Review L’Oreal’s brand portfolio. What role have target marketing, smart acquisitions, and R&D played in growing those brands? Who are L’Oreal’s greatest competitors? Local, global, or both? Why? What has been the key to successful local product launches such as Maybelline’s Wondercurl in Japan? What’s next for L’Oreal on a global level? If you were CEO, how would you sustain the company’s global leadership.