PARIS — L’Oréal has inaugurated a new research and innovation center in India.
It includes a 55,555-square-foot product development facility in Mumbai and a 22,222-square-foot advanced research unit in Bangalore.
Altogether, the center — where studies are to take place on Indian hair and skin specificities and the beauty expectations and routines of local consumers — will employ more than 100 Indian researchers and scientists.
The French beauty giant expects to invest 140 million euros, or $183.4 million at current exchange, in India between 2011 and 2016.
“With one of the highest growths of the group in Asia Pacific, India is a key contributor to L’Oréal’s objective of reaching 1 billion new consumers,” said Jean-Paul Agon, the company’s chairman and chief executive officer. “The R&I Center in India reflects our confidence in the great potential of the Indian market and our strong commitment to the country. It is in line with L’Oréal’s universalization strategy of adapting our global brands to each culture’s specific needs.”
L’Oréal has been in India for 18 years. There, the company’s growth rate is more than 20 percent annually, and in 2012 its sales are expected to reach 230 million euros, or $295.7 million at average exchange.
L’Oréal distributes its brands in about 750,000 sales points countrywide.
The Indian research and innovation center is L’Oréal’s sixth global hub.