Jean-Paul Agon
48, CEO, L'Oreal
By Sarah Raper Larenaudie
Fall 2005 Style & Design
When the announcement came in February that L'Oréal's longtime chairman
and CEO, Lindsay Owen-Jones, would be stepping down from the world's
largest beauty company, trade paper Women's Wear Daily reported that a
"seismic tremor" coursed through the industry, but the stock market
barely registered a blip.
That was in part attributable to the fact that Owen-Jones will remain at
the company through 2006, but it's also because his replacement as CEO
will be Jean-Paul Agon, who boasts a curriculum vitae reassuringly
similar to that of the hard-driving Owen-Jones. Both men have spent
their entire careers at the French cosmetics giant, which owns brands
like Lancôme, Maybelline and Redken; both did stints in several
international markets; and both oversaw the competitive U.S. market
before being named to the top job. Now investors are hoping Agon will
duplicate the impressive results that Owen-Jones, 59, delivered during
his tenure: double-digit profit increases for every one of his 21 years
as chairman.
Agon was tapped at a fortuitous time in the cosmetics business, as R&D
outfits at the big companies are achieving significant breakthroughs in
formulations to delay the signs of aging, and consumers are enthusiastic
about crossover cosmeceutical products. But there are challenges. Agon
will be expected to complete the process, successfully begun by
Owen-Jones, of expanding the beauty giant into such new markets as
Russia and China.
For that, his background should serve him well. The Paris-born Agon
joined L'Oréal in 1978 after business school and in 1981 was appointed
to run the company's Greek subsidiary. He says he was proud to be chosen
for that job until he learned that five others had turned it down. He
returned to France to run mass-market brands before relaunching the
company's troubled Biotherm skin-care line. His next stop was Germany,
one of Europe's largest beauty markets, where he oversaw the acquisition
of the mass-market brand Jade, a platform later used to launch
Maybelline in that country. From 1997 to 2001, Agon, a father of three
who always tries to make it home for supper, managed the Asia region for
all of L'Oréal's businesses. One highlight on his watch was Maybelline's
Wonder Curl mascara, a hit with Japanese consumers frustrated by their
short, straight lashes. In 2000 Maybelline became the leading
mass-market beauty brand in Japan. By then it was clear that Agon was on
the short list for the top job, and when he was selected to run
L'Oréal's U.S. subsidiary in 2001, he became the front runner.
For those looking, there is one notable difference between Agon and his
predecessor. While Owen-Jones was always partial to such dangerous
pastimes as Formula One racing, Agon is more likely to be the first one
out on the dance floor.
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