Frenchman Damien Favre had to abandon the glamorous Italian market to take on the devalued mass consumption market in Argentina. Favre is starting his tenure with price increases across the division of 14.5%.
French giant L’Oréal is bringing in a replacement to head its mass consumption business in Argentina to oversee the firm’s strategy in dealing with the turbulence in the value of the country’s currency.
Frenchman Damien Favre has had to leave the glamour of the Italian market, where he was general manager for Garnier/Maybelline, to take up the job of leading a devalued market in Argentina.
The multinational made the official announcement on Friday August 31, a day after the Argentine peso fell 24% against the US dollar. Nothing had been communicated since June, when the business unit was left leaderless following the departure of Guillaume Sonolet, who this month took charge as general manager of Garnier in Madrid.
In times of turbulence in the exchange rate, the real helmsmen in businesses are those that make the decisions on pricing policy and those in charge of the finance areas.
Favre is starting off with a round of sizeable price increases. Pharmabiz learned that the notice has already been given to retailers of updated prices across the mass market business unit with increases of 14.5% from this week.
In times of turbulence in the exchange rate, the real helmsmen in businesses are the CFOs and those that make the decisions on pricing policy and those in charge of the finance areas, so the baton is really in the hands of ean-Baptiste Dalle, regional head of the division. The man in finance is Felipe Sousa, who’s been in charge of the numbers at L’Oréal Argentina since June 2017.
Crédito foto: Beautydea.