Beauty market/L'Oréal Group

Editorial staff

L'Oréal Group in Thailand launches One L'Oréal strategy to grow its business sustainably in dynamic beauty market.

Patrick Girod

Patrick Girod, chief executive officer of L'Oréal Thailand, Myanmar, Laos, and Cambodia, said that to continue growth in Thailand, the company introduces One L'Oréal strategy, aimed at nurturing a dedicated team to develop beloved beauty brands that connect with consumers and furthering social and environmental objectives through “L'Oréal for the Future” – the group’s sustainability commitment.

One L'Oréal strategy focuses in prioritizing employer branding and talent pipeline, bolsters workforce resilience and excellence, nurtures leadership and synergy at every level, ensures individualized career development for key contributors, and fosters a work culture that values employee recognition and well-being.

It will also create beloved brands, highlight expertise in cutting-edge research, and attract new consumer demographics with innovative products and customized experiences to meet diverse needs. This approach seeks to identify growth opportunities through a strong brand portfolio and comprehensive marketing strategies.

L’Oreal will be one loved company with social commitment at both the brand and corporate levels.

In addition, it will drive the company and its employees towards readiness and skill development for upcoming challenges, employs data and AI for efficient analysis and agility, and sets new standards for the work environment, reflecting its status as a beauty tech leader in the dynamic beauty industry.

According to Euromonitor, the research company, Thailand’s beauty products and personal care is expected to grow by 8% this year. In 2023, Thailand beauty and personal care was worth 285 billion baht, a 12% increase from the previous year. Skincare market was worth 113 billion baht, 61% of the total market, followed by haircare at 39 billion or 21%, makeup at 22.7 billion baht or 12%, and fragrances at 10.2 billion or 6%.

“2023 was another positive year despite the intense competition and challenges in the dynamic beauty market. L'Oréal Group in Thailand has consistently showcased its prowess and leadership across diverse market segments despite the heightened competition and evolving consumer demands for innovative beauty solutions,’’ Mr Girod said.

L'Oréal Thailand plays a pivotal role in the South Asia Pacific, Middle East, and North Africa, outperforming the market with significant growth. This because Thailand’s beauty market is so big, the market is sophisticated and Thais can easily access to luxury beauty.

It is expected that the beauty market would grow by double digit this year because beauty is an essence for human need. The middle income people keep growing, expecting to reach 50 million people in 2030.

Under the One L'Oréal strategy, L'Oréal will continue to propel all four business divisions, particularly skincare and makeup products, maintaining their popularity in all market segments both online and offline.

The company plans to add new beauty brand under its portfolio within the next 12-18 months. At the same time, it is thinking the way to reach gen z and silver age customers.

Furthermore, L'Oréal continues to addressing environmental concerns, reducing product wastage, offering more refill products in each beauty product categories, mitigating carbon emissions, and undertaking meaningful social initiatives this year.