out in Asia - where demand for premium professional facial skincare is very strong -, in germany and in Brazil, which in just one year has become the secondlargest SKINCEUTICALS market. FOUNDED...

  • Page 72
    ... SPIRIT. THE BODY SHOP is as relevant today as it has been in the past, with more consumers seeking naturally-inspired yet effective products and companies that offer an ethically-based business model. The expansion into Brazil is a fantastic opportunity for the business to grow in a market that is...

  • Page 73
    ...digital tools. sustainable development. Brazil offers a platform for additional growth as it is the fourth largest beauty market(1), and one which can also inspire worldwide products. TOP COUNTRIES The potential of THE BODY SHOP in the new Markets is symbolised by its success stories in India (+12...

  • Page 74
    ... drugs, self-medication products, and aesthetic and corrective medical solutions. each of these businesses has specific development models and stakeholder relationships. But they share a common objective: stepping up innovation in the interest of patients and healthcare professionals. 72

  • Page 75
    ... the world. The acquisition of Spirig in december 2012 also bolstered the self-medication product portfolio, which posted solid growth. The research and production centre at egerkingen in Switzerland became a Centre of excellence for selfmedication in 2013, strengthening the laboratory's expertise...

  • Page 76
    A SCIENCE STAYING OUT IN FRONT / 76 FROM SCIENCE TO BEAUTY / 78 UNIVERSALISATION INSPIRES INNOVATION / 80 BEAUTY IS 74

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  • Page 78
    ... to understand the needs of consumers all over the world, and to be the first to respond to them. That is why we have developed a unique innovation model that goes from Advanced Research to development. It is based on a creative interaction between marketing and science that makes us stand out from...

  • Page 79
    .... WESTERN EUROPE EASTERN EUROPE NORTH AMERICA NORTH ASIA AFRICA, MIDDLE EAST BRAZIL LATIN AMERICA SOUTH ASIA AND PACIFIC (France) WORLDWIDE CENTRES REGIONAL HUBS (United States, Japan, China, India, Brazil) Their role: • To adapt technologies developed in the worldwide centres to meet the...

  • Page 80
    A SCIENCE BEAUTY IS ⁄ FROM SCIENCE TO BEAUTY One of the key advantages of Research and Innovation is its ability to develop exclusive active ingredients with very long life cycles, while transforming them into innovative products that are successful worldwide. One example is Pro-Xylane™ , used...

  • Page 81
    ...™, the laboratories manage to reduce its cost by three quarters. 2011 Revitalift Laser x3 is a worldwide success and enables the L'ORÉAL PARIS brand to post strong market share increases. Meanwhile, the Pro-xylane™ saga continues. new properties are brought to light, and researchers strive to...

  • Page 82
    .... Systematically applied in all markets, this method is used to guide product development by focusing on local beauty routines. elvive Total Repair 5 enabled L'ORÉAL PARIS to seize the opportunities of this vast market. Adaptation to local routines required the development of a new technology and...

  • Page 83
    ... hair repair needs on their own. Another type of hair, and a different beauty routine: in China, women do not use conditioner because they Women like conditioners, and they like to feel by touch that they really work. This has 2012 led the laboratories to develop a new "on surface" technology...

  • Page 84
    COMMITMENT A DECISIVE STAGE IN OUR COMMITMENT / 84 "SHARING BEAUTY WITH ALL" / 85 THE FOUNDATION'S PROGRAMMES / 88 BEAUTY IS A 82

  • Page 85
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  • Page 86
    ...Oréal Foundation rolls out projects that forge links between beauty and social integration. But as the market leader, we have a responsibility to go further, ensure that all our stakeholders share in our success, and thus make the world a more beautiful place. "For Women in Science" celebrated its...

  • Page 87
    ... towards a new development model is fully in line with our strategy of universalisation. It is not just a company project. It is in fact a project for a better society, in which the company takes up a new stance in relation to its consumers, to citizens, and to countries. A new era is opening up...

  • Page 88
    ... over the whole life cycle of the shampoo. PRODUCING SUSTAINABLY The challenge is to keep on reducing the group's impact, when in fact it will be producing more. CONSUMING SUSTAINABLY In 2020, L'Oréal will communicate the environmental and social profile of its products in every country, so that...

  • Page 89
    .... COMMITMENT By 2020, we will enable more than 100,000 people from socially and financially underprivileged communities to access work. Initiative: In Brazil, THE BODY SHOP supports community fair trade by buying nuts from local producers. (1) Social audits carried out around the world since 2006...

  • Page 90
    ... BEAUTY IS A ⁄ 15 YEARS OF COMMITMENT, 15 YEARS OF EXCELLENCE MORE THAN FELLOWSHIPS AWARDED WORLDWIDE 1,700 In 2013 the L'Oréal-uneSCO programme "For Women in Science" celebrated its 15th anniversary. Set up in 1998, this programme turns the spotlight on outstanding women whose research...

  • Page 91
    ⁄ WORLDWIDE ROLL-OUT OF "BEAUTY FOR A BETTER LIFE" For the L'Oréal Foundation, taking care of one's appearance or learning about beauty professions are ways of taking positive action to benefit socially vulnerable people. This is the mission of the international "Beauty for a Better Life" ...

  • Page 92
    ...By sharing information about the L'Oréal adventure, its strategy and its prospects at a series of dedicated events, the financial communication teams maintain a close relationship of trust with the financial community: individual shareholders, investors, financial analysts and SRI (1) experts. 2013...

  • Page 93
    ... on professionalism and an ethical approach in our dealings with suppliers, customers and bankers, and on the fairness and transparency of our financial communication to investors, shareholders, market authorities and rating agencies. How did L'Oréal enrich its brand portfolio in 2013? The group...

  • Page 94
    ... / Parent company financial statements / Corporate social, environmental and societal responsibility / Stock market information and share capital / Annual General Meeting / Appendix THE SUSTAINABLE DEVELOPMENT REPORT Presentation and concrete examples of the group's sustainable development strategy...

  • Page 95
    ... and production: Publicis Consultants l Verbe 133, avenue des Champs-élysées, 75008 Paris - France. 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 organisations and companies...

  • Page 96
    ... as a "Société Anonyme" with registered capital of 121,180,377.40 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.loreal-finance.com