Nicolas Hieronimus, who is set to take over as chief executive after a shareholder vote on April 20th, will be only the sixth boss since the French firm was founded in 1909. Stability in the upper ranks reflects the fact that L’Oréal has been a standout performer in an industry that has itself grown steadily. Investors, led by the Bettencourt family which inherited what is now a one-third stake worth $76bn, have emphasised continuity.
Attention is now turning to the post-pandemic future. Mr Agon has said a fiesta of fragrances and glossy lips is on the cards. Some sales channels, such as airport shops, will probably not recover fast. Like other providers of fast-moving consumer goods, L’Oréal hopes online habits formed in the pandemic will endure.
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