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研究生： 吳麗雪
Wu, Li-hsueh
論文名稱： 化妝品產業的全球成長策略研究 - 萊雅集團的個案研究
Global Growth Strategy in Cosmetics Industry – A Case Study of L'Oreal
指導教授： 林基煌
Lin, Chihuang
學位類別： 碩士
Master
系所名稱： 商學院 - 經營管理碩士學程(EMBA)
Executive Master of Business Administration(EMBA)
論文出版年： 2005
畢業學年度： 93
語文別： 英文
論文頁數： 71
中文關鍵詞： 萊雅集團 、全球成長策略 、化妝品 、產品策略
外文關鍵詞： L'Oreal, Global growth strategy, Cosmetics, Product strategy
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    • The cosmetics market is very dynamic and high growth potential industry. This case study will attempt to analyze how L’Oreal’s success in implementing its global growth strategies. The introduction will cover the history of L’Oreal and its amazing growth performance during these past years. This case study will analyze L’Oreal’s business model, a model that is differentiated from others by a combination of research & development, portfolio of brands, a complete distribution network, and financial prowess. With a competitive advantage in production, L’Oreal can concentrate their resources on their star product marketing strategy. An effective brand management emphasizes on categories and channels expertise, innovation via precise positioning, and adaptation at the market level. In addition, L’Oreal believes in a philosophy called “the virtuous spiral”, the driving force behind L’Oreal’s steady persistent growth over these many years.

    List of Tables ……………………………………………........... 6
    List of Figures ………………………………………………......... 8
    Chapter 1 INTRODUCTION ……………………………………... 9
    1.1 Motivation ……………………………………………………… 9
    1.2 Objective ……………………………………………………….. 11
    1.3 Methodology …………………………………………… …….. 12
    Chapter 2 INTRODUCTION TO L’OREAL …………………… 13
    2.1 Overview ……………………………………………………….. 14
    2.2 Performance …………………………………………………… 18

    Chapter 3 L’OREAL’S GLOBAL GROWTH STRATEGIES … 20
    3.1 Business Environment ………………………………………. 20
    3.2 Market Demand ……………………………………………….. 21
    3.3 Market Trends …………………………………………………. 22
    3.4 L’Oreal’s Business Organization and Business Model… 25
    3.5 Product Strategies and Brand Management …………… 30
    3.6 Competitive Advantage …………………………………...... 42
    3.7 Competitive Strategy ………………………………………… 43

    Chapter 4 L’OREAL’S FINANCIAL DYNAMICS …………….. 45
    4.1 Financial Analysis for L’Oreal ……………………………… 45
    4.2 Obsession with Growth ……………………………….......... 52
    4.3 Organic Growth vs. External Growth …………………….. 53

    Chapter 5 CONCLUSION ………………………………………... 56
    References …………………………………………………………. 59
    Appendix …………………………………………………………… 63
    A-1 Ten criteria for success in the power brand spokesperson………………………………………………...... 63
    A-2 Compared consolidated profit & loss account …………. 64
    A-3 Compared consolidated balance sheets ………………… 65
    A-4 Consolidated statement of cash flows …………………… 66
    A-5 1999-2003 five years of consolidated financial data …… 67
    A-6 The Global Brand Scoreboard – The 100 Top Brand …...68

    List of Tables
    2.1 Breakdown of L’Oreal cosmetics sales by division and by geographical zone ……………………………………………………. 15
    2.2 Breakdown of 2003 consolidated cosmetics sales by geographic zone ……………………………………………………………………… 16
    2.3 Cosmetics sales by geographic zone …………………………….. 16
    2.4 Breakdown of 2003 cosmetics sales by business segment….. 17
    2.5 L’Oreal’s group’s best-known brands …………………….......... 17
    2.6 L’Oreal’s performance ……………………………………………… 19
    3.1 Main players on the cosmetics market in 2002 ……………….. 21
    3.2 L’Oreal multilevel brand management ………………………….. 36
    3.3 Brands with & without spokesperson ……………………………. 38
    3.4 Ratio of internal production & sub-contracted production…. 43
    4.1 The virtuous spiral …………………………………………………. 46
    4.2 1999-2003 L’Oreal consolidated sales………………………….. 47
    4.3 1999-2003 L’Oreal adjusted operating profit…………………… 48
    4.4 1999-2003 L’Oreal dividend ………………………………………. 49
    4.5 Acquisitions and global brands …………………………………… 55

    List of Figures
    1.1 Research Flow ………………………………………………………… 12
    3.1 L’Oreal Organization Chart ……………………………………….. 26
    3.2 Complex Matrix Structure in L’Oreal …………………………… 27
    3.3 L’Oreal Business Model…. …………………………………… 28
    3.4 Product Hierarchy …………………………………………………… 35
    3.5 Management of innovation via cascading ……………………… 41
    4.1 10-year investment in L’Oreal shares (□) ……………………….. 50
    4.2 10 years of Consolidated Sales…………………………………….. 51
    4.3 10 years – Results of Operations…………………………………… 52
    4.4 10 years – Per Share Data…………………………………………… 52
    4.5 Organic Growth ……………………………………………….……… 54

    1. BNP Paribas Equities, “L’Oreal – A clearer but mostly unchanged ownership structure”, 4 February 2004
    2. Business Week, “The Best Global Brands- our Annual Ranking of The Top 100”, Asian Edition, August 9-16 2004, P58~P67
    3. Business Week Online, “L’Oreal: The Beauty of Global Branding”, 28 June 1999
    4. Credit Suisse First Boston (Equity Research), “L’Oreal 2003 Results”, 20 February 2004
    5. FORTUNE Magazine, “L’Oreal’s Global Makeover- How a company for French chic became an international beauty star”, 2 September 2002 / No.16, P54 ~ P60
    6. FORTUNE Magazine, “The World’s Most Admired Companies”, 11 Oct 1999
    7. Goldman Sachs (Global Equity Research), “L’Oreal – 2H203 profits preview”, February 19 2004
    8. Goldman Sachs (Global Equity Research), “L’Oreal: L’Oreal and Gesparal merger is a negative for L’Oreal’s share price”, February 4 2004
    9. Jean-Noel Kapferer, “The New Strategic Brand Management”, Kogan Page, 2004
    10. Lehman Brothers (Global Equity Research), “L’Oreal-Initiating Coverage with 3-Underweight”, January 30 2004
    11. L’Oreal 2003 Annual Report
    12. L’Oreal 2002 Annual Report
    13. L’Oreal 2001 Annual Report
    14. Merrill Lynch (Global Fundamental Equity Research Department),” L’Oreal – Focus on Underlying Business in 2004”, 23 February 2004
    15. Michael E. Porter (1980), “Competitive Strategy- Techniques for Analyzing Industries and Competitors”, Free Press
    16. Michael J. Sliverstein and Neill Fiske (1993), “Trading Up – The New American Luxury”, PROFOLIO, published by the Penguin Group
    17. Richard L. Draft, "Organization Theory and Design" Seventh Edition, Draft, Southwestern, 2001
    18. Smith Barney (Citigroup), “L’Oreal- FY03 Results Meet Consensus But Concerns Over The Quality Of Underlying EBIT Margin and EPS Growth Persist”, 1 March 2004
    19. TIME Magazine, “Because They’re Worth it – L’Oreal’s marketing tilt toward Asians and blacks makes its growth prospects prettier”, Canadian Edition, 2 February 2004
    20. Yeh, Kuo Long, “Growth Strategies and Financial Strategies in High Tech Company – A Case Study of Cisco”, 國立政治大學經營管理碩士論文, 2002
    21. www.books.com.tw/magazines/item/bio1009.htm, “全球生技業搶搭千億化妝品市場”
    22. www.colipa.com/cosmetics_indus.html
    23. www.ecct.com.tw/euroview/issue57/euroview_article76.php, “French Cosmetics and Fragrances in Taiwan”
    24. www.ecrm-epps.com/Expose/V3_8/Trends_Cosmetics.asp, “Trends in Cosmetics by Susan Schervish”
    25. www.ettoday.com, “國產化妝品掀風潮”, 2003/12/08
    26. www.ettoday.com, “玻尿酸 /台糖將推新利器”詩丹雅蘭” 生技廠斥資10億”, 2003/12/27
    27. www.fox.rollins.edu/~slackman/cosmetics_online.htm, “Cosmetics On-Line: An Industry Survey”
    28. www.getgoal.com.tw/infor/news/9107223.htm, ““化妝品產業將列入專業學士”, 中國時報, 2002/7/3
    29. www.health.nsysu.edu.tw/fdaglobe/ctrend_001.htm, “化妝品產業的新興趨勢(Cosmegenesis: The emerging Trend in Cosmetic Industry)”
    30. www.LOreal.com
    31. www.LOreal-Finance.com
    32. www.win21.net/asp/article.asp, “化妝品產業初探”

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