This acquisition highlights the strategic importance of Africa for L'OrÃ©al and demonstrates our confidence in this region and its market potential driven by a rising middle class, growing income and long tradition of beauty practices.
"ICP's acquisition is an important milestone for L'OrÃ©al in Kenya. It broadens our product offer with accessible brands, and strengthens the group's position in the mass market. This acquisition will also accelerate our development in Eastern Africa," said Geoff Skingsley, Executive Vice-President, Africa and Middle East Zone.
L'OrÃ©al already owns and commercializes the brands of SoftSheen Carson, a leader of the Afro-specific market, across Africa. It has led innovation in the hair relaxer, hair care and color categories over the last year. Its operation in Kenya includes education for salons and hairdressers, and the development of improved retailing for beauty products. The acquisition of the ICP brands will extend our knowledge of the market and increase our reach in Kenya and provide a regional manufacturing base for expanded operations.
About L'OrÃ©al East Africa
L'OrÃ©al East Africa is based in Nairobi since 2011.The subsidiary is in charge of developing the Group's business in Kenya, Uganda, Tanzania, Rwanda, Burundi, and Ethiopia. With SoftSheen Carson and Mizani brands, L'OrÃ©al East Africa offers products which benefit from the technological innovation developed by the Group's laboratories and Institute for Ethnic Hair and Skin Research based in Chicago. L'OrÃ©al has been active in the region through its philanthropy programs in particular "Hairdressers against AIDS" and L'OrÃ©al - UNESCO "For Women in Science" program including an award to a young Kenyan scientist in 2012. L'OrÃ©al hosted the Pan-African dermatological congress in Nairobi at the end of 2012.
L'OrÃ©al, the world's leading beauty company, has catered to all forms of beauty in the world for over 100 years and has built an unrivalled portfolio of 27 international, diverse and complementary brands. With sales amounting to 22.5 billion euros in 2012, L'OrÃ©al employs 72,600 people worldwide. In 2013, the Ethisphere Institute, a leading international think-tank for business ethics, corporate social responsibility and sustainability, recognized L'OrÃ©al as one of the World's Most Ethical Companies. This is the fourth time that L'OrÃ©al has received this distinction. www.loreal.com
"This news release does not constitute an offer to sell, or a solicitation of an offer to buy L'OrÃ©al shares. If you wish to obtain more comprehensive information about L'OrÃ©al, please refer to the public documents registered in France with the AutoritÃ© des MarchÃ©s Financiers, also available in English on our Internet siteÂ www.loreal-finance.com.
This news release may contain some forward-looking statements. Athough the Company considers that these statements are based on reasonable hypotheses at the date of publication of this release, they are by their nature subject to risks and uncertainties which could cause actual results to differ materially from those indicated or projected in these statements."
Contacts at L'OrÃ©al
Individual shareholders and market authorities
Mr Jean RÃ©gis CAROF
Tel.: +33 1 47 56 83 02
Financial analysts and institutional investorsÂ
Mrs FranÃ§oise LAUVIN
Tel.: +33 1 47 56Â 86Â 82
Mrs Stephanie CARSON-PARKER
Tel.: +33 1 47 56 76 71
Tel.: +33 1 47 56 70 00
For more information, please contact your bank, broker or financial institution (I.S.I.N. code: FR0000120321), and consult your usual newspapers, and the Internet site for shareholders and investors,Â www.loreal-finance.com; alternatively, call +33 1 40 14 80 50.