Shanghai, March 29, 2021 – Today, L’Oréal China held its 2020/2021 Annual Results Press Meeting in Shanghai, with the theme being “BEAUTY HUGEVOLUTION “. Mr. Fabrice MEGARBANE, President of L’Oréal North Asia Zone and CEO of L’Oréal China, and representatives of the Group’s management team shared experience from several dimensions about how L’Oréal China managed challenges, turned crises into opportunities and finally achieved strong growth in 2020, as well as how L’Oréal China would continuously transform and evolve itself under the changing market environment in 2021 to grasp new opportunities in the future.
Last year, L’Oréal China presented its “HUGE Strategy” at its annual communication meeting, with the aim of meeting business growth needs and collaborating with more ecosystem partners to create a new pattern of “good consumption”. Guided by this strategy and driven by its four core drivers: “New Consumption”, “New Tech”, “New Organization” and “New Value”, L’Oréal China rode against the trend and scored an impressive performance of year-on-year growth at 27% in FY2020 despite the impact of COVID-19. With two-digit growth in all its undertakings, it recorded an overall growth in far excess of the market average, and Chinese Mainland becomes the world’s largest market for its seven brands.
In 2020, the opening year of the HUGE Strategy, despite the challenging external environment, a series of strong showing not only strengthened the foundation of L’Oréal China’s performance, but also inspired the Group to propose a new corporate evolution model “BEAUTY HUGEVOLUTION ” based on the successful practices of the past year, setting out clear strategic guidelines for how to pursue growth in the changing market environment in 2021. Stemmed from the previous “HUGE Strategy” and consisting of four pillars: Variation, Selection, Independence and Civilization. This evolution model explains the future development path of L’Oréal China from internal management and operation to business growth model and external ecosystem co-building:
Four Pillars of “BEAUTY HUGEVOLUTION “
- “Variation”: Actively attempt to grasp the small trends within segments, make good first moves, focus on technology-augmented beauty solutions, meet the unmet needs, and evolve from “beauty for all” to “beauty for everyone”
- “Selection”?Let data become an important factor in consumer-centric business choices, and evolve from “digitalization” to “digital intelligence” by relying on cutting-edge technologies such as artificial intelligence and big data
- “Independence”: Giving full play to our “strategy-centric and operation-decentric” feature, we transform from an “agile enterprise” into “a self-evolving enterprise”, empowering every employee to continuously transcend themselves and become the driving force of organizational evolution
- “Civilization”: Update the vision and internal organizational culture model, actively leverage our influence to create an ecosystem with internal and external partners, and raise our corporate value from “change the life” to “change the world”
Shanghai, China, has been upgraded into the headquarter of the Group’s North Asia Zone in the recent new geographic structuring of the L’Oréal Group. “In doing so, we will capitalize on the ‘beauty triangle’ formed by China, Japan and Korea to create a regional win-win situation,” said Mr. Fabrice, President of L’Oréal North Asia Zone and CEO of China. “L’Oréal’s ambition will not stop at being a large company, but a company of the future. We sincerely hope to evolve and bring more value to consumers, to the industry and to the world. In the future, we will continue to work hard to win more consumers and make the Chinese Mainland market the Group’s number one global market. Meanwhile, L’Oréal China also hopes to inject more new momentum for development and to drive the continuous growth of the North Asia Zone and the Group with ‘China Power’.”