PARIS — L’Oréal is using “reverse innovation” in “new” — or emerging — markets, which are key in the quest of doubling its consumer base. It’s an example of the newfangled strategies beauty companies are implementing increasingly to juice up business in a highly competitive landscape rife with mature markets.
Reverse innovation involves beauty products being developed locally for a particular region after information about its denizens is culled in situ and then the products possibly rolling out worldwide, according to Laurent Attal, L’Oréal’s executive vice president of Research and Innovation. He was speaking during a press conference held at the firm’s headquarters in the Paris suburb of Clichy.
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