Who is winning the fight for future growth?
W
W
W
W
W
W
Wh
h
h
h
h
ho
o
o
o
o
o iiiiiiissssss w
w
w
w
w
w
wiiiiiiin
n
n
n
n
n
nn
n
n
n
n
n
niiiiiiin
n
n
n
n
n
ng
g
g
g
g
g ttttttth
h
h
h
h
he
e
e
e
e
e ffffffiiiiiiig
g
g
g
g
gh
h
h
h
h
htttttt ffffffo
o
o
o
o
orrrrrrr ffffffu
u
u
u
u
u
utttttttu
u
u
u
u
u
urrrrrrre
e
e
e
e
e g
g
g
g
g
grrrrrrro
o
o
o
o
o
ow
w
w
w
w
w
wtttttth
h
h
h
h
h
h
h
h
h
h
h?
?
?
?
?
?
?
L'Oréal is the global leader, except
the 21 countries where we are the
leader.
We developed a powder hair color in a
sachet. It sells for about 1/10 of the
lowest-priced L'Oréal product.
We go where our products can be
translated well, and that is not in the
developed world where the overall
growth is low.
In the last ten years in our consumer
products unit our market capitalization
has multiplied about 35 times.
We introduced our "10x10 strategy,"
which means growing ten times in ten
years. If we only make it to "8x10," it's
still workable.
Growth (CAGR, 4 yr) = 46.3%