L'Oréal works with banks to support salon business owners

Published: 12-Mar-2015

The partnerships form part of the Salon Emotion programme

L’Oréal’s Professional Products Division is rolling out a new programme that aims to support and develop the hairdressing industry in Europe – and give greater financial powers to salon owners.

The Salon Emotion programme aims to transform the way 6,000 European salons operate by the end of 2018. It aims to help business owners with training and raising awareness of services; personalised advice and guidance to modernise salons; and making financing simpler.

In France, L’Oréal has signed a contract with BNP Paribas so stylists can benefit from simplified banking processes, but it has also signed agreements with banks in every country where the programme will be deployed.

An Verhulst-Santos, President Professional Products Division, said: “As the leader in beauty and the partner of choice for hair stylists, it is our responsibility to help the industry reinvent itself and become more dynamic.”

The company said support concerning finances was particularly important. An Verhulst-Santos added: “Making it easier for stylists who run small businesses to secure a bank loan is essential to developing the sector.”

The banks working alongside L'Oréal are said to be dedicated to supporting the transformation of the sector. The second biggest craft trade in France, the hairdressing industry represents €6bn and a workforce of 170,000 people and suffers from having a number of lacklustre salons.

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