2021 ANNUAL REPORT – THE ESSENTIALS

Contents
04  —   Chairman’s message
05  —  I nterview with the Chief 
Executive Ofﬁcer
06  —   Board of Directors
07  —   Executive Committee
08  —   Strategy and 
Ethical principles
P E R F O R M A N C E
10  —  Financ
 
ial performance
12  —   Social & environmental 
performance
B R A N D S
14  —  Ac
 
quisitions
15  —   Global brands
16  —   L’Oréal Luxe
18  —  C onsumer Products
20  —  Ac
 
tive Cosmetics
22  —  P rofessional Products
C R E A T E  T H E  B E A U T Y 
T H A T  M O V E S 
T H E  W O R L D
26  —  I nclusive Beauty
27  —  R esponsible Beauty
28  —  I nnovative Beauty
29  —   Beauty Tech
30  —   Beauty Performance
NO.1
in beauty 
 worldwide(1)
85,400
employees
35
global brands
32.28
billion euros of sales
(1) Source : Beauty’s top 100, WWD, May 2021.
517
patents registered in 2021
150+
countries
6.16
billion euros in operating proﬁt
Our Purpose
The desire for beauty has existed 
since the beginning of humanity. 
It’s a universal aspiration which 
crosses time, countries, and cultures.
Beauty is a powerful force that 
moves us. We know that beauty 
is more than just looking good. 
Beauty gives us conﬁdence in 
who we are, in who we want to be, 
and in our relationships with others.
For over a century we have been 
dedicated to one sole vocation: 
creating beauty. We remain true to 
the pioneering spirit of our founder 
and enjoy the unwavering support 
of his family, who have always 
accompanied our development.
Our goal is to offer each and 
every person around the world 
the best of beauty in terms of 
quality, efﬁcacy, safety, sincerity 
and responsibility to satisfy 
all beauty needs and desires 
in their inﬁnite diversity.
Because beauty is a permanent 
quest, we harness the power 
of our innovation to continually 
enhance the performance of 
our products and services.
Because we value diversity, 
we leverage each of our brands to 
celebrate all expressions of beauty.
Because we strive to be exemplary 
with a long-term vision, we anchor 
our actions in our strong values and 
demanding ethical principles.
And because we are the global 
leader in beauty, we are aware 
that everything we do can 
have a meaningful impact.
Therefore:
We act to shape the future 
of beauty by leveraging the 
best of science and technology, 
increasingly inspired by nature.
We act to drive social innovation 
by offering the best working 
conditions, training, and social 
protection for our employees.
We act to build a business 
with inclusivity at its heart 
by ensuring we are as diverse 
as the people we serve.
We act to nurture lasting 
partnerships with our clients 
and suppliers based on mutual 
trust and collaboration.
We act to create value for all 
our shareholders, by sustaining 
a robust business model.
We act to champion the cause 
of women and to strengthen the 
communities with which we engage.
We act to protect the beauty 
of the planet by ﬁghting climate 
change, respecting biodiversity 
and preserving natural resources.
At L'Oréal, we share 
a common purpose to:
Create 
the beauty 
that moves 
the world

L’Oréal is uniquely positioned 
to succeed in 2022 and beyond 
      I have immense confidence 
in L’Oréal’s future
2021 in three key words? 
Historic: L’Oréal sales grew by +16.1%(1), 
twice the growth of the beauty market. 
Balanced: we grew in all Zones, all Divisions 
and all categories, showing the true 
power of our unique business model. 
Responsible: our strong ﬁnancial results 
enabled us to share our success with 
our employees and invest in our social 
and environmental commitments.
What was behind the 
historic results in 2021?
2021 saw the beauty market bounce 
back to almost 2019 levels. As the world’s 
leading beauty company, we continued 
to drive the market with strong innovations. 
One of the most interesting things to 
note is our balanced business model 
and our unique portfolio of brands. 
Our success can also be explained by 
our virtuous growth model. We pursued 
investments in our brands and in 
game-changing innovations, despite all 
the uncertainties of the market, fuelling 
more growth while still delivering on proﬁt. 
In addition, we saw incredible agility and 
outstanding results from our teams. And 
we continued to leverage our digital edge. 
We accelerated in e-commerce, optimised 
consumer engagement in the new O+O(2)
world and reinvented beauty experiences. 
How are you approaching 2022?
I am conﬁdent in the continued growth 
of the beauty market. In the years to 
come, this growth will be further driven 
by expanding middle classes and increased 
premiumisation. L’Oréal will continue its 
transformation to become a Beauty Tech(3)
powerhouse. By harnessing the power of 
data, AI(4) and strategic tech partnerships, 
we will redeﬁne the future of beauty. And 
let’s not forget Green Sciences(5). Already well 
underway, this approach will help us reconcile 
performance, safety and sustainability, 
and meet our L’Oréal for the Future 
commitments. L’Oréal is uniquely positioned 
to succeed in 2022 and beyond. In a global 
context that remains volatile at the beginning 
of the year, we are conﬁdent in our ability to 
outperform the market in 2022 and achieve 
another year of growth in sales and proﬁts. 
NICOLAS HIERONIMUS
Chief Executive Ofﬁcer of L'Oréal
JEAN-PAUL AGON
Chairman of the Board of Directors of L'Oréal
2021 was a decisive year for L’Oréal. 
Firstly, both in the ﬁnancial and 
extra-ﬁnancial spheres. Thanks to its 
robust and balanced business model, 
coupled with the strategic choices made 
over the past few years, the Group has 
come through the crisis remarkably 
well and continued its virtuous path. 
The exceptional ﬁnancial performance 
achieved in 2021–a combination of 
very strong sales growth, market 
share gains and a record increase in 
proﬁtability–enables us to pursue our 
dynamic shareholder return policy. 
L’Oréal has again made huge progress 
in sustainable development, gender 
equality and inclusion. It is vital to continue 
accelerating in tackling today’s huge 
environmental and societal challenges. 
This is what we do particularly with L’Oréal 
for the Future. This programme, launched 
during the pandemic, aims at a more radical 
transformation of our company towards 
being an ever more exemplary, responsible, 
and supportive corporate citizen. 
This dual excellence–ﬁnancial 
performance and environmental, 
social, and societal exemplarity–forms 
the backbone of our strategy.
On behalf of the Board of Directors 
and myself, I would like to warmly 
thank and congratulate each and every 
one of L'Oréal’s 85,400 employees. 
It is they who–through their quality, 
creativity, engagement, and desire to act 
responsibly–create lasting, shared value.
structure, in order to strengthen 
L’Oréal’s position in the years to come.
2021 was also a year of change with 
regards to governance and shareholder 
Following the separation of the functions 
of Chairman and Chief Executive Ofﬁcer, 
in May Nicolas Hieronimus became 
the sixth CEO in L'Oréal’s 112-year 
history. The transition, prepared long 
in advance, took place seamlessly and 
in the spirit of continuity, true to the 
tradition of our company. The two 
roles are complementary and clearly 
deﬁned. As Chairman, I will oversee the 
deﬁnition of the strategic orientations 
and ensure effective governance. I am 
particularly honoured to continue serving 
the company I have devoted my life to. 
I am convinced that our commitment to 
continuously improving our governance will 
be a fundamental asset for the Group in the 
long term. In this regard, receiving the 2021 
Grand Prix Award for Corporate Governance 
from l’AGEFI is a source of great pride and 
encourages us to intensify our efforts.
Another strategic milestone was 
the reinforcement of the shareholder 
stability around the Bettencourt 
Meyers founding family and Nestlé. 
The agreement, approved by the Board, 
for the repurchase by L’Oréal of 4% of its 
capital held by Nestlé, is in the interest 
of L’Oréal and all its shareholders. 
I have immense conﬁdence 
in L’Oréal’s future. 
Driven by the vision, talent, and 
commitment of Nicolas Hieronimus 
and all our teams, a new era of the 
L’Oréal Adventure is beginning. It 
truly promises to be remarkable.
Watch the full interview with 
the CEO by scanning this QR code 
or on lorealannualreport2021.com
(1) Like-for-like: based on comparable structures
and identical exchange rates.
(2) Ofﬂine + Online.
(3) New technologies for the beauty industry.
(4) Artiﬁcial intelligence.
(5) Wide range of disciplines, from agronomy to biotechnologies and green chemistry and including 
formulation science, which L’Oréal relies on to meet its sustainable development goals, while creating
safe, high-performance products.
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Board of Directors
The directors draw on a diverse, complementary range of industrial, entrepreneurial, 
financial and non-financial expertise, ensuring swift insight into the  
development challenges facing L’Oréal, the leader of a globalised, highly competitive 
cosmetics market in which the need to innovate and adapt is crucial.
Jean-Paul Agon 
Chairman of the Board of Directors 
(reappointed in 2018)
Nicolas Hieronimus 
Chief Executive Ofﬁcer 
(since April 2021)
Françoise 
Bettencourt Meyers 
Vice-Chairwoman of the Board of Directors 
(reappointed in 2021)
Paul Bulcke 
Vice-Chairman of the Board of Directors 
(reappointed in 2021)
Ana Sofia Amaral
(reappointed in 2018, 
tenure expires 21 April 2022)
Sophie Bellon 
(reappointed in 2019)
Patrice Caine 
(since April 2018)
Fabienne Dulac
(since April 2019)
Belén Garijo 
(reappointed in 2018)
Béatrice 
Guillaume-Grabisch 
(reappointed in 2020)
Ilham Kadri 
(since June 2020)
Georges Liarokapis 
(reappointed in 2018, 
tenure expires 21 April 2022)
Jean-Victor Meyers 
(reappointed in 2020)
Nicolas Meyers 
(since June 2020)
Virginie Morgon 
(reappointed in 2021)
Alexandre Ricard 
(since April 2021)
The diverse experience and expertise they 
bring foster free, informed and spontaneous 
discussions. The directors are committed 
and proactive, driven by the conviction 
that stringent governance creates value 
for the company. They play a tireless, 
dynamic role in the work of the Board 
and its committees. Board committees 
issue detailed, insightful, reasoned 
recommendations that feed into the 
Board’s discussions and inform its decisions. 
The Board is constantly focused on ensuring 
the long-term future and development of 
L’Oréal, taking into account its purpose 
as well as the social and environmental 
implications of its activities.  
Executive Committee
(1)
Executive Committee members are in charge of L’Oréal’s Divisions,  
Functional Departments and Geographic Zones. They implement  
strategic guidelines and direct Group activities all over the world.
David Greenberg (2)
President North America & Chief 
Executive Ofﬁcer L’Oréal USA
Vianney Derville
President  
Europe Zone
Fabrice Megarbane 
President North Asia Zone & Chief 
Executive Ofﬁcer L’Oréal Asia
Ersi Pirishi 
President 
Latin America Zone
Myriam Cohen-Welgryn 
President  
Active Cosmetics
Frédéric Rozé
Chief Global  
Growth Ofﬁcer
Omar Hajeri 
President  
Professional Products
Alexis Perakis-Valat 
President  
Consumer Products
Christophe Babule 
Chief Financial Ofﬁcer
Asmita Dubey 
Chief Digital  
and Marketing Ofﬁcer
Vismay Sharma
President South Asia Paciﬁc, 
Middle East, North Africa Zones
Vincent Boinay 
President 
Travel Retail
Jean-Claude Le Grand 
Chief Human  
Relations Ofﬁcer
Alexandra Palt 
Chief Corporate Responsibility Ofﬁcer 
and CEO of the Fondation L’Oréal
Antoine Vanlaeys 
Chief Operations Ofﬁcer
Blanca Juti 
Chief Corporate  
Affairs & Engagement Ofﬁcer
Barbara Lavernos 
Deputy Chief Executive Ofﬁcer, in charge 
of Research, Innovation and Technology
Cyril Chapuy 
President  
Luxe
Nicolas Hieronimus 
Chief Executive Ofﬁcer
(1) Composition as of 1 March 2022.
(2) David Greenberg has replaced 
Stéphane Rinderknech as of 
25 February 2022.
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Ethical principles
Ethics is at the heart of L’Oréal’s 
governance and commitments.  
The Group is built on strong 
ethical principles:
   Integrity: because acting 
with integrity is vital to building 
and maintaining trust and 
good relationships.
   Respect: because we strive to have a 
positive impact on our stakeholders.
   Courage: because ethical questions 
are rarely easy but must be addressed.
   Transparency: because we must 
always be sincere and able to 
justify our actions and decisions.
These principles underpin the Group’s 
culture and business model and our 
compliance, responsible innovation, 
sustainable development, corporate 
social responsibility, philanthropy, 
and human rights policies, alongside 
diversity, equity and inclusion.  
  L’Oréal relies on a single 
strategy – Glocalisation – 
meaning the globalisation 
of its brands with a detailed 
understanding and respect for 
local differences. The goal of the 
Glocalisation strategy is to offer 
bespoke and inclusive beauty 
by responding to the speciﬁc 
aspirations of consumers 
in every region of the world. 
In contrast to standardisation, 
it is based on careful attention 
to consumers and a deep 
respect for their differences.  
L'Oréal is 
the world 
leader 
in beauty, 
its sole 
business, 
expertise 
and passion 
for more 
than 110 years.
Strategy
  The mission that 
L’Oréal has set for itself, 
which inspires its teams, 
is to offer women and men 
around the world the best 
in cosmetics in terms 
of quality, responsibility, 
efﬁcacy, honesty and 
safety, in order to meet 
all their needs and all 
their beauty wishes in 
their inﬁnite diversity.  
Beauty for All
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S A L E S
€32.28 Bn
an increase of 
+16.1
(4)
O P E R AT I N G P R O F I T
€6.16 Bn
an increase of 
+18.3
N E T D E B T
€3,586 m
O P E R AT I N G M A R G I N
19.1
 of sales
M A R K E T C A P I TA L I S AT I O N
€232.5 Bn at 31 December 2021(6)
E A R N I N G S P E R S H A R E (5)
€8.82
an increase of 
+20.9
D I V I D E N D P E R S H A R E
(in euros)
PAY- O U T R AT I O
(as % of proﬁt)
A DY N A M I C S H A R E H O L D E R R E T U R N P O L I C Y
 L’Oréal Luxe 
38.2%
 Consumer Products 
37.9%
 Active Cosmetics 
12.2%
 Professional Products 
11.7%
 Europe 
31.5%
 North Asia 
30.5%
 North America 
25.3%
 SAPMENA – SSA(1) 
7.2%
 Latin America 
5.5%
 Skincare and sun protection 40.2%
 Makeup 
20.5%
 Haircare 
15.1%
 Fragrances 
10.9%
 Hair colouring 
9.3%
 Other(2) 
3.9%
B R E A K D O W N O F 2 02 1 S A L E S
(as %)
S T R O N G I N C R E A S E I N P R O F I TA B L E G R O W T H I N 2 02 1
28.9
of consolidated 
sales
E - CO M M E R C E (3)
+25.7
growth  
in 2021
€9.3 Bn
sales 
in e-commerce
(1) South Asia Paciﬁc, Middle-East, North Africa, Sub-Saharian Africa.
(2) “Other” includes hygiene products as well as sales by American professional distributors with non-Group brands.
(3) Sales achieved on our brands’ own websites and with e-commerce pure players + estimated sales achieved by our brands corresponding to sales through our retailers’ websites 
(non-audited data). Like-for-like.
(4) Like-for-like: based on comparable structure and identical exchange rates.
(5) Diluted earnings per share, based on net proﬁt, excluding non-recurring items, 
after non-controlling interests.
(6) On the number of shares at 31 December 2020, i.e. 557,672,360.
(7) Based on the €4.80 dividend proposed at the Annual General Meeting on 21 April 2022.
(8) Proposed at the AGM on 21 April 2022.
(9) Preferential dividend of +10% for shareholders who continuously hold their shares 
in registered form for a minimum of two full calendar years, up to a maximum of 0.5% 
of the capital for the same shareholder.
Divisions 
Geographic 
Zones 
Business 
Segments 
I N V E S T M E N T S
3.3
 of sales
 Dividend per share 
 Preferential dividend (9)
+20% (7)
Financial performance
L'Oréal's balanced business model enables profitable 
and sustainable growth.
58
54
50
46
42
2017
2018
2019
2020
2021
54.4%
54.4%
54.8%
53.4%
49.7%
5
4
3
2
1
2017
2018
2019
2020
2021
3.90
3.55
4.23
3.85
4.23
3.85
4.40
4.00
5.28
4.80(8)
 1 0  
 1 1

L’Oréal for the Future 
he Future 
L'Oréal’s second 
sustainability programme, 
L’Oréal for the Future, 
was launched in 2020. 
Encouraged by the tangible 
results of the previous 
programme, the Group 
has set its sights higher 
and pledged to respect 
planetary boundaries–
what the planet can 
withstand, as deﬁned 
by environmental science. 
Seven groups of internal 
experts coordinated 
independent studies 
and worked with outside 
partners and civil society to 
deﬁne the Group’s internal 
transformation strategy 
leading up to 2030.
The strategy is based 
on quantiﬁable goals 
to minimise the impact 
of Group activities on the 
climate, water, biodiversity 
and natural resources, 
while helping to meet 
some of the most urgent 
social and environmental 
challenges facing the 
world. L’Oréal is committed 
to reporting regularly 
on its progress against 
each goal, with clear and 
transparent indicators. 
Transforming ourselves
By 2025, all our sites will achieve carbon neutrality by improving energy 
efﬁciency and using 100% renewable energy.
By 2030, 100% of the water used in our industrial processes will be recycled
and reused in a loop (L/kg of formulas sold).
By 2030, 100% of biobased ingredients for formulas will be traceable and will 
come from sustainable sources. None of them will be linked to deforestation.
By 2030, 95% of our ingredients in formula will be biobased, derived 
from abundant minerals or from circular processes.
By 2030, 100% of the plastic used in our packaging will be either from 
recycled or biobased sources (we will reach 50% by 2025).
58
15
94
100
21
60
100
95
985,089
3 m
By 2030, three million people will beneﬁt from our brands’ social 
engagement programmes. 
Empowering our business ecosystem
By 2023, we will have invested 50 million euros to support 
highly vulnerable women. Since 2020, the L'Oréal Fund for Women 
has directly helped more than 400,000 girls and women, and more 
than 700,000 people indirectly within their communities.
Contributing to solving 
the challenges of the world
€50 m
50
Distinctions
Top AAA score 
for six years in a row
Recognised for the 12th time 
by Ethisphere 
Bloomberg Gender-Equality Index
for the 5th consecutive year
No.5 in the Universum 
worldwide ranking (business schools)
ESG Evaluation: 
85/100
Recognised by the United Nations 
for the 7th consecutive year
100
100
€12 m
Social & environmental 
performance
2021 was the first year of implementation of L’Oréal for 
the Future, the Group’s sustainability programme for 2030.
2030
GOALS
2021
RESULTS
 1 2  
 1 3

Global brands
The L'Oréal brands are organised in Divisions, 
each of which has a specific vision of beauty, 
by consumer universe and distribution channels.
Acquisitions
L’Oréal has been building a unique portfolio of brands 
to satisfy all beauty aspirations in their infinite diversity 
for over a century through targeted acquisitions.
2006
€15.76 Bn
2008
€17.54 Bn
2005
€14.53 Bn
2010
€19.50 Bn
2002
€14.29 Bn
2011
€20.34 Bn
2000
€12.67 Bn
2012
(2) 
€21.63 Bn
1996
€7.61 Bn
2013
(2)
€22.12 Bn
1993
€5.04 Bn
2014
€22.53 Bn
1989
€3.70 Bn
2015
€25.26 Bn
1988
€3.27 Bn
2016
€25.84 Bn
1985
€2.13 Bn
2017
€26.02 Bn
1980
€1.30 Bn
2018
€26.94 Bn
1971
€0.27 Bn
2019
€29.87 Bn
1967
€0.14 Bn
2020
€27.99 Bn
2021
€32.28 Bn
(1) 
Consumer Products
Professional Products
L’Oréal Luxe
Active Cosmetics
(1) The Body Shop was sold in 2017.
(2) Sales were restated to reﬂect the disposal of 50% of Galderma 
on 11 February 2014 and the consolidation of Inneov under the equity 
method as of 1 January 2014.
(3) Licence renewal.
(4) Acquisition of the thermal spa La Société des Thermes de La Roche-Posay.
(5) Licence agreement.
(5) 
(3) 
(4) 
Consolidated sales
 1 4  
 1 5

1 7  
L’Oréal 
Luxe
Urban Decay 
Ralph Lauren 
  IT Cosmetics
Kiehl’s 
 Helena Rubinstein 
  Biotherm 
 Shu Uemura 
Lancôme  
 Yves Saint Laurent 
 Giorgio Armani 
Mugler 
  
 Valentino
Viktor&Rolf  
o 
Azzar
Prada 
 Cacharel
Atelier Cologne 
Takami
YueSai  
Maison Margiela
Diesel
Carita 
 Youth to the People
 1 6  
Urban Decay targets 
online bullying
L’Oréal Luxe brands are committed to 
supporting causes they truly believe in. 
For example, Urban Decay has partnered 
with the Cybersmile Foundation to 
raise awareness about online bullying 
and promote digital well-being.  
Luxe is actively committed 
to sustainability
In keeping with its Water Lover programme, 
Biotherm took things even further by 
adding a new initiative: Live by Blue Beauty. 
The brand committed to creating formulas 
that are increasingly respectful of the oceans, 
developing more sustainable packaging 
and designs, and raising awareness 
worldwide about the environmental 
challenges facing the planet’s oceans.  
Luxury 
Beauty Tech(1)
The Yves Saint Laurent 
Rouge Sur Mesure device 
powered by Perso allows 
consumers to create their 
own lipstick at home in 
bespoke shades created 
to perfectly complement 
their complexion and 
natural lip colour. 
The state-of-the-art 
device uses artiﬁcial 
intelligence and real-time 
data for an exclusive 
beauty experience.  
(1) New technologies for the beauty industry.
    Discover all the highlights of the L'Oréal Luxe Division 
on lorealannualreport2021.com
(2) Like-for-like: based on 
comparable structure and 
identical exchange rates.
(3) Sales achieved on our 
brands’ own websites and with 
e-commerce pure players + 
estimated sales achieved by 
our brands corresponding to 
sales through our retailers’ 
websites (non-audited 
data). Like-for-like.
+20.9%
growth in Division sales(2)
+23.9%
growth in 
e-commerce sales(3)
The fragrance category 
was particularly 
dynamic in 2021, 
embodying a quest for 
freedom and optimism. 
World-renowned brands 
Azzaro and Mugler, which 
joined the Group in 2020, 
renewed their ranges with 
new takes on their iconic 
perfumes: Eau de Parfum 
Intense The Most Wanted 
by Azzaro and Alien 
Goddess by Mugler.  
Fragrance front 
and centre

1 9  
Consumer 
Products
L’Oréal Paris  
  Garnier  
  Maybelline New York
     Niely  
  Dark and Lovely  
  Mixa
NYX Professional Makeup  
  3CE Stylenanda  
  Essie  
Vogue 
 Carol’s Daughter  
 Tha ers 
y
  La Pro ençale
v
 1 8  
 1 8  
Social and digital: 
the new beauty 
paradigm
gital: 
uty 
Garnier rounds out its range 
of sustainable haircare products
Following the launch of Ultimate Blends shampoo 
bars, Garnier has now added Ultimate Blends no-rinse 
conditioners to its lineup as it pursues its goal of reducing 
its environmental impact. The brand provides consumers 
with a comprehensive ritual of environmentally-friendly 
products for more responsible consumption.  
Entertainment and gaming 
ming 
are becoming the new 
must-haves for online 
beauty: NYX Professionnal 
al 
Makeup signed a partnership 
nership 
with Netﬂix involving thhe e 
hit series Money Heist 
and also ventured into 
the world of gaming byy  
sponsoring the women’’s s 
esports team Dignitas.   
More and more 
men are dyeing 
their
h
 hair! Attuned 
to men’s beauty 
habit
ha
s, Men Expert 
and Garnier have 
launc
lau
hed products 
sp
specially designed 
wi
with men in mind.  
Committed, inclusive, 
responsible brands
L’Oréal Paris–a feminine and feminist brand 
par excellence–committed to training a 
million people to ﬁght street harassment 
via its Stand Up programme, in partnership 
with the NGO(3) Hollaback!  
(3) Non-governmental organisation.
+5.6%
growth in Division sales(1)
+18.2%
growth in 
e-commerce sales(2)
(1) Like-for-like: based on 
comparable structure and 
identical exchange rates.
(2) Sales achieved on our 
brands’ own websites and with 
e-commerce pure players + 
estimated sales achieved by 
our brands corresponding to 
sales through our retailers’ 
websites (non-audited 
data). Like-for-like.
    Discover all the highlights of the Consumer Products Division 
on lorealannualreport2021.com
Hair colour 
designed 
for men

2 1  
Active 
Cosmetics
La Roche-Posay
Vichy
CeraVe
SkinCeuticals                                                         
Decléor
Sanoflore
 2 0  
Digital 
solutions help 
to build special 
relationships with 
stakeholders
2021 was a year of 
increasingly digitalised 
interactions in all 
areas, and the Division 
developed innovative 
services and tools for 
consumers and medical 
partners. For example, it 
worked with ModiFace(2)
to develop the easy-
to-use MyDermCode 
app, which provides 
an incredibly precise 
skin “diagnosis” in just 
a few minutes. 
(2) Startup acquired by L’Oréal in 
2018 that uses augmented reality 
for consumers to try on beauty 
products and simulate hair colour.
Dermocosmetics: 
committed to the environment, 
healthcare and inclusion
The Division continued to optimise packaging: 
cardboard-containing tubes launched by 
La Roche-Posay and Vichy reduce plastic use 
by 70%. La Roche-Posay has made inclusion one 
of its key commitments and donates 1% of sales 
to improving quality of life for cancer patients.  
Lipikar Eczema MED: 
a medical treatment 
based on 
microbiome(3) science
La Roche-Posay’s Lipikar 
Eczéma MED cream is enriched 
with endobioma, a unique 
ingredient that speciﬁcally 
targets the main bacteria 
responsible for eczema-related 
inﬂammation while preserving 
other bacteria which are 
essential for healthy skin.  
(3) Invisible ecosystem of microorganisms that live 
inside and on the surface of the skin and whose 
balance plays a crucial role in skin health.
+31.8%
growth in Division sales(4)
+42.7%
growth in 
e-commerce sales(5)
(4) Like-for-like: based on 
comparable structure and 
identical exchange rates.
(5) Sales achieved on our 
brands’ own websites and with 
e-commerce pure players + 
estimated sales achieved by 
our brands corresponding to 
sales through our retailers’ 
websites (non-audited 
data). Like-for-like.
Dermocosmetics brands gather momentum
The Division strengthened its position as the “medical beauty” 
leader(1) and its products continued to win over new markets 
and a new generation of consumers. CeraVe is especially 
present on social networks, where its videos featuring 
inﬂuencer doctors have garnered more than a billion views.  
(1) Source: internal estimate for 2020 which combines several sources (pharmacy 
panels like IQVIA, KLINE professional channel estimates, Euromonitor).
    Discover all the highlights of the Active Cosmetics Division 
on lorealannualreport2021.com

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Pureology
 L’Oréal Professionnel  
  Kérastase    
Pulp Riot 
 Shu Uemura Art of Hair 
 Mizani
Redken 
 Matrix 
 Biolage 
Professional 
Products
Curl Manifesto: an inclusive range
Kérastase developed Curl Manifesto, a haircare 
range with an innovative formula that meets 
the speciﬁc needs of curly hair, which is naturally 
drier, ﬁner and more porous. The range is 
backed by an array of training courses on 
how to style and care for curly hair, available 
to all stylists working with the brand.  
Burgos plant pioneers environmental 
and inclusive best practices in Spain
As L'Oréal’s ﬁrst Waterloop(3) facility, the Spanish site 
has been carbon neutral since 2015 and is developing 
initiatives to reduce its waste, protect biodiversity 
and support the advancement of women scientists.  
(3) Plant where all water used for utilities (cleaning equipment, 
producing steam, etc.) is reused or recycled in a loop on site.
Social commerce, which 
allows stylists to sell 
online to their clients, 
is booming. The Division 
is harnessing the power 
of digital technology 
to reinvent the 
hairdressing world, 
developing effective, 
industry-speciﬁc 
tools to boost stylists’ 
e-commerce activities.  
Digital 
revolutionising 
the hairdressing 
world
Professional 
beauty committed 
to protecting 
the planet
In 2021, the Division 
launched Hairstylists 
for the Future, a global 
programme that 
represents a completely 
new environmental 
approach for hair 
salons, focused on three 
main areas: cutting 
water consumption, 
reducing energy use 
and recycling waste. 
Throughout the value 
chain–in everything from 
product design and use 
to waste production and 
recycling–the Division is 
committed to reducing its 
environmental impact.  
+24.8%
growth in Division sales(1)
+39%
growth in 
e-commerce sales(2)
(1) Like-for-like: based on 
comparable structure and 
identical exchange rates.
(2) Sales achieved on our 
brands’ own websites and with 
e-commerce pure players + 
estimated sales achieved by 
our brands corresponding to 
sales through our retailers’ 
websites (non-audited 
data). Like-for-like.
    Discover all the highlights of the Professional Products Division 
on lorealannualreport2021.com

Day after day, L’Oréal 
teams pursue a raft of 
initiatives that embody 
the Group’s Purpose.
Create 
the beauty
that moves 
the world
uty
inclusiv
bea
e
responsible
innovative
tech
performance
D I S COV E R  T H E  T H E M E S 
O F T H E  Y E A R  2 02 1
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Its proximity to different 
markets allows the Group 
to analyse all beauty 
needs worldwide, deﬁne 
increasingly precise proﬁles 
and adapt formulas and 
products to create ranges 
that are more inclusive 
than ever before.  
Research & Innovation 
for beauty in all its diversity
C R E A T E  T H E  B E A U T Y  T H A T  M O V E S  T H E  W O R L D
Because beauty 
is a universal aspiration 
that crosses time, 
countries and cultures, 
L’Oréal creates inclusive 
beauty. Through our 
products and services, 
we aim to satisfy 
all beauty desires, 
with no exception.
Inclusive
      Beauty
Diversity, Equity & Inclusion: 
creating the beauty that 
moves the world
The Group set up an Advisory Council 
on Diversity, Equity & Inclusion in 
2021, comprising 12 outside experts 
and six L’Oréal senior executives. 
L’Oréal’s engagement on these 
topics received further recognition, 
with the Group featured in the 
Reﬁnitiv Diversity & Inclusion Top 100 
and listed fourth in the Equileap 
Global Gender Equality ranking.  
Highlights
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 2 6  
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With L’Oréal for the Future, 
we have placed social 
and environmental 
performance at the heart 
of our commitment. Together 
with our stakeholders, we act 
in favour of responsible beauty.
C R E A T E  T H E  B E A U T Y  T H A T  M O V E S  T H E  W O R L D
Operations play a major 
role in responsible and 
sustainable performance
Operations bring L’Oréal’s 
commitments to life. L’Oréal USA 
achieved carbon neutrality(1)
at all 25 of its sites, in line with 
the UN(2) Business Ambition 
for 1.5 °C initiative. And to 
cultivate a circular economy, 
L’Oréal partnered with Carbios 
to develop the ﬁrst cosmetics 
bottle made entirely of recycled 
plastic produced using enzyme 
treatment technology.  
Enhancing transparency 
to inform decisions
To encourage sustainable 
consumption, the Group 
has developed a social and 
environmental labelling 
system graded from A to 
E, enabling consumers to 
make informed choices.  
(1) For direct and indirect emissions (scopes 1 and 2).
(2) The United Nations
Highlights
Responsible 
 Beauty

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Science and innovation are key to 
success for L’Oréal, which designs 
safe, desirable and sustainable 
products. In step with trends 
and consumer aspirations, 
we seize every opportunity to 
constantly nourish this culture of 
innovative and inclusive beauty.  
Behind our ambition to become 
the leader of Beauty Tech, 
there is a deep conviction: 
it is the intersection of the 
powerful forces of science and 
technology that will allow 
us to invent the future of 
beauty and of our company.
When science 
and innovation join 
forces with nature
Research & Innovation 
teams developed an 
innovative technology 
dubbed Metalblocker, 
which draws on 
biomimicry to reduce 
hair breakage by 87% 
when all products 
in the Metal Detox 
range are used.  
Highlights
Highlights
Beauty
Tech
 
Innovative 
Beauty
(1) Quick response code: a code that stores information accessible 
by scanning with a smartphone or tablet.
(2) Portmanteau of the words “physical” and “digital”.
An omnichannel 
strategy: bringing 
“phygital”(2) beauty
L’Oréal is innovating 
to enable consumers 
to try and buy beauty 
products both online 
and in physical points 
of sale. Maybelline 
New York developed an 
AI-based Shade Finder 
device in partnership 
with e-commerce 
platform Tmall in 
China, and now offers 
virtual makeup try-ons 
and personalised 
beauty tips.  
The future of 
beauty is now!
QR(1) codes on the Group’s 
product packaging and 
store displays have 
made it easier to help 
consumers make informed 
choices by providing easy 
access to all necessary 
information about a 
product, from how to use 
it to what it contains.  
Democratising 
beauty at its best
Revitalift Filler serum by 
L’Oréal Paris is a global 
bestseller. Its scientiﬁc 
formula combines two 
types of hyaluronic acid
–its star ingredient–
to improve the skin’s ability 
to retain moisture.
C R E A T E  T H E  B E A U T Y  T H A T  M O V E S  T H E  W O R L D
C R E A T E  T H E  B E A U T Y  T H A T  M O V E S  T H E  W O R L D
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Published by the Financial Communications Department 
and the External Affairs & Engagement Department. 
This is a free translation into English of the 2021 L’Oréal Annual Report published in French. It is provided solely 
for the convenience of English-speaking readers. In case of discrepancy, the French version prevails.
Your contacts
Individual Shareholders and 
Financial Market Authorities
Christian Munich & Angélique Fruchtenreich
relations_actionnaires_individuels@loreal-ﬁnance.com
From France, toll-free number 
for shareholders: 0 800 666 666
From outside France: +33 1 40 14 80 50 
Service Actionnaires L’Oréal
BNP Paribas Securities Services 
Service Émetteurs 
Grands Moulins de Pantin
9, rue du Débarcadère
93761 Pantin Cedex - France
Financial Analysts and 
Institutional Investors
Françoise Lauvin
relations_investisseurs@loreal-ﬁnance.com
Journalists
Noëlle Camilleri
corporatepress@loreal.com
Photo credits 
Willow Smith/Txema Yeste/Mugler (cover, back cover), Thomas Laisné/L’Oréal (p.4, 
p.6), Stéphane de Bourgies/L’Oréal (p.5, p.6), Thomas Gogny/Divergence/L’Oréal 
(p.6), L’Oréal (p.6, p.8, p.9, p.26, p.27), Merck Group (p.6), Harald Schnauder/L’Oréal 
(p.6), Emmanuel Crooy (p.6), Antoine Doyen/Pernod Ricard (p.6), Julien Mignot/
Studio J’Adore Paris/L’Oréal (p.7), L’Oréal USA (p.7), Shtrak!Boyz/Studio J’Adore 
Paris/L’Oréal (p.7), Lester John/Studio J’Adore Paris/L’Oréal (p.7), Marc Kroop/
Kérastase (p.10), YSL Beauty (p.12), Amanda Seyfried/Nico Bustos/Lancôme (p.16),
Julien Lutt/Insolyt /Biotherm (p.17), Publicis Luxe/YSL Beauty (p.17), Thibault 
Jouvent/Publicis/Mugler (p.17), Urban Decay (p.17), Tim Brown/Maybelline NY (p.18), 
Merkle Agency/Garnier (p.19), Nikolaj Coster-Waldau/Emmanuel Giraud /L’Oréal 
Paris (p.19), NYX Professional Makeup Studio (p.19), Eva Longoria/L’Oréal Paris 
(p.19), Christian Kettiger/La Roche Posay (p.20), Denis Boussard/La Roche-Posay 
(p.21), Franck Salier/La Roche Posay (p.21), Studio ACD/La Roche-Posay (p.21), Éric 
Larrayadieu (p.21), Studio L’Étiquette/L’Oréal (p.22), Marc Kroop/ Kérastase (p.23), 
Kérastase (p.23), Sergio Villaquiran (p.23), Mikhail Hoboton Popov/Shutterstock 
(p.24), Soﬁa Sanchez & Mauro Mongiello/L’Oréal Paris (p.26), Shutterstock (p.26), 
Giorgio Fochesato/Westend61/Getty Images (p.27), Chris Lo Bue/L’Oréal (p.27), 
Nathalie Oundjian/L’Oréal Recherche & Innovation (p.28), Atiwat Witthayanurut/
Shutterstock (p.28), Viola Davis/Donte Maurice & Ahmad Barber/L’Oréal Paris 
(p.28), Lancôme/DR (p.29), Éric Mercier/L’Oréal Operations (p.29), Maybelline 
New York (p.29), David Ferrua/L’Oréal Paris (p.30), Claudio Cipriani/Garnier (p.30), 
Adrian Bedoy/Corporate Inspiration GmbH undeﬁned (p.30). L’Oréal/DR, X.
Designed and produced by   
Competitive positions and market share held by 
the Group’s Divisions and brands mentioned in 
this report are based on studies, panels and polls 
obtained from specialised organisations and 
companies, or, in the absence of comprehensive 
studies, are the results of estimates made by 
L’Oréal on the basis of available statistical data.
Incorporated in France as a “Société Anonyme” with registered capital of €107,082,474.40
632 012 100 R.C.S. Paris
Code LEI (Legal Entity Identiﬁcation) 529900JI1GG6F7RKVIS3
Headquarters: 41, rue Martre – 92117 Clichy Cedex – France
Tel: +33 1 47 56 70 00
Registered ofﬁce: 14, rue Royale – 75008 Paris – France
www.loreal-ﬁnance.com
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A sustainable 
business model 
L’Oréal also invests in 
the beauty of tomorrow 
by supporting high-
potential startups via 
its BOLD(1) investment 
fund. The Group invested 
in Gjosa to develop 
an innovative shower 
head able to rinse out 
shampoo with 2.4 litres 
of water instead of 
the usual seven.  
2021 was a historic year for 
L’Oréal. Thanks to the expertise, 
passion and engagement of its 
85,400 employees, the Group 
achieved record growth all 
while investing in its social and 
environmental commitments.
Beauty 
      Performance
Highlights
Creating value 
for all stakeholders
L’Oréal ﬁrmly believes ﬁnancial 
performance is inextricably tied 
to social and environmental 
performance. The goal is to 
create and share value for all 
stakeholders in the Group’s 
ecosystem: suppliers, partners, 
employees, consumers, 
investors and shareholders.  
(1) Business Opportunities for L’Oréal Development.
C R E A T E  T H E  B E A U T Y  T H A T  M O V E S  T H E  W O R L D
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