Beauty:A Key
Economic
Sector
In a fluctuating global context, the beauty industry is playing a growing role in the world economy. It has emerged as a pillar of growth and a driver of innovation. L'Oréal Groupe, a global leader in this sector, embodies this dynamic.
A strong economic model
Estimated at over €290 billion in 2024, the global beauty market is extremely dynamic. As a key driver of socio-economic development, it employs millions of workers worldwide, including over 3 million in the European Union, the majority of whom are women (61.2%), and boasts a significant scientific community (over 30,000 cosmetic researchers). Composed of multinationals, SMEs, and family businesses, the beauty industry relies on a complex value chain, ranging from raw material producers to local specialists (beauticians, hairdressers, dermatologists etc.). L'Oréal plays a central role in this diversified ecosystem, contributing to growth and wealth creation for all stakeholders.
A true soft power
More than just an industry, beauty represents genuine soft power, creating jobs, fostering innovation, and providing public health solutions. Its impact on the GDP of developed countries is significant, and it plays a crucial role in combating deindustrialization. Innovation is the engine of this industry.
France, the birthplace of the cosmetics industry and the world's leading exporter of beauty products, generating €21.3 billion in exports in 2023. The cosmetics industry is a key sector of the French economy, employing nearly 300,000 people.
L'Oréal: a multitalented groupe
L'Oréal operates in more than 150 countries and employs more than 90,000 people, including 4,000 researchers and 8,000 tech and digital experts. With 37 factories worldwide, the group generated 43.48 billion sales in 2024.
4th
largest advertiser globally, across all sectors.
Chapuy
L’Oréal Luxe
Cyril
Chapuy
President
L’Oréal Luxe
Deviating from the norm is part of the essence of luxury.
At l’Oréal Luxe, it is in our DNA to always think differently and strive for what has never been done before. We call it “La Culture de l’Écart”.
As the global leader in luxury beauty, we have the great responsibility to drive change through bold innovations, impactful commitments, and memorable experiences.
Every day, our luxury crafters elevate creativity, driven by a permanent quest for the extraordinary, with the obsession to unlock the emotional power of luxury beauty.
This is not a beauty podcast
A new podcast from L’Oréal Groupe and New York Times explores the essential role beauty plays in the human experience. Across six episodes, hear about the hidden role beauty plays in sports, technology, business, science, health and politics, interviewing individuals from around the world.
The Business of
Beauty
“Some see the world of beauty as niche,” says the actress Isabella Rossellini, who got her start as a model and later became the iconic face of Lancôme. But, as Rossellini points out in the “This Is Not a Beauty Podcast” series, which she’s now hosting for a second season, beauty is, in fact, big business.
The beauty industry, according to a recent study by McKinsey & Company, is valued at $450bn globally, having grown 7% annually between 2022 and 2024. As this beauty market grows and adapts to new generations and geographies, beauty is evolving to include skincare, self-care, well-being and aesthetic treatments.
The business of beauty may express itself through preserving traditional craft, and luxury perfumes, as at La Domaine de la Rose in the South of France, where an enterprise led by Antoine Leclef, the 15th generation of his family to work in agribusiness, produces Centifolia roses for Lancôme’s signature perfumes. Season 2 of “This Is Not a Beauty Podcast” will speak with Leclef about the treasured savoir-faire that keeps this tradition alive and kicking.
Or beauty may be the vehicle through which individuals can find not just jobs, but a venue for economic empowerment. One such example of this is in India, where the beauty industry has seen explosive growth; according to the consultancy firm Kearney, it’s one of the fastest-growing beauty markets in Asia. Empowerment is key; McKinsey reports that 58 percent of consumers in India equate beauty with confidence, where the beauty retail industry, and NGOs like the Nandi Foundation offer young women skills to create independent livelihoods.
The beauty industry can also power billion-dollar empires, like that of Gail Federici, a serial entrepreneur whose haircare company, Color Wow, was acquired by L’Oréal Groupe in June 2025 making her one of America’s richest self-made women, according to Forbes. These stories, too, will be told in Season 2 of “This Is Not a Beauty Podcast.”
What is the compass of the beauty industry today, how is it contributing to the world’s overall socioeconomic development as well as underpinning companies, from global multinationals to independent local specialists like stylists and beauticians? Has beauty broken out of its niche to forge a greater identity as a driver behind society, innovation, economic development and personal growth?
