by Grant Osborne, 26 June 2000
In a move that launches a L'Oreal corporate brand in the United States, Cosmair, Inc., the beauty leader in the U.S., today changed its name to L'Oreal USA, Inc., announced Guy Peyrelongue, president and CEO.
"Over the years we have built L'Oreal USA into the leading beauty company in America," said Peyrelongue. "Despite this accomplishment, many people still do not know who we are. By changing our name from Cosmair to L'Oreal USA we will enjoy immediate brand recognition for outstanding achievement in beauty and technology."
According to Peyrelongue, the company name change is part of a strategy directed by worldwide L'Oreal S.A. Chairman and CEO Lindsay Owen-Jones to build the corporate identity in every country behind one, recognizable name. This effort will also directly identify each subsidiary with the company's actual stock name (Paris Bourse).
"We offer a unique opportunity of choices to customers with our diverse portfolio of brands," said Peyrelongue. "L'Oreal USA fully encompasses all aspects of beauty no matter who or where you are."
Cosmair, Inc. was established in 1953. Over the years, it built many successes in every category and distribution channel within the cosmetics industry. In 1999, L'Oreal USA had annual sales of more than $2.6 billion on a prestigious brand portfolio that included L'Oreal Paris, Lancome, Maybelline, Redken 5th Avenue, Ralph Lauren Fragrances, Giorgio Armani Parfums, Soft Sheen, Helena Rubinstein, Biotherm, Cacharel Fragrances and others. L'Oreal USA has continued building its leadership position this year with the announced acquisition of Kiehl's Since 1851 and Matrix Essentials.
A website (www.lorealusa.com) will be launched simultaneously with the change in corporate name. The new website will not only introduce L'Oreal USA's corporate profile to the Internet community, but it also provides an online method for applying for a job with the company. "Our aim is to offer the most exciting careers in beauty," continued Peyrelongue. "Our doors are open to new talent with fresh and unconventional ideas."
Source: L'Oreal Press Release