At a luncheon hosted by the Economic Club of New York, Hieronimus talked L'Oréal's key strengths and beauty's next frontiers.
“People are spending more on better products, because beauty is this category that is both a need and also an indulgence. For as little as $25 for a beautiful lipstick, it’s not such a big cost,” he continued. “Prices are going up around the world, and it’s driven by the development of middle classes everywhere around the world, particularly in emerging markets or in China.”
It’s not just in various geographies Hieronimus sees opportunity — it’s also in different channels. Post-pandemic, beauty shoppers are shopping more digitally than ever, and Hieronimus plans to be among the first in the metaverse. The metaverse presents opportunities given how quickly avatars can transform, he contended. “They want to change often. If I wanted to go platinum blond tomorrow, we won’t be able to go back to what we had today. That’s something you can do in the metaverse, and so many of these players are changing their outfits every day,” he said. “It’s a great way to engage with our brands, and it’s a great way also to foster creativity.
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