Top-management switch at L'Oréal Italia as Scocchia leaves, replaced by Fenart
L'Oréal has announced the appointment of François-Xavier Fenart as President and CEO of the French cosmetics giant's Italian subsidiary. He replaces Cristina Scocchia, who informed the senior management she is leaving the group.
After an international career in the beauty business, Scocchia joined L'Oréal Italia in 2013 as CEO. She contributed to guiding the company back on the growth track in both revenue and market share, despite the challenging local economic environment. The Italian top manager also drove the group's modernisation, by grouping all of its four divisions together in a single, Milan-based head office.
François-Xavier Fenart, 54, has made its way to the top of L'Oréal Italia after a 25 year-plus career within the French group. He first joined L'Oréal at the end of the 1980s in the Consumer Goods Division, taking on increasingly senior roles in the sales department.
His international career took off in January 2001, first in Taiwan as General Manager of the Consumer Goods Division, then in Holland as Country Manager. In 2005 he was appointed Country Manager of L’Oréal Brazil. From the end of 2011 Fenart moved to Spain, also in the Country Manager role, and managed to lead the subsidiary back on a consistent growth path.
Last year, the French cosmetics giant's global net income fell by 5.8%, down to €3.1 billion, chiefly due to non-recurring elements worth €541 million, including €447 million in asset depreciation for its Magic and Clarisonic brands. The group's sales instead rose 2.3%, or 4.7% in like-for-like terms and at constant exchange rates, reaching €25.84 billion.
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