The world is moving fast and brands need to adapt, but the speed of change in China requires brands to reinvent themselves almost constantly, according to the CEO and President of L’Oréal China.
Fabrice Megarbane said China’s shopping festivals were an ideal way to focus a business on innovation and keeping up with consumers’ fast-changing needs.
“Shopping festivals are a consumer-centric event; consumers really wait for this moment and they want to be surprised and excited by brands,” he said.
“For brands to stay exciting, they need to reinvent themselves every year, and probably in China every month. So festivals are the perfect opportunity to really question ourselves: Are we relevant enough to consumers? Are we explaining our innovation well enough?
“More than ever, in this COVID period, consumers are asking themselves ‘why am I buying this and what am I buying?’, so we have to be even more educational when it comes to products, innovations and how to use them.”
L’Oréal shattered its 2019 sales record for 11.11 during just the first 11 hours of this year’s first shopping window, which ran from November 1-3.L’Oréal was also among the 100-plus brands achieving sales of over RMB100 million in gross merchandise volume (GMV) in the first 111 minutes of the event kicking off.
Megarbane said lessons were being learned in China that could be applied to other markets.
“The future of tomorrow is a homogeneous world, so the expectation is that we can offer a global solution to consumers, that they can interact with our brands whether it’s online or offline, it’s about keeping in contact with them in a (consistent) way, and that’s how we’ll bring value to the market and value to the consumer.”
To see the full interview, click here: https://www.alizila.com/video/how-loreal-reinvents-itself-for-11-11/