L'Oréal creates a subsidiary in Saudi Arabia
Paris and Jeddah, November 14, 2012 - In order to reinforce its presence in the Kingdom of Saudi Arabia, L'Oréal has created L'Oréal KSA, a new subsidiary based on a joint venture with Al Naghi Group.
L'Oréal brands have been present in the Kingdom of Saudi Arabia since 1982. In 2000, L'Oréal appointed Al Naghi Group as its sole distributor for its Consumer Products, Active Cosmetics and Professional Products Divisions.
The new subsidiary will manage a portfolio of brands including amongst others L'Oréal Professional, Kerastase, L'Oréal Paris, Garnier, Maybelline New York, Vichy.
L'Oréal KSA's scope will include implementing best practices on developing the local market, increasing consumer proximity to better understand the Saudi woman's needs, ensuring greater reach for the Group's products to more Saudi consumers and a commitment to training, education and nurturing local talent within the L'Oréal KSA team.
"This union of two strong organizations with shared values, both contributing individual expertise to the partnership, makes us confident that we will significantly improve our positions in the Saudi market," said Geoff Skingsley, Managing Director, Africa & Middle East Zone L'Oréal.
"Our partnership with L'Oréal for more than ten years has enabled the access of this great company's brands to millions of Saudi consumers across the Kingdom. We are very proud to be associated with such an ethical, consumer and community enabling Group and look forward to build the business further", said Sheikh Mohamed Yusuf, Chairman Naghi Group.
L'Oréal, the world's leading beauty company, has catered to all forms of beauty in the world for over 100 years and has built an unrivalled portfolio of 27 international, diverse and complementary brands. With sales amounting to 20.3 billion euros in 2011, L'Oréal employs 68,900 people worldwide. Regarding sustainable development, Corporate Knights, a Global Responsible Investment Network, has selected L'Oréal for its 2012 ranking of the Global 100 Most Sustainable Corporations in the World. L'Oréal has received this distinction for the 5th consecutive year. www.loreal.com
About Mohamed Yusuf Naghi Group
Mohamed Yusuf Naghi Group is a leading conglomerate operating mainly in four sectors, namely (1) FMCG distribution and logistics, partnering with renown Groups like Mars Inc, Reckitt Benckiser Plc, L'Oréal and Americana, (2) Automotive distribution and services partnering with renown Groups like BMW, Jaguar Land-Rover and Hyundai, (3) Transportation through its leading Hafil pilgrims transportation and Al-Ameen school transportation, (4) Financial services through its Aqsat leasing company. The Group is committed to community support and sustainable partnerships to avail top service to the Saudi consumers and Group's partners.
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