6 March 2015 - L'OrÃ©al and CFAO announced today the signing of a protocol agreement covering the production and distribution of cosmetic products in Ivory Coast.
L'OrÃ©al, the worldwide leader in cosmetics present in over 130 countries, will draw on its expertise in beauty products and the strength of its consumer brands to accelerate its expansion into key markets in French-speaking West Africa.
By teaming up with L'OrÃ©al, CFAO establishes a new world-class partnership in sub-Saharan Africa by giving L'OrÃ©al access to its distribution channels and its thorough knowledge of African countries and markets, as well as its production facility for cosmetics and packaging components.
This agreement will speed up L'OrÃ©al's expansion and development of its hair care and body care brands in Ivory Coast thanks to a manufacturing facility suited to its needs.Â CFAO will be the sole distributor of L'OrÃ©al international consumer brands in Ivory Coast.
"The distribution and production partnership with CFAO is part of a strategic plan for the L'OrÃ©al Group in Ivory Coast and French-speaking West Africa. Ivory Coast is a fast-growing market where beauty products have a strong appeal among local consumers.Â It is crucial for L'OrÃ©al to increase its presence in these expanding markets", said Geoff Skingsley, L'OrÃ©al's Managing Director for Africa Middle-East Zone.
For Richard Bielle, Chairman of CFAO's Management Board, "Our strategy in West Africa is to offer major international brands a manufacturing and distribution tool suited to the markets they wish to tap into.Â This new partnership is fully in line with CFAO's strategy of encouraging the consumption of innovative, quality products in West Africa."
L'OrÃ©al has devoted itself to beauty for over 105 years. With its unique international portfolio of 32 diverse and complementary brands, the Group generated sales amounting to 22.5 billion euros in 2014 and employs 78,600 people worldwide. As the world's leading beauty company, L'OrÃ©al is present across all distribution networks: mass market, department stores, pharmacies and drugstores, hair salons, travel retail and branded retail.
Research and innovation, and a dedicated research team of 3,600 people, are at the core of L'OrÃ©al's strategy, working to meet beauty aspirations all over the world and attract one billion new consumers in the years to come. L'OrÃ©al's new sustainability commitment for 2020 "Sharing Beauty With All" sets out ambitious sustainable development objectives across the Group's value chain. www.loreal.com
CFAO is a front-ranking specialized distributor and preferred partner of major international brands, serving the high-potential equipment & services, healthcare and consumer goods business lines in Africa and the French overseas territories.
CFAO has operations in 37 countries - including 34 in Africa - and 7 French overseas territories. The Group had a headcount of 12,000 at end-2014. In 2014, CFAO generated consolidated revenue of â‚¬3,560.4 million and recorded recurring operating income of â‚¬Â 270.7 million.
CFAO is a 97.36%-owned subsidiary of TTC (Japan).
CFAO is listed on NYSE Euronext in Paris.
Find CFAO on Bloomberg: CFAO: FP and Reuters: CFAO.PA
For more information:Â www.cfaogroup.comÂ
"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. Although 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 ClÃ©mence FUGAIN
Tel.: +33 1 47 56 76 71
[email protected]Â Â
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,Â or call +33 1 40 14 80 50.
CFAOÂ press agency 35Â°Nord
Tel.: +33 (0)6 73 47 53 99
[email protected]Â Â
CFAO Communications Department
Director of Communications
Tel.:Â +33 (0)1 46 23 59 76
Investor and Analyst Relations
Tel.: +33 (0)1 46 23 58 27