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Shahrzad Haji Mirza Ali 860205-1461 BM6940 Innovation and Change Management

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COMPANY OVERVIEW

L'Oreal (or the company) is one of the largest cosmetic companies in the world. It producesand markets a range of make-up, perfume, hair and skin care products in over 130 countries.Since its inception about 100 years ago, the company has developed a strong brand portfolioof 27 international brands (these brands' annual sales are superior to 50 million euros). Its

brand line-up includes L'Oreal, Redken, Matrix, Lancome, The Body Shop, Garnier,Maybelline, Kerastase and Inneov among others, all of which are recognized globally. Thecompany had 613 patents filed in 2011 and have 5 development centres around the globewhich are based in Shanghai, Rio de Janeiro, Dubai, New York and Paris. L'Oreal brand wasranked 40th in the Best 100 Global Brands 2011 list by an industry source.

It is headquartered in Clichy, France and employs 68,900 people in 66 countries. Thecompany recorded revenues of E20, 343.1 million in the financial year ended December 2011(FY2011) an increase of 4.3% over FY2010. The operating profit of L'Oreal was E 3, 292.6million in FY2011, an increase of 7.7% over FY2010. The net profit was E2, 438.4 million inFY2011, an increase of 8.9% over FY2010.

BEAUTY FOR ALL

For more than a century, LOral has devoted itself solely to one business: beauty. It is a business rich in meaning, as it enables all individuals to express their personalities, gain self-confidence and open up to others. Beauty is a language.

LOral has set itself the mission of offering all women and men worldwide the best of cosmetics innovation in terms of quality, efficacy and safety. It pursues this goal by meetingthe infinite diversity of beauty needs and desires all over the world. Beauty is universal.

Since its creation by a researcher, the group has been pushing back the frontiers of knowledge. Its unique Research arm enables it to continually explore new territories andinvent the products of the future, while drawing inspiration from beauty rituals the worldover. Beauty is a science.

Providing access to products that enhance well-being, mobilising its innovative strength to preserve the beauty of the planet and supporting local communities. These are exactingchallenges, which are a source of inspiration and creativity for LOral. Beauty is acommitment.

By drawing on the diversity of its teams, and the richness and the complementarity of its brand portfolio, LOral has made the universalisation of beauty its project for the years tocome. LOral, offering beauty for all.


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FOCUS ON INNOVATION AND CHANGE

Focus on innovation and differentiation through robust R&D efforts L'Oreal's drive toinnovate is based on a strong R&D effort. R&D spending increased by 8.4% in FY2011 andrepresented 3.5% of sales. The company dedicated E721 million to cosmetic anddermatological research in FY2011.The company's R&D group comprises departmentsspecialized in the technologies critical to the company's various product categories. Thecompany has a cross-functional product development process intended to optimize thecompany's ability to bring to market its new product offerings and to ensure that the companycontinuously has new products lined-up in key categories under its various brands.Furthermore, L'Oreal has increased its focus on developing differentiated and customized

products across various countries and regions. In order to understand local characteristics, thecompany has research centres both in mature countries and emerging markets. It has 19research centres and 16 evaluation centres across the world. These R&D centres formulate

products that are most effective and the best suited to the needs of the consumers in thesecountries and regions.

For instance, in China, at the Pudong research centre, three years of study of Chinese hair,together with analysis and interpretation of a local custom using dry wash shampoo led to thecreation of a range of shampoos and hair care products ideally suited to local hair types andcultural traditions, focusing on fragrance, gloss and the shine effect.

The company also launched Baby Lips (the first-ever lip balm line from Maybelline NewYork) considering the Chinese consumers judgment on lip balms. Strong R&D capability

allows the company to launch new products frequently and also expand its presence in newmarkets.

Lancmes searchers worked during 10 years to develop the LR 2412 molecule, used in thenew Visionnaire facecare. This new care is protected by 20 patents. What are the

promises? In 4 weeks, wrinkles, pores and unevenness are visibly corrected. With this care,Lancme is competing with the Idealist Serum from Estee Lauder (almost launched at thesame time), the first fast-acting Serum proven to dramatically reduce the look of unevenskintone such as redness, acne marks, dark spots, sun spots discolorations.

Cosmetic brands also need to use a good communication to compete with other brands. Somecosmetic brands have a huge budget regarding their communication and use special strategiesto attract customers.

For example, lOral Paris uses a lot o f models, famous actors or actresses to represent its brand : Eva Longoria or Doutzen Kroes for makeup and Claudia Shiffer for haircare.

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http://beautyfulbrands.wordpress.com/2011/11/09/key-competitors-of-loreal-paris-and-nivea/
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Building a House of talents

After two years of existence, LOrals subsidiary in Pakistan has already taken the groupsspirit and culture fully on board. Following a tailor-made induction programme, its GeneralManager Musharaf H. made sure she was personally involved in recruiting people with theright profiles to driv e the subsidiarys growth: men and women who stand out because theyare passionate about beauty. Because taking up the challenge of a billion new consumers alsomeans accelerating the way skills and knowledge are transmitted to others, particularly in the

New Markets.

LOral is one of the companies to offer a training course in sharing the corporate culture andstrategy. This intellectual melting pot process trains managers in a common language, andencourages entrepreneurial spirit. In the LOral house of talents, the 68,900 employees are

provided with everything they need to enable them to flourish, innovate and make a personalcontribution. Training is provided through events bringing together employees from all over the world. One example is the International Management Seminar for experiencedexecutives. It consists of a week of conferences and workshops to focus on the groupsstrategic challenges, in conjunction with the Executive Committee, and ends with an opendebate with Jean-Paul Agon.

My Learning online training also plays an important role. Rolled out in 45 countries, itenables each employee to play an active role in his or her personal development. Newcountries the United States, Brazil, Morocco, Lebanon and Turkey joined the scheme in2011. With a total of 23,000 connection hours and 43,000 employees trained, My Learningis a real success. To get as close as possible to its markets, LOral is also developing a fullline-up of local training programmes. The Executive Education sem inar first held in 2011 inLebanon and Taiwan, trains new generations of senior executives, using an approach inspired

by business school MBA programmes. The Culture and Strategy seminar helps newmanagers to understand the groups strategic vision. In 2 011, the seminar was held in Mumbaiin India, sending a strong signal to employees destined to build the LOral of the future.

http://www.loreal.com/_en/_ww/html/company/pdf/LOREAL_RA2011_HD_27032012_EN.pdf

Breakdown of shareholding

Mrs Bettencourt and her

family 30.8 %Nestl 29.6 %

Public 38.2 %

Treasury stock 1.4 %
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The LOr al Foundation and UNESCO announced the five women scientistswho will be honoured as the 15th LOral -UNESCO For Women in ScienceLaureates

The research of the 2013 Laureates demonstrates exceptionally original approaches tofundamental research in the Physical Sciences, from contributing to better understandingclimate change to advancing research on neurodegenerative diseases and potentiallyuncovering new energy sources.

Professor Francisca Nneka OKEKE, University of Nigeria, Nsukka (Nigeria)For her significant contributions to the understanding of daily variations of the ion currents inthe upper atmosphere which may further our understanding of climate change.

Professor Pratibha GAI, University of York (United Kingdom)

For ingeniously modifying her electron microscope so that she was able to observe chemicalreactions occurring at surface atoms of catalysts which will help scientists in their development of new medicines or new energy sources.

Professor Reiko KURODA, Tokyo University of Science (Japan)For discovering the functional importance of the difference between left handed and righthanded molecules which has wide applications including research on neurodegenerativediseases such as Alzheimers.

Professor Marcia BARBOSA, Federal University of Rio Grande do Sul, PortoAlegre (Brazil)For discovering one of the peculiarities of water which may lead to better understanding of how earthquakes occur and how proteins fold which is important for the treatment of diseases.

Professor Deborah JIN, National Institute of Standards and Technology, andUniversity of Colorado, Boulder (USA) for having been the first to cool down molecules somuch that she can observe chemical reactions in slow motion which may help further understanding of molecular processes which are important for medicine or new energy

sources.

These five outstanding women scientists have given the world a better understanding of hownature works. Their pioneering research and discoveries have changed the way we think invarious areas of the physical sciences and opened new frontiers in science and technology.Such key developments have the potential to transform our society. Their work, their dedication, serves as an inspiration to us all.

UNESCO Director-General Irina Bokova

On 28 March 2013, the five Laureates will be honoured at an Awards ceremony in Paris andwill each receive US$100,000 in recognition of their accomplishments.


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A global programme promoting women and careers in science

Established in 1998, the LOr al-UNESCO partnership is a long-term commitment torecognizing women in science and supporting scientific vocations. For Women in Science hasgrown into a global programme that includes International, Regional and NationalFellowships and an international network of more than 1300 women in 106 countries.

As a company driven by science, we know that science must take full advantage of all of our planets intellectual resources. The recognition and promotion of women in science is morethan ever crucial to confronting the enormous challenges facing the world today. We are very

proud to have created this unique programme with UNESCO fifteen years ago and arecommitted to steadfast support of its expansion.

Jean-Paul Agon, Chairman and CEO of L'Oral and Chairman of the LOral Foundation

Over the past 15 years, the For Women in Science Award has recognized a great diversity of scientists, 77 women working across the spectrum of research, from curing diseases to

protecting the environment. Year after year, the creativity of these women in science and theimportance of their findings continuously contribute to better understanding and improvingthe world we live in.

www.forwomeninscience.com

http://twitter.com/4womeninscience

http://www.unesco.org/new/en/media-services/single-view/news/loreal_unesco_for_women_in_science_announces_the_five_laureates_of_its_15th

_annual_awards/

L'Oreal USA Fellowships For Women In Science Award

L'Oreal USA celebrated five post-doctoral female scientists as the recipients of the2012 L'Oreal USA Fellowships For Women in Science at an awards ceremony on September 13th. This national awards program, created in 2003, supports the advancement of women inthe sciences. Criterion included, among other things, an exemplarily commitment to theachievement and advancement of science, technology, engineering and math (S.T.E.M.) under

the most promising post-doctoral female scientists across the country.

This year's awards ceremony was held at The Morgan Library and Museum in New York City. The evening program welcomed honorary guests including:City Council Speaker Christine C. Quinn and Ambassador of France to the United States Francois Delattre.

"I am delighted to honor these women today. Beyond what these women do in their dailywork, they are actually achieving something much larger: they are showing the world that women can excel in anything they want to do. I thank them for their commitment to the

sciences and on issues that have the potential to affect the lives of us all. They truly are rolemodels, especially for younger people, and an inspiration to us all to be the best at what wedo."

Council Speaker Christine C. Quinn
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The 2012 Fellows are working on breakthrough scientific research, which address criticalglobal challenges that could aid millions around the world. Their research include:

Christina Agapakis, University of California, Los Angeles, CA, synthetic biologist, isworking to engineer new relationships between microorganisms that usually would not find

each other in nature.

Lilian Childress, Yale University, New Haven, CT, physicist, is working in quantum opticsthe interactions between quantum states of light and mechanical motion.

Joanna Lynne Kelley, Stanford University, Stanford, CA, geneticist, is working in biologicaldiversity and characterizing specific pathways that underlie adaptive change.

Erin Marie Williams, The George Washington University, Washington, DC, anthropologist,isworking to understand human anatomy by looking at the tools of our early ancestors.

Jaclyn Winter, University of California, Los Angeles, CA, biochemist, is interested inchemical diversity of biologically active natural products.

Each Fellow receives up to $60,000 to continue their post-doctoral research. Additionally, theLOreal USA Fellowships For Women in Science offers professional development workshopsfor the 2012 Fellows to aid and support these five women to build networks withaccomplished female leaders in corporate, academic, governmental and scientific fields.

The L'Oreal USA Fellowships For Women In Science is a national extension of the globalL'Oreal UNESCO For Women in Science program, which, since 1998, has recognized 67

Laureates, two of whom received the Nobel Prize in 2009. The program has also awarded 864Fellowships, which have been granted to young women scientists from 93 countries so thatthey can continue their research projects. The program has become a benchmark of scientificexcellence on an international scale, revealing the contributions of these scientific womeneach year.

Source: PR Newswire US, 09/14/2012Item: 201209140957PR.NEWS.USPR.NY74549http://ehis.ebscohost.com/ehost/detail?vid=3&hid=4&sid=279f0176-5e9d-4545-bf0e-d80a59a217b9%40sessionmgr12&bdata=JnNpdGU9ZWhvc3QtbGl2ZQ%3d%3d#db=bwh&AN=20120

9140957PR.NEWS.USPR.NY74549

UNESCO- LOral International Fellows are expected to go abroad to learn new techniquesand bring them back to their country. Mounira Hmani, who was named an InternationalFellow 10 years ago, did exactly that and dit it susccessfully, developing a remarkable level of excellence and publishing in leading international journals. In 2012, Mounira who isnow an Associate Professor in Human Molecular Genetics at the Faculty of Sciences andScientific Researcher at the Centre of Biotechnology of Sfax (Tunisia) - received a SpecialFellowship, in the footsteps of Marie Curie.

When Mounira Hmani-Aifa of Tunisia won the UNESCO- LOral International Fellowship in

2002, she used it to do postdoctoral research in human genetics at the Faculty of HealthScience in Linkping, Sweden. Back in Tunisia, she continues to study the genetic origins of
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Chaotic spiral of thoughts

LOreal should have different types of supporting and encouraging programs such as: Mentor programs, gender studies, seminars, debates, conferences and different courses that willencourage their women execs to keep their positions, internally.

They should think about how they can get women more involved and interested in thecompany by different competitions, campaigns and public inspiration days for wom en onlyfrom an external aspect. They could also do this for a headhunting purpose.

Why is it almost only men in the board committee they should offer women high positionstoo? Only 3 of 15 board members are females according to the annual report 2011 and thecorporate website. However they do have a strong commitment to diversity with 113 differentnationalities and 58% of managers and 38% of management committee members are women.

External political factors like the 50/50 quota that the Norwegian government implemented intheir regulations and laws concerning their company culture i.e. half of the board members inevery Norwegian company must be women.

LOreal has more female managers than most companies. 29% of Management Committeemembers work outside their country of origin. They should help their female employees tosettle thi ngs with their childrens education, accommodation and things that will make iteasier for a couple to work abroad together and also keep sending the husbands to the sameregion.

When Sir Lindsey Owen- Jones Chairman of LOreal were giving an interview to CNBC, TheLeaders he said; We have to take quick decisions, we were hiring more women than men butthey were losing them to family obligations and general French belief that womens placewere at home. LOreal had to fight to convince them that it was possible to do both. Theywould give them a perfect even-break. For example: For people that was married and spenthalf their carrier in different countries and had husbands not as mobile as themselves. LOrealwould their employees husbands company where they were working and ask the ir managersto send them to the same location.

Source: DVD, The leaders, CNBC- The secrets to their success

They should have a good look on how the women cooperating within the company catfightVS sisterhood. Are the women in high powered positions helping the women below them or are they pulling away the ladder after themselves because they are afraid of the competition?Do the women that reaches the higher positions being playing the game of men i.e. beingacting like men to get where they are? I dont believe LOreal is str uggling to keep their women entirely because of external factors such as general French belief, their husband andfamily obligations. It could also be internal how the women are treating each other and if there is an absence of female mentors. I believe that the mentors play a significant role whichwill be presented later on.


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Parallel example: The women dominating book and Publishing Industry

Catfight VS sisterhood

My experience of working at Bonniers Publishing (was founded in 1837 and is one of the

oldest, biggest and most respected publishing houses in Sweden) was that the few women thatactually made it to the top and became managers pulled the ladder behind them and made itimpossible for other women to climb the ladder. While men usually are cooperating womenalways seem to be fighting among themselves. Fighting in a way that wont be beneficial for the company (i.e. negative competiveness) that will destroy its management instead and makewomen resign in the end. I believe that the women that are working at LOreal are fightingamong themselves. Just like the Book and Publishing Industry which is also dominated bywomen and is also struggling to keep their women. However my experience was that theywanted to h ire more men to benefit the company dynamic and get a better balance. While

LOreal want to hire more women but not offering them higher positions if you look at thenumbers of female board members but that could also be the ladder theory.

Many female bosses are neither inspiring nor amazing. Many are frustrating, competitive and petty. When we asked members of our personal book club all women in publishing if theyenjoyed working for women, one of them shook her head and said, "I just wish I didn't haveto pretend to be her friend." This led to much discussion about the good, bad and ugly of thisfemale-heavy world. After informally polling acquaintances in the industry, we havecompiled a list what women in the publishing business wish female bosses including their own knew.

'I Am Not Your Friend'

It's normal for you to create a sense of intimacy and positive rapport with your femalesubordinates. After all, you're working closely for long hours in a highly stressfulenvironment. But don't mistake this relationship for friendship. Yes, it is great that you bothloved Brokeback Mountain, are disappointed in James Frey and are counting down the daysuntil summer Fridays begin again. This doesn't mean that you are friends. You are the bossand she reports to you, so please respect that and don't ask her to go to the movies with you ona Saturday night.

'My Voice Counts'

Unfortunately, even in our female-heavy publishing environment sexism exists: men getheard more often than women. Even at junior levels, the men in the room seem to be treatedas though they have the more relevant comment, point of view or idea. Please, ladies-who-lead, support the sisters. Listen to everyone; don't pause just because you hear a male voice.Know that the women have something of equal value to contribute and give them the floor.

'Micromanaging Backfires'

Is this a strictly gender-based issue? Of course not but whether it's motivated by insecurity or

a hyper sense of devotion to detail, many of the women bosses we and our informal focusgroup have worked for have a tendency to micromanage. Nothing is more debilitating than


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someone who doesn't trust you to get the job done. Looking over their shoulder, checking theto-do lists and questioning decisions creates uninspired and resentful employees who havezero ownership (and waning interest) over their own work.

'Tell Me What You Want'

It was common among the women we interviewed that female bosses tend to be vague aboutwhat they need from their employees, phrasing requests as questions. "Do you think youcould write that catalogue copy this week?" or "What do you think about going to BEA thisyear?" instead of "I need that catalogue copy by next Monday" and "I need you to go toBEA." You are the boss, so own it and tell her what you want her to do.

'Let Me Get Credit for My Work'

As a junior in publishing it is very hard to be recognized by both the senior executives and theauthors. No one wants to hear that it was the fresh-faced assistant in the publicity departmentwho just booked the new author on the Today show. Senior management pays the experienced

publicists more money just because they can secure that type of booking, and the last thing anauthor wants is to think that her campaign is being handled by a junior person. So the senior

publicist, thrilled to share good news, passes it along as her own, turning what was once ayoung-and-eager new employee into an unhappy one who spends her day scouring PW for new employment.

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Six-week mentor program for women in Cleveland

Women executives in Cleveland are helping young female students sort out their career plans.The mentor program pairs working women with students at Start High School. Take the caseof Anette Bovee, a 16-year-old high school student. Since joining the program, Bovee has metone-on-one with the president of a local bank, attended a quarterly management meeting inCleveland and helped compute monthly financial reports. The six-week mentor program issponsored by YWCA and the Toledo Public Schools. "We wanted to help young women get afirst-hand look at job opportunities and the skills that they will need to succeed," says Barbara

Levison, YWCA career development director. Many of the mentors in the program have beenhonored through the YWCA's Tribute to Women in Industry, a national program thatrecognizes excellence among women business leaders. Mentors work with the students for four hours each week, giving them job assignments and introducing them to other employeesin the organizations.

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Finding a mentor, especially a female mentor, can be difficult for high-achieving women infinance, according to a new report by executive search firm Korn/Ferry International. Onerespondent to the Korn/Ferry survey noted that, "Lack of role models in key finance or other highly regarded functions within a company has been my biggest challenge." Somerespondents reported hiring an executive coach to fill the mentoring role. Another frustrated

respondent said: "It seems as if men still have an easier ability to identify a mentor in acompany who can help with their career progression, e.g., promotion to the next level."

Finding mentors is important for this group because many don't expect to end their careers infinance. "Today's executive women in finance are preparing themselves to assume larger rolesas mentors and CEOs at a time when boards and managements are more committed than ever to considering diverse slates of candidates for top positions," states the report. As a result, thereport continues, "there will be more high-level female mentors who are able to pass alonghard-earned advice about career issues unique to female finance professionals."

What can HR do to facilitate mentoring relationships for female execs? "You can't forcementoring," says Ellen Williams, managing director in Korn/Ferry's Stamford, Conn., office,"so assigning mentors often doesn't work." HR can encourage it, however, by arrangingmeetings "that people want to come to" she says. Planning meetings that include a socialcomponent, for example, "where junior people have an opportunity to meet senior people andstrike up relationships," Williams says, will encourage mentoring to "develop organically."For managers who express interest in mentoring but claim they don't have time to do it,Williams suggests making it part of their performance evaluations. "We're all driven to someextent by how we are paid," she says. Making mentoring a goal, as some companies do, canensure that it happens, she says.

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My mission with this assignment was to figure out how women can penetrate the mandominating business world and what LOreal has to do to keep their women executives in thecompany.

My vision is to see more high positioned women in the business world in the future and byraising a discussion that we will overcome some of the political, culture and norm barriers.

I realize that this is not proper innovation and more about a change (and that the subject isquite political) however it does not make it less relevant and the module is about bothinnovation and change which goes hand-in-hand with each other. The complicity with gender will not change over a night; a great parallel would be finding the meaning of life in the

philosophy world. I believe the case address an existing issue, problem/threat or can capitalizeon an opportunity. From that point of view the case is covered. But is that innovation?

Well at least it encourages a change.

Why hire more women and do their absolute best to keep them?

Because they are worth it.
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