L'Oréal takes value route but maintains innovation levels
L'Oréal is to launch three new Garnier-brand products in France and the western European market this summer – a make-up removing cream and a day and night cream.
L'Oréal is to launch three new Garnier-brand products in France and the western European market this summer – a make-up removing cream and a day and night cream.
The group's director general Jean-Paul Agon, speaking on the occasion the company's centenary, said they were initially aimed at the Russian market and will be low priced items at between €3 and €4. In September L'Oréal Paris will launch a hydrating cream at around €5. Agon referred to the current economic crisis affecting luxury products as "the worst since 1930" and noted it had affected all the group's brands linked to the luxury goods sector. However, he indicated that the group, which spent 3.5% of total sales of €17.5bn on R&D, would continue to pursue product innovation after filing 628 patents in 2008.