MUMBAI:L'Oreal SA plans to invest Rs 500 crore to open more factories, laboratories and an innovation centre in India, which the French cosmetics giant wants to be one of its top six markets in the world by the end of this decade, a top official said.
The company also plans to take several brands developed in the country to other markets, L'Oreal's Asia Pacific Zone MD Jochen Zaumseil says. "Garnier Color Naturals, Matrix oils, a salon specific brand and Kaajal (eyeliner) are all Indian innovations that we will be soon launching in other countries, especially in South East Asia because we feel that if its successful in a market like India, it should so well in other emerging countries too," says Zaumseil.
He was here to check the progress of the firm's research & innovation centre- its sixth such global facility-that will be inaugurated at Mankhurd in Mumbai next month.
India currently accounts for less than 1% of L'Oreal's annual sales kitty of over euro 20 billion. L'Oreal India targets 1 billion (Rs 6,300 crore) from its business in the next few years, up from Rs 1,000 crore in calendar 2010. The company wants to compensate for its late-mover disadvantage by flooding retail shelves with global products as well as brands developed locally.
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