BÉATRICE COLLIN is Professor of Strategy and International Management at ESCP Business School. Her research focuses on digital innovation and transformation, and she is recognized as a leading global expert on L'Oréal.

MARIE TAILLARD is Professor of Marketing at ESCP Business School. She has over thirty years of experience supporting small and large companies worldwide and teaches across continents in graduate and executive learning programs. Her research focuses on digital transformation and customer centricity.

Foreword: Permanent Reinvention in the Genes ix

Introduction: Building a Beauty Powerhouse xiii

Part I Four Foundational Pillars 1

1 Orchestrate Creativity 3

The Importance of an Evangelist 4

Time to Improvise 6

From Creative Chaos to Orchestrated Rigor 13

Enabling Resonance 16

2 Cultivate Healthy Doubt 21

Productive Anxiety 22

Challenging the Status Quo 23

Permanent Questioning 24

The Dual Innovation Channel 25

Balancing Passion with Science 26

Tensions and Achievements 27

Market Leader and Challenger 28

3 Learn and Innovate with Rigor 37

Innovators Are Most Valuable Players 39

Do, Undo, and Redo 42

Incubators as Promoters of Change 47

4 Listen with Curiosity 51

Politeness of the Heart 54

Seizing What's Emerging 59

L'Oréalization 60

Full Color Palette 61

Ban the Boring 64

An Open Innovation Ecosystem 65

Part II A Human-Centered Transformation 71

5 Centering Customers 73

A Focus Shift 75

Precision Marketing 80

Seamless Customer Journeys 81

The Strategic Use of Data 84

6 Becoming Social 89

Social Centricity 92

Friends Find Solutions 94

Friends Give Advice 95

Friends Take You Places 96

Friends Share Their Looks 97

Friends Shop with You 98

Friends Stick Together 100

7 Transforming Relationships with Partners 105

From a Chain to an Ecosystem 106

Ecosystems' Key Attributes 108

Ecosystems Perform in Times of Crisis 114

8 Putting People First 119

Teams Are the New Heroes 122

Customer Satisfaction Is the New Product Performance 124

Eat What You Cook Is the New Leave Before It Burns 125

Frame and Trust Is the New Control 128

Problem-Solving Together Is the New Meeting Behavior 130

Empowerment Is the New Management 132

Test and Learn Is the New Perfection 133

Cooperation Is the New Confrontation 135

Conclusion 139

Acknowledgments 143

About the Authors 147

Appendix 1: L'Oréal's History: A Timeline of Significant Dates 151

Appendix 2: Timeline of L'Oréal's Acquisitions and Strategies 153

Appendix 3: A Selection of L'Oréal Brands by Category 2020 159

Appendix 4: Global Beauty Industry Data 161

Notes 167

References 175

Index 183