Hermes CEO steps down from L'Oreal board over competing make-up line
today Apr 19, 2019
L'Oreal said his departure was "due to the recent announcement by Hermes of the launch of a cosmetics line that may represent a possible conflict of interest."
Dumas confirmed in March that Hermes, which is principally known for its leather handbags but also already operates in perfumes, was due to branch into make-up by 2020, with skincare products due later.
It will do its own manufacturing rather than licence out production, leaning on suppliers in France and Italy.
L'Oreal, which holds the cosmetics licences for fashion brands like Armani, said that investors present at its shareholder meeting on Thursday had approved the appointment of Fabienne Dulac, CEO of Orange France, to the board.
© Thomson Reuters 2019 All rights reserved.