PARIS – Nestlé’s chief executive officer Mark Schneider has no intention of changing the company’s approach to its investment in French beauty giant L’Oréal. “Our approach to this investment is currently not changing,” he told an investor event on Tuesday. “I just wanted to [make] that clear.”His comments addressed market speculation that Nestlé’s attitude to its 23.3 percent stake in L’Oréal might change following the death of L’Oréal heir Lilane Bettencourt on Sept. 21.The Bettencourt family and Nestlé are the beauty-maker’s largest individual stakeholders — with 33.05 percent and 23.3 percent stakes, respectively — and have a shareholders’ agreement that is unlocked six months after her demise.The principle terms of that pact outline that neither party could increase its stake in L’Oréal during the lifetime of Bettencourt and in the six months after her death. That means starting in March, the parties no longer have to work in concert. (Each has been free to offer its shares to any third party since April 2014.)Speculation about whether Nestlé would change its stance caused L’Oréal shares to surge on Friday, the day after Bettencourt’s passing. Nestlé has come under pressure from investors to divest its stake, considered by some as nonstrategic, as reported, but there have also been rumors the firm may wish to increase its share.“This has been a very close, a very longstanding partnership,” said Schneider. “This has been a fabulous investment for the company. The contribution to our earnings is not that far away from the share of market cap that it represents. And hence, this investment is not diluting anything. It has been a good thing for the company.”He continued, “There’s a lot of change in our main business, the other 90 percent of our market cap. We’re fully committed to making the best out of those changes, for us as a company and for you as shareholders. This is the single biggest way for everyone to create value. Let’s focus on that.”
@moncler unveiled its latest project, #MonclerGenius, yesterday at Milan Fashion Week. The Italian outwear maker gave show-goers a preview of the monthly collections – which were created by eight designers and creative talents including Pierpaolo Piccioli, Simone Rocha, Craig Green and more – that will start rolling out in the summer.
In honor of Rihanna’s 30th birthday, we took a look back at an interview with the Barbados-native when she was just 18 years old. Here, she talked about her second album, “A Girl Like Me” in 2006. “I want to be me. I want people to fall in love with who Rihanna is, and that’s why I want the album to be about me so people can really find out who this girl Rihanna is, because they only know the ‘Pon de Replay’ girl.” Fast forward 12 years, and she’s released six more albums and has become a powerhouse in both the fashion and music industries. Happy birthday, @badgalriri 🎈(📷: Pavel Antonov) #wwdarchive