Text/Wang Li Editor/Xu Zhe
On September 14, L'Oréal Group announced a series of personnel appointments to the Group Executive Committee. These changes will officially take effect in the first quarter of 2024. At the same time, L'Oreal Group has also added the position of deputy CEO of L'Oreal China.
(From left to right are Fabrice Megarbane, Vincent Boinay, Emmanuel Goulin, and Ma Xiaoyu)
Specifically, Fabrice Megarbane will be appointed as Chief Global Growth Officer of L'Oréal Group, succeeding Frédéric Rozé.
Public information shows that Fabry joined the group in 2000 and worked in the professional products department in France for many years. In 2008, he was appointed general manager of L'Oreal Lebanon. At the age of 34, he became the youngest regional general manager. In 2015, Faberry was appointed general manager of L'Oréal Germany, one of the group's largest subsidiaries.
Since then, Fei Borui has served as the president of L'Oréal China since 2019 and the president of North Asia since 2021. During this period, Megarbane pushed L'Oréal's business in China to new heights, and this new appointment also plays an important role in the future of the group.
Vincent Boinay will be appointed President and CEO of L'Oréal China North Asia. After being appointed chief global growth officer, he will succeed Fabrice Megarbane and complete the handover in February 2024.
It is reported that Vincent joined the L'Oréal Group's high-end cosmetics department in 1992 as a marketing management trainee, and quickly emerged in the travel retail business, holding multiple business positions in Europe, and was later appointed as the deputy general manager of the Lancôme brand.
After two years as Head of Travel Retail for the Premium Cosmetics Division, Vincent was appointed General Manager of the Premium Cosmetics Division in Japan, thus beginning his deep connection with North Asia. In 2014, he was appointed General Manager of Global Travel Retail and joined the Group Executive Committee in July 2019.
In addition, Emmanuel Goulin will take over Vincent's position in the travel retail department and become a member of L'Oréal's Executive Committee.
Information shows that Gu Lanyi currently serves as the general manager of L'Oreal Italy. He joined L'Oreal in 2000 and initially worked in the high-end cosmetics department and held multiple positions in the UK and Paris. He moved to Hong Kong in 2008 as head of travel retail for the region, where he led the business before being appointed deputy general manager of the Shu Uemura brand.
In 2012, Gu Lanyi returned to Europe and was appointed general manager of travel retail Asia Pacific in 2016. He was eventually promoted to general manager of L'Oréal Italy in 2022. Under Gu Lanyi's leadership, L'Oreal's Italian business has achieved double-digit growth for nearly three consecutive years.
Ma Xiaoyu, vice president of L'Oreal China and general manager of the high-end cosmetics department, was promoted to deputy CEO of L'Oreal China and will also lead the other three departments of the group.
It is understood that Ma Xiaoyu joined L'Oreal in July 1997 and initially served as the director of Lancôme. Today, he has worked at L'Oréal for 26 years. During these 26 years, Ma Xiaoyu set the benchmark for the Lancôme brand in the cosmetics industry and built it into a market leader.
It is worth mentioning that this is the first time that L’Oreal has set up the position of vice president of China. Regarding Ma Xiaoyu’s appointment, L’Oréal explained in the announcement “in view of the increasing complexity of the Chinese market.”
During the development of L'Oréal, Ma Xiaoyu played an important role and established Lancôme's outstanding position in the industry. Since 2021, Ma Xiaoyu has served as the head of L'Oréal Luxury China. This position is also full of challenges, especially in a difficult external environment. He has successfully won market share and demonstrated his leadership capabilities.
This personnel change of L'Oreal Group reveals the change in the strategic direction of China and North Asia. Local talents such as Ma Xiaoyu are gradually gaining more important functions and status amid these changes, becoming key participants in the formulation and implementation of the company's strategic direction.
The Chinese market is of great importance to the international giant L'Oréal and has huge potential. According to the latest financial report data, China is L'Oreal's second most important market. Sales in North Asia, with China as the core, account for 29.6% of L'Oreal's total sales, only 0.3 percentage points lower than the first-ranked European region.
From the perspective of fiscal year 2022, L'Oreal North Asia (including China and South Korea) sales increased by 6.6%, slightly lower than the 10.9% growth rate of the L'Oreal Group as a whole, and it is also the region with the slowest growth rate among L'Oreal's five major global markets. In the first half of this year, L'Oréal North Asia achieved revenue of approximately 5.65 billion euros, a year-on-year increase of 3.9%, which is still the slowest among the five major markets.
Looking at the Chinese market alone, L'Oreal China's growth rate in 2022 will be 5.5%, which is also slightly insufficient. Although L'Oreal's growth in North Asia has picked up since the beginning of this year, it has still not met expectations.
This high-level change in China is part of the company's focus on local talents. It is also an effort to better adapt to the local market, formulate strategies that better meet the needs of local consumers, and promote the sustainable development of the company.
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