L’Oréal concludes media pitch for Korea

L’Oréal Korea has appointed GroupM, WPP's media investment group as its media planning and buying partner. The appointment follows a competitive process. GroupM’s remit in Korea will include all media planning and buying. 

L’Oréal Korea selected GroupM for its deep expertise in the Korean market coupled with the company’s strategic excellence, media buying power, and leading capabilities in technology and commerce area, according to the release. 

L’Oréal Groupe is one of the leading international beauty companies in Korea. The appointment further expands the global relationship between L’Oréal Groupe and GroupM that spans more than 30 markets around the world.   

Michael Beecroft, GroupM’s CEO for Northeast Asia, said: “We are hugely honoured to be expanding our relationship with such an iconic and ambitious brand in such an exciting market. Korea is home to many of the world’s most sophisticated beauty consumers. We look forward to helping L’Oréal Korea meet their needs with compelling, relevant media that drives growth and innovation.”

While in Southeast Asia region, GroupM APAC was tapped to handle the performance media duties for L'Oréal Indonesia. Meanwhile, the brand appointed Publicis Media to oversee performance media duties for Malaysia, Singapore, and Thailand.

L'Oréal Singapore's spokesperson told MARKETING-INTERACTIVE earlier that Publicis Media and GroupM stood out for their excellent services underpinned by a strong proficiency in data and digital advertising technology, and it looks forward to working with the agency.

On the other hand, back in November, L'Oréal Groupe and Chenavari Investment Managers have launched Solstice, a debt fund designed to enable suppliers to accelerate the decarbonisation of their significant industrial projects.

L'Oréal is committing an initial investment of €50 million to the Solstice fund to deliver on Scope 3 commitments by enabling its extended value chain, and in particular small and medium-sized enterprises, to more easily access financing. By spearheading the creation of the Solstice decarbonisation fund, L'Oréal Groupe and Chenavari, a long-standing European credit specialist, are addressing a significant gap in the market.

Through Solstice, industrial suppliers, including L’Oréal partners, may access financial solutions to help them implement decarbonisation initiatives. Qualifying projects can include industrial processes and supply chain, clean energy and clean transportation. The fund is open to further investment by institutional investors, including other corporates who, such as L’Oreal Groupe, aim to support the decarbonization of their ecosystems.

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