Francis Mer, France's Minister of the Economy and Finance, awarded the prize for the "Best Manager of a French company for the last 20 years" to Lindsay Owen-Jones, Chairman and CEO of L'Oreal since 1988. The prize is awarded by the French economic magazine Challenges.

L'Oréal is awarded the Global Corporate Achievement Award 2002 for Europe, by The Economist magazine for its outstanding performance in 2002 through turbulent times.

"Receiving these awards is a huge incentive for me, and for all L'Oréal's teams around the world. I am sure that being honoured in this way will spur us all on to even greater success," said Lindsay Owen-Jones.