L’Oreal is set to launch a new worldwide travel division to capitalize on the growing travel retail market.
The new worldwide Group Travel Retail division it is to be overseen by Barbara Lavermos, the current managing director of L’Oreal Luxe’s travel retail worldwide. Lavermos will report to Niciolas Hieronimus, President of Selective Divisions.
The new division, which is to be based in Paris, will involve The Body Shop brand, consumer products, professional products and Active Cosmetics.
Chairman and chief executive of L’Oreal Jean-Paul Agon labelled travel retail “a key channel for winning over one billion new consumers,” adding that the company has “has high ambition” for the division.
L’Oreal products have been sold in airports and duty free shops since the 1960s, and the company claimed a 21.6% share of the travel retail market in 2012. According to WWD, L’Oreal estimates that the travel retail market will double over the next 10 years to reach $100 billion.