Here are 1-2 brief analogies to describe L'Oreal:

• Like the Procter & Gamble of the beauty industry.
• Like the Volkswagen Group, but for cosmetics and beauty products.

• Skincare: Products designed to improve the health and appearance of the skin, including moisturizers, cleansers, serums, and sunscreens.
• Makeup: Cosmetics used to enhance or alter the appearance of the face, eyes, and lips, such as foundations, mascaras, lipsticks, and eyeshadows.
• Haircare: Products for maintaining the health and appearance of hair, encompassing shampoos, conditioners, styling products, and treatments.
• Hair Color: Dyes and treatments used to change the color of hair, ranging from permanent to semi-permanent options.
• Fragrances: Perfumes and colognes created to impart a pleasant scent to the body.

L'Oreal's Major Customers

L'Oreal (symbol: LRLCY) primarily sells its vast portfolio of beauty products to other companies, which then distribute these products to individual consumers through various retail channels worldwide. Therefore, L'Oreal's major customers are the retailers and e-commerce platforms that purchase its products for resale.

Key types of customer companies and specific public company examples include:

• Mass Market Retailers & Supermarkets: These large chains provide broad distribution for L'Oreal's mass-market brands, making them widely accessible to consumers.
  • Walmart Inc. (WMT)
  • Target Corporation (TGT)
• Drugstore Chains: An essential channel for everyday beauty and personal care products across various L'Oreal brands.
  • CVS Health Corporation (CVS)
  • Walgreens Boots Alliance, Inc. (WBA)
• Specialty Beauty Retailers: Stores dedicated exclusively to beauty products, often carrying a wider range of L'Oreal's brands, including premium and professional lines.
  • Ulta Beauty, Inc. (ULTA)
• E-commerce Platforms: Online marketplaces that provide global reach and a rapidly growing sales channel for all of L'Oreal's brands.
  • Amazon.com, Inc. (AMZN)

Nicolas Hieronimus Chief Executive Officer

Nicolas Hieronimus joined L'Oréal in 1987 as a Product Manager. Over his extensive career at L'Oréal, he has held various leadership positions, including Marketing Director for Laboratoires Garnier, General Manager of Garnier and Maybelline in the UK, International General Manager for L'Oréal Paris, General Manager of L'Oréal Mexico, and General Manager of the Professional Products Division. He was also President of L'Oréal Luxe and President of Selective Divisions before being appointed Deputy CEO. Hieronimus became the Chief Executive Officer of the L'Oréal Group on May 1, 2021.

Christophe Babule Chief Financial Officer

Christophe Babule has spent his entire career at L'Oréal, joining the company in 1988. He began in the Luxury Division in Italy for seven years, then served as Director of Administration & Finance in China for over eight years. His international career continued as Administration & Financial Director for Mexico. Babule later returned to France as Director of Internal Audit for nearly five years before becoming Administration & Financial Director for the Asia Pacific Zone. He was appointed Executive Vice-President, Chief Financial Officer, and a member of L'Oréal's Executive Committee in February 2019. He is also on the board of Sanofi and L'Oréal USA, Inc.

Barbara Lavernos Deputy Chief Executive Officer, in charge of Research, Innovation and Technology

Barbara Lavernos joined L'Oréal 29 years ago as a purchaser. She served as Global Chief Procurement Officer for the L'Oréal Group in 2004, and in 2012, she became Managing Director of the Travel Retail business worldwide. In 2014, she was appointed Chief Operations Officer and a member of the Executive Committee, managing the entire value chain from packaging design to supply chain. She also leads the Group's Global Information Technology strategy. From February 2021, she took on the role of President of Research, Innovation and Technology, and additionally became Deputy CEO.

Fabrice Megarbane Chief Global Growth Officer

Fabrice Megarbane is the Chief Global Growth Officer and a member of L'Oréal's Executive Committee. He is slated to be appointed President of the Consumer Products Division, effective January 1, 2026.

David Greenberg President, North America & Chief Executive Officer of L'Oréal USA

David Greenberg is the President of North America and Chief Executive Officer of L'Oréal USA, as well as a member of the Executive Committee. He will be appointed to the newly created role of Chairman of L'Oréal USA, effective January 1, 2026, where he will represent the Group with key institutional stakeholders.

The emergence and rapid scaling of independent, direct-to-consumer (DTC) beauty brands driven by social media influencers and creators. These brands often bypass traditional retail channels and beauty conglomerates, leveraging authentic community engagement and agile product development to capture market share, particularly among younger demographics.

L'Oréal (LRLCY) operates in several key beauty categories. The addressable market sizes for their main products and services are as follows:

Skincare

• The global skincare market was valued at approximately USD 115.65 billion in 2024 and is projected to reach USD 194.05 billion by 2032, with a Compound Annual Growth Rate (CAGR) of 6.84% from 2025 to 2032. Other estimates place the global skincare market at USD 178.34 billion in 2024, expected to reach USD 362.79 billion by 2033.
• Asia Pacific dominated the skincare market, holding a market share of over 51.58% in 2024. The Asia Pacific skincare market size was valued at USD 85.74 billion in 2025 and is expected to reach USD 154.51 billion by 2034.
• The U.S. skincare market is projected to reach an estimated value of USD 30.42 billion by 2032.

Haircare

• The global hair care market size was estimated at USD 93.9 billion in 2024 and is expected to grow to USD 128.7 billion in 2034, with a CAGR of 3.2% from 2025 to 2034. Another source indicates the global hair care market was valued at USD 106.91 billion in 2024 and is anticipated to grow to USD 213.47 billion by 2032.
• Europe dominated the hair care market with a market share of 36.55% in 2024.
• The Asia Pacific hair and scalp care industry dominated the global market with a revenue share of 39.5% in 2024.
• The U.S. hair care market generated an estimated USD 22.2 billion in revenue in 2024, holding approximately 79% of the North American market share.

Makeup

• The global makeup market size was valued at USD 43.61 billion in 2024 and is projected to grow to USD 70.80 billion by 2032, exhibiting a CAGR of 6.37% from 2025 to 2032. Other reports state the global makeup market was valued at USD 54.19 billion in 2024 and is expected to reach USD 83.93 billion by 2032.
• Asia Pacific dominated the makeup market with a 47.03% share in 2024.
• The North America makeup market size is projected to grow from USD 10.24 billion in 2024 to USD 17.75 billion by 2032.
• The makeup market size in the U.S. is projected to reach USD 12.77 billion by 2032.

Fragrances

• The global fragrance market size was estimated at USD 56.60 billion in 2024 and is projected to reach USD 74.76 billion by 2030, growing at a CAGR of 4.9% from 2025 to 2030. Another estimate for the global perfume market size was USD 54.01 billion in 2024, expected to reach USD 74.49 billion by 2032.
• North America dominated the fragrance market globally with a revenue share of 33.30% in 2024.
• Europe dominated the global perfume market in 2024, securing the largest revenue share of 35.9%.
• The Asia-Pacific perfume market is projected to grow at the fastest CAGR of 24.1% from 2025 to 2032.

L'Oréal (LRLCY) is expected to drive future revenue growth over the next 2-3 years through a combination of strategic initiatives:

1. Geographical Expansion and Robust Performance in Key Regions: L'Oréal is focusing on expanding its presence across various geographical markets. Europe continues to be a significant contributor to growth, while emerging markets, particularly SAPMENA-SSA (South Asia Pacific, Middle East, North Africa, Sub-Saharan Africa) and Latin America, are demonstrating strong progress. The company also anticipates a recovery and improved performance in North America and mainland China.
2. Innovation, "Beauty Tech," and Continuous Product Launches: A core element of L'Oréal's strategy is its reliance on innovation and technology, with substantial investments in research and development. The company is committed to "Beauty Tech," digital transformation, and leveraging AI to enhance customer engagement and personalization. This focus on pioneering science and technology underpins a strong pipeline of new product launches across all divisions, such as Kérastase Gloss Absolu and Yves Saint Laurent Make Me Blush, which are expected to fuel future sales.
3. Strategic Portfolio Management with Emphasis on High-Growth Categories: L'Oréal is strategically managing its brand portfolio with a focus on high-potential categories and a "democratization and premiumization" strategy. Dermatological Beauty, led by brands like La Roche-Posay and CeraVe, continues to be a top growth driver. Premium haircare and fragrances also maintain strong momentum, with brands like Kérastase and couture fragrance lines driving sales. Strategic partnerships and acquisitions, such as the Miu Miu license and the partnership with Kering in luxury beauty, further bolster this growth.
4. Expansion of Omni-channel Distribution and E-commerce: The company is leveraging an effective omni-channel strategy, with online sales consistently showing double-digit growth and outpacing the market. This broad distribution network and digital engagement are crucial for reaching consumers worldwide and capitalizing on evolving purchasing habits.

Share Repurchases

• In December 2021, L'Oréal repurchased 22.26 million of its own shares from Nestlé for €8.9 billion, with these shares subsequently cancelled.
• During the 2024 financial year, L'Oréal redeemed 1,308,557 shares at an average purchase price of €382.10 per share, amounting to approximately €499.9 million, for cancellation.
• A share buyback program of up to €500 million, covering a maximum of 2 million shares, was authorized to be executed between April 2024 and June 30, 2025, with the repurchased shares intended for cancellation.

Share Issuance

• No significant share issuances involving large investments by third-parties were reported over the last 3-5 years.
• Minor share issuances occurred through employee savings and performance share plans, such as 238,926 shares in 2022 and a total of 230,423 shares for employee plans in 2024.

Outbound Investments

• In April 2023, L'Oréal acquired the Australian luxury cosmetics brand Aesop for US$2.53 billion.
• In October 2025, the company announced an agreement to acquire Kering's beauty business, which includes the House of Creed fragrance brand and licenses for Kering brands, for approximately €4 billion.
• Strategic acquisitions over the past few years also include the Danish research company Lactobio in December 2023 and the Swiss water conservation startup Gjosa in 2024, highlighting a focus on sustainability and microbiome research.

Capital Expenditures

• L'Oréal's capital expenditures averaged €1.304 billion from fiscal years 2020 to 2024, reaching a peak of €1.642 billion in December 2024.
• The latest twelve months (LTM) capital expenditures for L'Oréal amounted to €1.626 billion.
• These capital expenditures demonstrate the company's focus on investing in physical assets to support growth and expansion.