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Beauty Gets Ugly; Jean-Paul Agon: He has a lot of experience in tough times, and he'll need it now.(L'Oreal S.A.)(Brief Article)(Cover Story)

Newsweek International

| December 26, 2005 | Foroohar, Rana | COPYRIGHT 2005 Newsweek, Inc. All rights reserved. Any reuse, distribution or alteration without express written permission of Newsweek is prohibited. For permission: www.newsweek.com. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

Byline: Rana Foroohar

In April Jean-Paul Agon takes over as CEO of L'Oreal with a hard act to follow. Briton Lindsay Owen-Jones has presided over 21 straight years of double-digit profit growth at the 14 billion euro company, which owns famous lines like Lancome and Maybelline. Can Agon match that record?

A lifer at L'Oreal, Agon took charge of the Asian division right before the financial crisis in 1998, yet built it into one of L'Oreal's fastest-growing divisions (sales in China last year were up 58 percent). He became president of L'Oreal USA in October 2001, and steered the division through the recession. He also nabbed 6 percent of the shampoo market with the relaunch of a formerly unknown brand, Fructis.

Still, the beauty business is getting ugly. Sales growth at L'Oreal is ...

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Source: HighBeam Research, Beauty Gets Ugly; Jean-Paul Agon: He has a lot of experience in tough...

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