10 Econ The L'oreal

The L'Oréal Group is the world's largest cosmetics and Beauty Company and is headquartered in the Paris suburb of Clichy, France. L'Oréal has developed different products for the field of cosmetics, concentrating on hair color, skin care, sun protection, make-up, perfumes and hair care. L'Oréal is active in the dermatological fields and also is the top nanotechnology patent-holder in the United States. L’Oréal was founded in 1907 by Eugène Schueller, a young French chemist, who developed an innovative hair-color formula. He called his improved hair dye Auréole. His new hair dye was the start of L’Oréal. L’Oréal faced many lawsuits against testing on animals in the 1990s. L’Oréal also faces many lawsuits in France about hiring their models and false advertising of their popular “panoramic” mascara in the UK. L’Oréal’s popular slogan “Because I’m worth it” was replaced by “Because you’re worth it,” “You’re worth it” for men, and “You’re worth it too,” for children. L’Oréal’s main competition are beauty companies such as Estee Lauder and Revlon. L’Oréal notorious anti-Semitic history was recently exposed by Monica Waitzfelder who published a book titled in French as 'L’Oréal a pris ma maison' and English as 'L'Oreal stole my home'. Many of L’Oréal’s famous spokes models include Jessica Alba, Ben Affleck, Pierce Brosnan, Kate Moss, and Penelope Cruz. L’Oréal’s professional products include Kérastase, Loréal Professionel, Loréal Technique, Redken, Matrix, Mizani, PureOlogy. L’Oréal’s consumer products include L’Oréal Paris, Garnier, Maybelline New York, and Soft-Sheen Carson. L’Oréal’s luxury brands include Shu Umera, Lancôme, Khiels, The Body Shop, Viktor &Rolf, and Georgio Armani.

Timeline 1907: Eugène Schueller, a young French chemist, developed an innovative hair-color formula. 1909: Schueller registered his company, the Société Française de Teintures Inoffensives pour Cheveux ("Safe Hair Dye Company of France"), the future L’Oréal. 1920: The small company employed three chemists. 1950: The research teams were 100 strong. 1973: L’Oréal purchased Synthélabo to pursue its ambitions in the pharmaceutical field. March 2006: L'Oréal made a £652 million agreed takeover of ethical cosmetics company The Body Shop. 1990’s: L'Oréal is criticized for testing cruelly on animals.