The French multinational beauty products company L’Oreal annually invests around 1.2 billion euros in innovation with the aim of becoming the leader in ‘beauty-tech‘, according to Ana Jaureguizar, general director of the Consumer Products Division of L’Oréal in Spain and Portugal.
During his presentation on the second day of the 39th Aecoc Consumer Congress, Jaureguizar pointed out that «beauty attracts buyers and is a key category to drive sales in retail» and highlighted that L’Oréal is the number one advertiser in Spain, both in conventional media and in the digital market, where «one in every two conversations on social networks mentions one of our brands. Beauty conversations on TikTok have increased by 180%. The public is now more demanding, more informed and more unfaithful”, which forces brands to adapt and innovate.
Furthermore, he has highlighted its commitment to technological innovation, doubling the online conversion rate thanks, among others, to its augmented beauty service and the 1.5 billion products with QR codes. Even so, he has assured that they are “technological, but deeply human”, reiterating that AI enhances creativity without replacing human intelligence. “We are committed to not using human images generated with AI to promote our products,” he reaffirmed.
“L’Oréal has moved from focusing on generation Z to focusing on older consumers and the growing immigrant population, especially seniors and those with high purchasing power.” Jaureguizar has also pointed out that tourism represents between 8% and 15% of sales in the beauty industry in Spain, one of the European countries with the greatest growth in the sector.
