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Show Notes

[00:02:27] - [First question] - Origins of L’Oreal and its scientific approach

[00:04:01] - Structure and market share of L’Oreal today

[00:04:36] - Outline of L’Oreal’s brands and consumer products

[00:07:30] - Licensed agreements versus fully owned brands

[00:08:48] - Market split between mass market, high-end, and professional products

[00:09:31] - Strategy-driven growth by division since 2014

[00:11:03] - Reasons why acquisitions are a key part of L’Oreal’s strategy

[00:14:26] - Noteworthy competitors in the same markets

[00:16:03] - Sales and marketing strategies within stores and e-commerce

[00:19:47] - How L’Oreal deals with the logistical challenges of e-commerce

[00:21:59] - Margins and long-term growth

[00:24:40] - Overhead costs and the proportion spent on advertising

[00:25:57] - Advertising campaigns and legacy of L’Oreal’s advertising strategy

[00:30:03] - L’Oreal’s R&D strategy and budget

[00:33:09] - Breakthroughs in the development of new products

[00:34:42] - L’Oreal’s global presence and price stratification to serve diverse geographies

[00:39:59] - The company’s potential future growth opportunities

[00:42:19] - Operating margin and profitability over time from an investor’s perspective

[00:44:39] - Re-investment in the company versus dividend payout

[00:45:14] - More on acquisitions as a piece of the overall model

[00:46:25] - Key risk categories for the business

[00:51:43] - L’Oreal’s commitment on sustainability and ESG broadly

[00:55:52] - Lessons learned from analyzing L’Oreal