A new boss at L’Oréal will have to prove he is worth it

ACCORDING TO INDUSTRY lore, lipstick sales increase in recessions as women opt for affordable indulgences. This time it has been firms peddling masks and video-conferencing software that have prospered. But as face-to-face life slowly resumes in much of the world, purveyors of shampoo, skin creams, perfumes and the like are wondering how the pandemic will have changed beauty habits. At L’Oréal, the world’s biggest such firm, it will be up to a fresh face to navigate this new world.Nicolas Hieronimus, who is set to take over as chief executive after a shareholder vote on April 20th, will be only the sixth boss since the French firm was founded in 1909. Stability in the upper ranks reflects the fact that L’Oréal has been a standout performer in an industry that has itself grown steadily. Investors, led by the Bettencourt family which inherited what is now a one-third stake worth $76bn, have emphasised continuity. After 15 years leading the group Jean-Paul Agon will focus on his role as chairman. Mr Hieronimus has been deputy chief executive for four years, and spent his working life at the group.