Jean-Paul Agon on Inventing a New L’Oréal

PARIS — At L’Oréal’s annual general meeting held Tuesday the group’s next leader, Nicolas Hieronimus, was confirmed, and a sweeping overview of the company’s evolutions and revolutions over the past 15 years, under Jean-Paul Agon, was shared.

“The group is far better balanced,” Agon said. “The center of gravity in terms of [L’Oréal’s geography] has shifted to the New Markets that represent almost half of our sales, in particular Asia Pacific, that’s become our number-one geography.”“Fifteen years ago, it ranked ninth in our markets,” Agon said. “It’s now in second place. Our ambition is immense in this country that’s ready to become the world’s largest beauty market.

“Total shareholder returns are high — 13 percent over 15 years, 16 percent over 10 years and over 20 percent over three years,” Agon said. “If we’ve obtained such results, it’s because we began by defining a mobilizing strategic project for L’Oréal with the new mission Beauty for All, a self-renewed ambition to attract 1 billion new consumers, a new strategy — ‘universalization,’ that’s to say globalization [while] showing respect for differences.

“The protection of the environment was already a reality at L’Oréal, but we wanted to take it to the next level by launching in 2013 the program Sharing Beauty With All,” he said. “With this program, we’ve achieved a step change in the paradigm, from supply to packaging, marketing, formulation and production. It’s the full value chain that was upended in seven years.

On the personnel front, L’Oréal’s Share and Care program, launched in 2013, helped universalize best social practices and served as a model for the International Labor Organization.

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