When the Kenyan actress Lupita Nyong’o became Lancôme’s first black spokesperson last year, fashion magazines and blogs welcomed the news as a sign that the legendary makeup brand is embracing women of color—especially those who have traditionally had trouble finding the right shades in drugstore aisles and department stores. On billboards and in magazine ads, the 32-year-old Academy Award winner wore the brand’s newest foundations, in hues that were deeper and darker than anything Lancôme had previously released.
Behind the scenes, at the headquarters of L’Oréal Paris, Lancôme’s parent company, Nyong’o’s appointment signaled a broader effort by the cosmetics giant to stay ahead of consumer demand by placing diversity and globalization at the center of its strategy. In the U.S., the multicultural beauty market is currently outpacing the overall industry, posting a 3.7% increase in 2014, according to research firm Kline & Co. What’s more, the global cosmetics industry is now worth an estimated $197 billion, and is growing by about 4% annually. In 2014, so-called new markets (anything outside North America and Western Europe) accounted for 39.6% of L’Oréal’s $29.9 billion in sales. To take an even bigger slice of that international pie, the company is investing in products tailored to the diverse skin tones of women in places like South Africa and the Middle East, as well as in the United States.
This story is from the October 2015 edition of Fast Company.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the October 2015 edition of Fast Company.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
The World's 50 Most Innovative Companies - CAMPUS
FOR CREATING A NATIONAL ONLINE COMMUNITY COLLEGE
The World's 50 Most Innovative Companies - SOL DE JANEIRO
FOR DROPPING NEW FRAGRANCES AT AN INTOXICATING PACE
The World's 50 Most Innovative Companies - VANTA
FOR OFFER ING STARTUPS TOOLS TO TRUST BUT VERIFYIN THE AGE OF AI
The World's 50 Most Innovative Companies - PERPLEXITY
FOR LOCATING THE ANSWER TO THE PERENNIAL PROBLEMS OF WEB SEARCH
The World's 50 Most Innovative Companies - THE POWER BROKER
ITS CHIPS SPARKED THE AI REVOLUTION. NOW NVIDIA IS PUTTING THE TECH TO WORK ACROSS INDUSTRIES.
The World's 50 Most Innovative Companies - NATIONAL WOMEN'S SOCCER LEAGUE
FOR RESETTING THE VALUE OF WOMEN'S SPORTS
08 FOR WHOM THE BELL TOLLS
WITH A NEW CEO BEHIND THE COUNTER. TACO BELL IS FOLLOWING A FRESH STRATEGY FOR GLOBAL CULTURAL DOMINATION. ONE TACO TUESDAY AT A TIME.
Reimagining the ways we work and meet
As business leaders rethink their real estate footprint, they're embracing smaller, high-quality, amenity-rich spaces that are more focused on human connection.” In other words, Convene.
10 Trend
From the Most Innovative Companies | Plus 606 Honorees From Advertising to Video
The World's 50 Most Innovative Companies
"The 1920s, water went into a generator, and DC Power came out. Now electrons go into a generator, and intelligence comes out."