L’Oréal received the "Corporate Diversity Innovation" prize.
Prague, 17 March 2006 L’Oréal, one of the world’s leading cosmetics companies, received the World Diversity Leadership Council’s Corporate Diversity Innovation award for product innovation. This is the first time that L’Oréal receives an international recognition for the cultural diversity of its products.
L’Oréal was amongst the four companies honoured for innovation in diversity management during the World Diversity Leadership Summit held in Prague March 15-17, 2006. L’Oréal was selected by a peer group of respected corporate diversity executives who recognised its excellence in leveraging diversity to offer innovative products adapted to a wide range of global consumers including people of African and Asian origin. The three-day forum was attended by 200 senior corporate, government and non-governmental organisation officials from around the world.
“What makes this award unique is that it really fits with the core of L’Oréal’s business: creating innovative products that address the needs of global consumers,” said Ed Bullock, L’Oréal USA’s Vice President for Diversity, receiving the award on behalf of Sir Lindsay Owen-Jones, President and CEO of L’Oréal. “We are truly delighted to receive this recognition for our long standing efforts and commitment to the cultural diversity of our products, brands, workforces and communities,” he added.
L’Oréal has 18 international brands from American, European and Asian origin including Soft Sheen Carson, Shu Uemura, Lancôme, Maybelline and Giorgio Armani. L’Oréal has 14 research centres and 13 evaluation centres throughout the world including a research centre for Ethnic Hair and Skin in Chicago and the newly inaugurated Pudong Centre for Asian hair and skin in China. In 2005, L’Oréal dedicated €496 million to cosmetic and dermatological research.
Launched in 2004, the World Diversity Leadership Summit has become a high-profile forum for addressing the challenges and opportunities related to diversity management. Douglas Freeman, Co-Chair Selection Committee for the World Diversity Leadership Council said: “L’Oréal has distinguished itself amongst the other candidates in leveraging diversity to offer innovative products to a wider range of global consumers.”