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L'Oréal dominates the global beauty scene as its brand value soars
By our African Marketing Confederation News Team | 2024
French cosmetics giant has a brand value approximately 80% higher than its closest rival, new Brand Finance study reveals.
L’Oréal remains the world’s most valuable cosmetics brand, with its brand value improving 11% to reach US$13.4–billion, according to new data from Brand Finance.
Illustration courtesy of Brand Finance
The consultancy says the French brand continues to outshine its competitors, boasting a brand value approximately 80% higher than its closest rival.
“L’Oréal’s brand value is intricately tied to its strategic focus on premiumisation and innovation within the beauty industry,” Brand Finance states.
“The brand’s approach to making high-end products more accessible in a market driven by supply has driven strong sales growth, indicating L’Oréal’s ability to align product offerings with consumer demand for luxury at an attainable price point.”
L’Oréal also earns the highest Sustainability Perceptions Value (SPV) in the cosmetics ranking, at US$1-billion.
“The brand’s ongoing commitment to sustainability is anchored in its ‘L’Oréal for the Future’ campaign, launched in 2020, dedicated to tackling social and environmental challenges around the world,” Brand Finance comments.
“Notably, in 2023, the brand introduced a new Climate Emergency Fund, aimed at helping vulnerable communities build resilience against climate change-driven disasters. L’Oréal also advanced its Inclusive Sourcing programme to help vulnerable people find employment, benefiting more than 93,000 individuals by the end of 2023.
“Additionally, the brand expanded its environmental efforts by backing three pioneering projects through its Fund for Nature Regeneration, focused on innovative solutions for carbon capture, reforestation, and ecosystem restoration.”
Gillette is second most valuable cosmetics brand
In a testament to its enduring appeal and innovative strategy, Gillette comes in as the second most valuable cosmetics brand, witnessing a brand value increase of 13% to US$7.4-billion.
Despite lower consumer demand, the brand’s strategic pricing adjustments have driven growth in sales revenue – showing that a strong brand can return significant value through higher prices and, according to Brand Finance data, earn improved scores for perceived price premium at the same time.
Rounding out the top 10 in the Most Valuable Cosmetics Brands 2024 rankings are: Nivea, Guerlain, Lancome, Estee Lauder, Dove, Pantene, Garnier, and Maybelline.
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