Nihon L'Oréal, the group's Japenese subsidiary has agreed to increase its shareholding in Shu Uemura to 52.9 per cent in 2004, gaining management control of the company, which is to be fully consolidated.
"This majority shareholding enables L'Oréal to strengthen its position in the luxury sector in Japan, and boost the pace of this brand's expansion all over the world," said Gilles Weil, president of luxury products at L'Oréal.
Exactly three years after acquiring 35 per cent of Shu Uemura's Japanese operations and the sole international rights to the brand, L'Oréal is now the biggest stakeholder in the company.
Shu Uemura, the first Japanese brand in L'Oréal's portfolio is claimed to be one of the most celebrated cosmetics brands in Asia with an expected turnover of €70 million for 2003.
Named after its pioneer, Shu Uemura is the first make-up artists to produce a comprehensive product line that originated with skin care and evolved into a complete line of cosmetics, brushes, perfume, body care and cosmetic accessories.
The L'Oréal group based mainly in New York and Paris has a portfolio of 17 international brands, sold in 150 countries, including L'Oréal Professionnel, Redken, L'Oréal Paris, Garnier, Maybelline and Lancôme. The group reported its 18th consecutive year of double-digit growth in 2002, with total sales of € 14.3 billion.