Cosmetic giant L'Oreal just signed a Memorandum of with the state and city of Rio Understanding to acquire land with a total surface area of more than 28,000 m2. The company plans to build its Research and Innovation Center on Bom Jesus Island in Rio de Janeiro to accelerate the growth of products tailored for the Brazilian and Latin American markets that may potentially be marketed in other locations around the world.
According to Packaged Fact's "The Latino Health and Beauty Care Market" report, aggregate spending by Latino consumer units on personal care products and services grew from $5.3 billion to $7.5 billion between 2000 and 2009, an increase of 41 percent, while spending by non-Latino consumer units grew by only 15 percent.
"The move to build a laboratory in Brazil is in line with L’Oréal’s globalization strategy of meeting every beauty inspiration by providing the most local innovations for consumers and adapting to each culture’s specific needs," said Didier Tisserand, managing director of L’Oréal Brazil.
According to the company, Brazilian officials are working to transform Bom Jesus Island into a Green District with a cluster of high-technology research centers that rely on renewable energies. The project meets LEED standards (Leadership in Energy and Environmental Design) and the Group’s sustainable development standards.
