This is the 30th year L'Oréal is running this worldwide innovation contest, in which teams from around the globe reimagine the future of the beauty industry by creating marketing ideas for the cosmetics giant and its several dozen brands.
By enrolling in a special Fashion Merchandising elective (FASH 2690), students will form into teams and prepare for the competition. Led by LIM professor Marc Benhamou, the class will teach students about L'Oréal as a company, guide research into their marketing pitch, and ultimately culminate with their official contest submission.
L'Oréal is offering three different solution “tracks” that student groups can choose from this year:
- The Inclusion Track is for products and services that challenge and disrupt the traditional approach to beauty products and services, to empower and promote diversity.
- The Green Track will focus on pitches that hold sustainably in production, distribution, etc. as key proposal elements.
- The Tech Track is for new approaches to beauty personalization and experience, through the use of emerging digital tools and technology.
With 30,000+ students expected to participate, L'Oréal plans to first pick a top team per country, and then organize the contest at the international level. Grand prizes in this highly competitive completion will include intrapreneurship opportunities within L'Oréal, with three grand prizes, one for each track, involving a trip to Paris.
“This class and this competition are a great way for students to learn about a specific industry and the biggest company within that industry," said Professor Benhamou, "Students will gain an understanding of competitiveness at a very high level, as they'll be challenged to find a great idea and present it well."
LIM students interested in learning more are encouraged to reach out to Professor Benhamou (email@example.com) or Fashion Merchandising Chair Nancy Miller (firstname.lastname@example.org).