L’Oréal picks md of luxury goods

L’Oréal has appointed its managing director for Hong Kong, Signe Gammeltoft, to managing director of its UK luxury products division.

L’Oréal has appointed its managing director for Hong Kong, Signe Gammeltoft, to managing director of its UK luxury products division.

Gammeltoft, a former Unilever and Estée Lauder marketer, takes over from Edgar Huber, who moved to New York last month to become president of the luxury brand, Kiehl’s Since 1851 brand – the company’s prestige cosmetics division.

As managing director of the UK luxury products division, Gammeltoft will be responsible for prestige brands including Lancôme, Helena Rubinstein, Paloma Picasso, Cacharel, Giorgio Armani fragrances and cosmetics and Ralph Lauren fragrances. She joined the cosmetics company in 1997.

Gammeltoft’s appointment coincides with L’Oréal’s rumoured E13bn (£8.2bn) bid for its German rival Beiersdorf, manufacturer of Nivea. It is thought that L’Oréal is keen to consolidate its position in skincare with the acquisition of the Nivea brand.

L’Oréal’s first-quarter revenue for the year increased by 9.3 per cent, marking a return to growth after a flat fourth quarter. The beauty products manufacturer’s first-quarter revenue grew to E3.7bn (£2.33bn), compared with E3.4bn (£2.14bn) in the same period last year.

L’Oréal’s brands include Maybelline, prestige brand Lancôme, and Redken and Soft Sheen for the retail and salon haircare sector. The company also carries out cosmetology and dermatology research and has a 19.5 per cent stake in the Sanofi-Synthelabo pharmaceuticals group.

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