Recently, according to the National Enterprise Credit Information Publicity System, L’Oréal (China) Co., Ltd. (referred to as “L’Oréal China”) underwent a commercial registration change. Vincent BOINAY replaced Fabrice MEGARBANE as the legal representative, chairman, and general manager of L’Oréal China, which also means that Vincent will become the fifth CEO of L’Oréal China.
In fact, this personnel change in L’Oréal China was a prearranged plan. As early as September 14, 2023, L’Oréal Group announced to the public that the Executive Committee of the group would take a series of important measures in the first quarter of 2024. They also disclosed the personnel changes in the China region: Fabrice Megarbane, President of North Asia and CEO of L’Oréal China, was appointed as the Chief Growth Officer of the group globally, and Vincent Boinay, Global Travel Retail General Manager, was appointed as President of North Asia and CEO of L’Oréal China. Ma Xiaoyu was appointed as the Deputy CEO of L’Oréal China, a newly established position in the China region. All these appointments will officially take effect in February of this year.
Public information shows that Vincent, the “new leader” of L’Oréal China, is a long-time member of L’Oréal Group. In 1992, Vincent joined L’Oréal as a marketing intern in the luxury products division. Before being appointed as Deputy General Manager of Lancôme, Vincent held various business positions in Europe. In addition, Vincent has also served as the head of the high-end cosmetics division of L’Oréal Japan and was appointed as the Global Travel Retail General Manager in 2014.
L’Oréal Group CEO Nicolas HIERONIMUS praised Vincent, stating that he “strengthened the group’s leadership position in the travel retail channel and made it a major contributor to L’Oréal’s growth and profit.”
Fabrice Megarbane has worked at L’Oréal for 23 years. He joined L’Oréal Group in 2000, initially working in the professional hair care products department in France. Since 2019, he has served as the CEO of L’Oréal China and, since 2021, as President of North Asia. Under Fabrice’s leadership in the past five years, L’Oréal China has maintained robust business growth.
In the past 5 years, L’Oreal China saw a stable growth with the leadership of Fabrice. For example, in 2020, L’Oréal China achieved a resilient growth of 27%, and China became the global number one market for L’Oréal Group’s seven major brands: L’Oréal Paris, Lancôme, Helena Rubinstein, Shu Uemura, Kérastase, YSL, and Kiehl’s. However, in the first three quarters of 2023, the growth rate in the North Asia region, where L’Oréal China is located, slowed down, with only 1.3% growth.
From a series of personnel changes, it is evident that L’Oréal values the Chinese market, and the journey of L’Oréal in China is still ongoing.
