this award, which was sponsored by the leading French business publication, Le NouvelEconomiste.These honors were not just a 'cosmetic' eulogy; L'Oréal deserved them, for it was the onlycompany in its industry to post a double-digit profit for 18 consecutive years (Refer Exhibit I for L'Oréal's key financials).
L'Oréal, which had operations in 130 countries in the world, posted a turnover of ¼ 13.7 billion
in 2001. The company recorded a 19.6% and 26% growth in profit in 2001 and 2002 (half-yearlyresults), respectively.Commenting on L'Oréal's performance, Jonessaid, "At L'Oréal, we are 50,000 people who sharethe same desire; because it is not just about business but about a dream we have to realize, perfection." Known for its diverse mix of brands(from Europe, America and Asia), like L'OréalParis, Maybelline, Garnier, Soft Sheen Carson,Matrix, Redken, L'Oréal Professionnel, Vichy, LaRoche-Posay, Lancôme, Helena Rubinstein,Biotherm, Kiehl's, Shu Uemura, Armani, Cachareland Ralph Lauren, L'Oréal was the only cosmeticscompany in the world to own more than one brandfranchise and have a presence in all thedistribution channels of the industry (Refer Exhibit II for a note on the global cosmeticsindustry).
In 1907, Eugene Schueller (Schueller), a French chemist, developed an innovative hair color formula. The uniqueness of this formula, named Aureole, was that it did not damage hair whilecoloring it, unlike other hair color products that used relatively harsh chemicals. Schueller formulated and manufactured his products on his own and sold them to Parisian hairdressers.Two years later, in 1909, Schueller set up a company and named it 'Societe Francaise deTeintures inoffensives pour Cheveux.' From the very beginning, Schueller gave a lot of importance to research and innovation to develop new and better beauty care products...