Published by the Administration and Finance Division and by the Corporate Communications and External Affairs Division of L’Oréal group. Competitive positions and market shares held by the group’s divisions and brands mentioned in this report are based on studies, panels and polls obtained from specialised organisations and companies, or, in the absence of comprehensive studies, are the result of estimates made by L’Oréal based on the available statistical data. Photograph credits: Abacapress (p.21), Ruven Afanador (p.36, 49, 51), Farida Ait Mouhebe (p.97), Rogerio Anguiano Resende (p.65, 81), David Arraez (p.17, 30, 96), Asia Images Group/Getty Images (p.82), Bahi (p.30, 99), Carole Bellaïche (p.3), Caterina Bernardi/Getty Images (p.80), BHP Studios (p.67, 75), Enrico Bonfanti (p.67), Marc Bonneville/Eyedea Illustration (p.44, 51, 73, 77), Stéphane de Bourgies (p.5, 8/9, 42, 48, 56, 64, 88, 94, 98), Stéphane de Bourgies & Alain Buu (p.92), Alain Buu (p.14/15, 16, 17, 93), Regan Cameron (p.36), Alex Cayley (p.37), David Chasey (p.36, 79), Cyril Coussat/Eyedea Illustration (p.38, 45, 58, 65, 67, 73, 83), Stéphane Coutelle (p.36, 62/63), Francis Demange/Eyedea Illustration (p.88), Dici Design (p.95), Meredith Dimig (p.72, 79), Koichiro Doi (p.37), Eastphoto/Getty Images (p.33), Douglas Engle/Eyedea Illustration (p.81), Bruno Fabbris (p.36), Amid Fadavi/Blue Up Photography (p.95), Pam Francis/Getty Images (p.78), Fullsix (p.95), Getty Images (p.61), Harald Gottschalk (p.75), Jacques-Yves Gucia (p.65), Martin Hangen/Eyedea Illustration (p.53), Vincent Hazat/Getty Images (p.32), Catherine Henriette (p.21), Eric Huberty (p.22), Jupiterimages (p.71), Greg Kadel (p.36), Atul Kasbekar (p.36), Christian Kettiger/Agence A. Jacquet (p.36), Nick Knight (p.37), Kutlu (p.36), Brigitte Lacombe (p.57), Thomas Lagrange (p.57), François Lamy (p.58), Hoho Lee (p.83), Pierre Le-Tan (p.37), Charles Leung (p.46/47, 51), Peter Lindbergh (Couverture), L’Oréal (p.16, 17, 22, 23, 45, 57, 59, 75, 81, 83, 94, 96), Héctor Martín/Aguirre Newman (p.98), Ruslan Mashkov (p.77), Matteo pour L’Oréal Recherche (p.86/87, 89, 90, 91), Rob Matthews (p.51, 75), Eduardo Melo (p.60), Carlos Eduardo Mendoza Lopez (p.81), Mert & Marcus (p.37), Scott Needham (p.60), Jacques Olivar (p.57), Marc Philbert (p.36), Olivier Placet (p.38, 43), Jan Polverini & Linda Antalova/2xlight photography (p.39), Mike Powell/Getty Images (p.74), Thomas Rafalzyk (p.43), Hany Ramzy Ata/Eyedea Illustration (p.39, 69, 85), Jukka Rapo/Getty Images (p.76), Dušan Reljin (p.40/41, 54/55), Miguel Reveriego (p.36), Kirill Samurskiy (p.52), David Stanton (p.53, 73, 85), Marc Segal (p.37), George Shelley Productions/Getty Images (p.35), Wing Shya (p.51), David Sims (p.57), Jan Skar˙zyński (p.59), Sky View/Getty Images (p.34), Smith Collection/Getty Images (p.33), Gerardo Somoza/Eyedea Illustration (p.52, 79), Anne Sorokolet/Eyedea Illustration (p.66), Stockbyte/ Getty Images (p.35), Olivier Strewe/Getty Images (p.35), Solve Sundsbø (p.37, 57), Yasmine Tahiri (p.39), Naoko Takanashi (p.81), Bruce Talbot/Getty Images (p.84), Yamada Taro/Getty Images (p.43), Mario Testino (p.37), The Body Shop (p.37, 68, 69, 70), Michael Thompson (p.57), TMP (p.95), TMP & Corbis (p.94), Eric Traore (p.57), Donna Trope(p.57), Kei Uesugi/Getty Images (p.35), Lev Unrod (p.65), Art Vandalay/Getty Images (p.32), Eric Vandeville/Eyedea Illustration (p.50, 57), Paulo Vicente Da Silva (p.23), Isabelle Walter (p.89), Bruce Weber (p.37), Westworks GmbH (p.73), Kenneth Willardt (p.36), Olaf Wipperfurth (p.49), Leon Yu (p.61), Hernan Zenteno/Eyedea Illustration (p.72), X. “Centenary” pages photograph credits: David Arraez (p.11), Peter Lindberg (p.13: 1990, 1996), L’Oréal (p.10; p.12: 1909, 1947; p.13: 1963), L’Oréal Recherche (p.13: 1982), L’Oréal/Adagp Paris 2009/Loupot (p.12: 1929, 1934, 1942), L’Oréal/Adagp Paris 2009/Savignac (p.12: 1954), L’Oréal/DR (p.12: 1925, 1929, 1954, 1960; p.13: 1964, 1970, 1982, 1996), L’Oréal/DR Billwerts (p.12: 1954), L’Oréal/Harry Meerson (p.12: 1935), L’Oréal/L. Lorelle (p.10), Sarah Moon (p.13: 1978), Frédéric Neema/Gamma/Eyedea Illustration (p.13: 2000), Zeng Nian/Gamma/Eyedea Illustration (p.11), Norman-Jean Roy (p.13: 2004), Roger Turqueti (p.13: 1986), Eric Vandeville/Eyedea Illustration (p.13: <strong>2008</strong>), X. Creation and layout: 133, avenue des Champs Elysées 75008 Paris – France.
Incorporated in France as a “Société Anonyme” with registered capital of e119,689,042 632 012 100 R.C.S. Paris Headquarters: 41, rue Martre 92117 Clichy – France Tel.: +33 1 47 56 70 00 Fax: +33 1 47 56 86 42 Registered office: 14, rue Royale 75008 Paris – France www.loreal.com www.loreal-finance.com
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2008 Annual Report
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The L’Oréal adventure Inventing
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Deepening our values In 2008, L’O
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Operating profit proves resilient I
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Board of Directors COMPOSITION AT D
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8 Jean-Philippe Blanpain Managing D
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of inspiration and creativity, of b
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1982 Patented by L’Oréal Researc
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To be sustainable, L’Oréal’s g
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Product meeting: developing and sha
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The Strategy and Implementation Com
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Sustainable Development — Philant
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Water L’Oréal is striving to ach
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2008 Consolidated sales of the cosm
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2008 Balance sheet and cash flows b
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2003 2004 14,029 14,534 1,870 2,063
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The L’Oréal share key figures (a
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Skincare: number 1 category in the
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In 2020… … 1 billion young seni
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The vocation of the group’s brand
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Luxury Products The Luxury Products
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44 Businesses — Professional Prod
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Consumer PRODUCTS L’ORÉAL PARIS
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Skincare records the highest growth
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