The more things change, the more things stay the same.

That was the message from L’Oréal USA Chief Executive Officer David Greenberg, who was on stage June 5 during a fireside chat with CEW chairwoman Jill Scalamandre.

“What hasn’t changed is it’s still about the product, it’s still about something amazing that people want. It’s still about a great lipstick and how something makes you feel. is and feels,” Greenberg said when asked how the industry has changed since the start of her 30-year career at L’Oréal.

That being said, the business dynamics have completely changed. “Back in the day, shelf space, marketing mix and media were your voice,” Greenberg said. “The rules were very clear, there was some power of scale, and we were trying to take market share away from competitors. Today, there are no boundaries, no limits, the shelf is limitless and all are welcome.

Greenberg, who took over L’Oréal’s U.S. division in 2022 after running the professional products division for North America, said that despite L’Oréal’s size — the global company’s sales calendar for 2023 has reached over $44 billion – a business imperative. approach to both culture and innovation.

“It’s what’s happening tomorrow, with a remarkable appreciation of the past that’s true today: the spirit of entrepreneurship, appreciation of people, creativity and open-mindedness,” Greenberg said.

“We’re the global leader in beauty. We have a challenge, and that challenge comes from an inherent sense of inadequacy. The notion that we can always do better,” he continued. That’s how you build a modern culture, where people are treated with respect, and we find ways to challenge each other. If customers are challenging us, we talk about flexibility as one of the main things.”

He also thinks about developing a culture for his job, noting that he is moving his workforce back to the company’s offices. “The most important part of my job is trying to promote, communicate and nurture culture,” he said. “It’s hard to do that when you don’t see anyone.”

Despite the respect for L’Oréal’s heritage, the company is also growing rapidly. “It was 2005 when we said we were going to be a digital company. In 36 months, we were a digital company and we were the leader. “Now, we’re saying beauty tech. To us, that means an entire ecosystem of technology deployed to help you improve the way you work.

Those technologies can drive the journey from development to formulation. “Beauty tech really just means that technology can enable business,” Greenberg said. These efforts are global. “We have a global beauty tech team, we have teams all over the world, we have a venture fund that enables us to access new technologies.”

They all come back to L’Oréal’s branding efforts. “Most of the growth coming from brands today are the same brands they were 10 years ago. The technology is designed to leverage the capabilities of the brands that consumers know and love,” he said.

Greenberg is excited about the new generation of aging consumers in the market. “They’re going to be amazing customers for life,” he said, with the caveat that L’Oréal brands don’t market to consumers under 16. Going to talk and watch TV. It’s not like we can keep the product a secret from them.

Just as beauty demographics are blurred, so is Chanel. “You have to define who your customers are and make sure you’re serving them,” he said. To that end, he thinks the men’s brand would be the perfect addition to L’Oréal’s portfolio.

“We don’t have many brands in the house of L’Oréal that have done a great job of bringing men into beauty,” he said. “There are a lot of unisex brands. But there are still needs for men as a demographic, and we want to grow.



Source link