L’Oréal S.A. is a French company, with its registered office in France. It performs a sales activity that is specific to France.
At the same time, L’Oréal S.A. acts as a holding company and provides strategic coordination on the one hand and scientific, industrial and marketing coordination for the L’Oréal Group throughout the world on the other.
The subsidiaries operate the Group’s business activities in the country or region in which they are located. To do so, they define the strategy specific to their market, make the most suitable choices, and manufacture, directly or indirectly, and market the products they decide to sell on their market.
Almost all of the subsidiaries are owned by L’Oréal S.A. which has a holding or control percentage equal or close to 100%.
The financial statements set out in this chapter present the results of the L’Oréal Group as a whole, including all subsidiaries.
The Statutory Auditors’ Report on the consolidated financial statements has been included at the end of this chapter.
