Prospects by Jean-Paul Agon
“Our greatest source of pride: delivering financial performance while being a committed corporate citizen”
Chairman and Chief Executive Officer
Jean-Paul Agon, Chairman and Chief Executive Officer of L’Oréal, interviewed by Stéphane Soumier, Chief Editor of BFM Business, on the major themes of 2018 and the Group’s prospects for the future.
The cosmetics market continued to grow steadily and in fact accelerated in 2018. Do you think this is a structural trend?
Clearly, the market has been particularly buoyant, making 2018 the best year in 20 years . There are strong underlying trends driving this acceleration over the past few years.
The first, and probably most important factor is the insatiable desire for beauty across all countries and cultures.
Second, premiumisation: consumers are ready to pay more and trade up for products with new benefits, better performance and superior quality.
Third, digitalisation, as beauty and digital are a perfect match. It has never been easier to discover beauty, share it and buy products online, even in the most remote corners of the world. Digital is and will remain a terrific booster for beauty.
Finally, our market is also fuelled by increased penetration of beauty all over the world. First, because of e-commerce, which is extending our reach far beyond the limits of traditional distribution, especially in emerging economies. Also because of many white spaces in terms of categories and countries.
And finally because there are always new consumer targets!