In his first assignment for L’Oréal, Rob Imig spent 10 months pitching a shu uemura lipstick to beauty editors across the country.
The editors - all women - often reacted with confusion or amusement. “The reaction was a bit startled sometimes,” says Mr Imig, now a 13-year veteran of the company. “The beauty business is dominated by women. They thought it a bit odd that a guy named Rob was coming to show them a new lipstick.”
While big companies around the world are striving to improve the gender balance of their workforces, most are focusing on hiring more women. But for L’Oréal, balance means attracting more men. The €25.8 billion (Dh112.98bn) French beauty products company has been a pioneer in the push for gender equality, regularly earning awards for its efforts. Women manage 58 per cent of L’Oréal’s brands and hold almost two-thirds of executive positions, although the chairman and chief executive, Jean-Paul Agon, is male. In 2017 the company ranked first in Equileap’s annual ranking of 3,000 global corporations on their progress toward gender equality.
L’Oréal has been so successful at developing a reputation as a female-friendly workplace that women job applicants flock there. One result: last year, 77 per cent of new hires were female. Therein lies a problem. “They have a huge gender gap,” says Jonna Sjovall, the managing director for the Americas at Universum, which ranks the most desirable employers among business and engineering graduates worldwide. In its most recent tally of US employers, L’Oréal was in ninth for women business graduates but only at number 150 among men.
The beauty company’s managers worry that the gap could put it at a disadvantage in recruiting. “For a big corporation like us, attracting talent for the future will be a huge topic,” says Jean-Claude Le Grand, L’Oréal’s head of diversity and inclusion. “We need to attract more male talent.”
Having more men among its 90,000 global employees might also help L’Oréal better understand and win male customers, who are becoming increasingly important in the beauty business. The market for men’s grooming products will expand 3.3 per cent annually over the next five years, compared with 2.9 per cent for beauty and personal-care products in general, according to data from Euromonitor International.
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L’Oréal, which does not sell razors, ranks third in the US$47.8bn men’s grooming market, with a 5.6 per cent share in 2016. The leader Procter & Gamble, the maker of Gillette razors and Old Spice cologne, had 18.7 per cent, while Unilever, which owns the Axe brand, had 10.9 per cent. No L’Oréal brand is in the top 10 for men in market share, although the company’s Baxter of California targets men. Several of its other brands, such as Kiehl’s and SkinCeuticals, are marketed to both sexes.
L’Oréal’s goal is to recruit equal numbers of men and women by 2020. “Our vision is clear: We want a perfect balance between males and females,” says Mr Le Grand, who’s headed the company’s diversity efforts since 2005.
One way L’Oréal is working to attract more men is by tweaking the way the company presents itself to job applicants. On the jobs site for L’Oréal’s US unit, shots of the glamorous models and makeup used in the company’s consumer advertising are nowhere in sight. Instead, prominently featured are photos of a goggle-wearing female chemist seated at a microscope and a male employee who runs a tech incubator that develops products such as an electronic hairbrush.
L’Oréal today is also more likely to emphasise the entrepreneurial aspects of a job, such as developing a product or having profit-and-loss responsibilities, which often appeal to male applicants. “We’re not just a company that sells makeup,” says Angela Guy, L’Oréal’s US diversity chief. “We develop our own products, we have R&D, manufacturing, engineering, and other jobs in tech fields that may interest men.”
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Joelle Emerson, the chief executive of Paradigm, a diversity consulting firm in San Francisco, says that using images of women and men in nontraditional roles is likely to appeal positively to both genders. “Signals and messages,” she says, “can have a significant impact on who’s going to be attracted to working for you.”
Underrepresented groups - including men in the beauty industry - will not apply for jobs that emphasise innate abilities, such as having “a brilliant mind” or “an eye for” something, says Ms Emerson. “They believe, and not incorrectly, that they are more likely to be stereotyped,” she says. It’s better to emphasise the opportunity to develop skills in a job, she says.
L’Oréal still has work to do to integrate women into its highest ranks. It is not uncommon for women to make up the majority of the workforce at fashion and beauty companies “because of their affinity with the product or service,” says Aniela Unguresan, the head of EDGE, a Swiss-based organisation that certifies organisations and companies, including L’Oréal, on their gender equality programmes. “You have a thin layer of male talent at the entry level, but at the top, the pattern is reversed,” she says. “The definition of leadership is still largely male.”
Just a decade ago, men held 76 per cent of the top 1,000 positions at L’Oréal, 83 per cent of the strategic positions, and 93 per cent of the seats on the executive committee. Today, although women have made gains overall, their ranks thin in the higher posts. They make up 48 per cent of the top 1,000 positions, 30 per cent of the strategic positions, and 32 per cent of the executive committee.
Mr Le Grand wants to balance that group by 2020, and the company is providing managers with bias and inclusion training to make sure they can send the message to their staff and develop and promote female leaders. L’Oréal is also encouraging women to take on science, technical and engineering positions traditionally dominated by men.
Meanwhile, to help make the workplace more welcoming for men, L’Oréal in recent years has sponsored an affinity group for male employees in the US, the Men’s Think Tank, which hosts speaking and networking events, shares insights with management and helps with recruitment. The company says the group shares the credit for increasing the number of male hires there by 27 per cent in 2016.
Mr Imig, who was part of an otherwise all-female team at Kiehl’s from 2007 to 2015, today oversees five women and two men in the Vichy beauty brand’s digital communications department in Paris. His boss is a woman. “Communications was predominantly women 10 years ago; that’s no longer the case,” he says. “There are still not a lot of guys, but I’ve never felt anything but accepted.”
Dust and sand storms compared
Sand storm
- Particle size: Larger, heavier sand grains
- Visibility: Often dramatic with thick "walls" of sand
- Duration: Short-lived, typically localised
- Travel distance: Limited
- Source: Open desert areas with strong winds
Dust storm
- Particle size: Much finer, lightweight particles
- Visibility: Hazy skies but less intense
- Duration: Can linger for days
- Travel distance: Long-range, up to thousands of kilometres
- Source: Can be carried from distant regions
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
The 12 Syrian entities delisted by UK
Ministry of Interior
Ministry of Defence
General Intelligence Directorate
Air Force Intelligence Agency
Political Security Directorate
Syrian National Security Bureau
Military Intelligence Directorate
Army Supply Bureau
General Organisation of Radio and TV
Al Watan newspaper
Cham Press TV
Sama TV
The Settlers
Director: Louis Theroux
Starring: Daniella Weiss, Ari Abramowitz
Rating: 5/5
Test
Director: S Sashikanth
Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
Star rating: 2/5
UAE currency: the story behind the money in your pockets
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
The specs
Engine: 1.5-litre 4-cyl turbo
Power: 194hp at 5,600rpm
Torque: 275Nm from 2,000-4,000rpm
Transmission: 6-speed auto
Price: from Dh155,000
On sale: now
ICC Women's T20 World Cup Asia Qualifier 2025, Thailand
UAE fixtures
May 9, v Malaysia
May 10, v Qatar
May 13, v Malaysia
May 15, v Qatar
May 18 and 19, semi-finals
May 20, final
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Profile Box
Company/date started: 2015
Founder/CEO: Mohammed Toraif
Based: Manama, Bahrain
Sector: Sales, Technology, Conservation
Size: (employees/revenue) 4/ 5,000 downloads
Stage: 1 ($100,000)
Investors: Two first-round investors including, 500 Startups, Fawaz Al Gosaibi Holding (Saudi Arabia)
The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
The currency conundrum
Russ Mould, investment director at online trading platform AJ Bell, says almost every major currency has challenges right now. “The US has a huge budget deficit, the euro faces political friction and poor growth, sterling is bogged down by Brexit, China’s renminbi is hit by debt fears while slowing Chinese growth is hurting commodity exporters like Australia and Canada.”
Most countries now actively want a weak currency to make their exports more competitive. “China seems happy to let the renminbi drift lower, the Swiss are still running quantitative easing at full tilt and central bankers everywhere are actively talking down their currencies or offering only limited support," says Mr Mould.
This is a race to the bottom, and everybody wants to be a winner.
Countries offering golden visas
UK
Innovator Founder Visa is aimed at those who can demonstrate relevant experience in business and sufficient investment funds to set up and scale up a new business in the UK. It offers permanent residence after three years.
Germany
Investing or establishing a business in Germany offers you a residence permit, which eventually leads to citizenship. The investment must meet an economic need and you have to have lived in Germany for five years to become a citizen.
Italy
The scheme is designed for foreign investors committed to making a significant contribution to the economy. Requires a minimum investment of €250,000 which can rise to €2 million.
Switzerland
Residence Programme offers residence to applicants and their families through economic contributions. The applicant must agree to pay an annual lump sum in tax.
Canada
Start-Up Visa Programme allows foreign entrepreneurs the opportunity to create a business in Canada and apply for permanent residence.
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
What's in the deal?
Agreement aims to boost trade by £25.5bn a year in the long run, compared with a total of £42.6bn in 2024
India will slash levies on medical devices, machinery, cosmetics, soft drinks and lamb.
India will also cut automotive tariffs to 10% under a quota from over 100% currently.
Indian employees in the UK will receive three years exemption from social security payments
India expects 99% of exports to benefit from zero duty, raising opportunities for textiles, marine products, footwear and jewellery
Bob%20Marley%3A%20One%20Love
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Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
