WEBVTT - L’Oréal Paris Honors Women of Worth

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<v Speaker 1>This is Bloomberg Business Week with Carol Messer and Bloomberg

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<v Speaker 1>Quick Takes Tim Stinovic on Bloomberg Radio. So Loyal Paris

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<v Speaker 1>has been highlighting remarkable and inspiring women through its Women

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<v Speaker 1>of Worth program. Let's find out a little bit more

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<v Speaker 1>about it. Lucky to have with us Ali Goldstein. She's

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<v Speaker 1>Loreal Paris USA President and she's joining Tim and me

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<v Speaker 1>in our Bloomberg Interactive Broker's studio. First of all, so

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<v Speaker 1>great to have you here. How are you good? Thank

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<v Speaker 1>you Carol and Tim for having me. It's a pleasure

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<v Speaker 1>to be here to talk about this program. And it's

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<v Speaker 1>been going on for several years. Remind our audience what

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<v Speaker 1>it's all about. So this is the sixteenth year that

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<v Speaker 1>we are doing this program, so it's been quite a

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<v Speaker 1>long time. So this is the program is called the

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<v Speaker 1>Loyal Paris Women of Worth Program. It's our signature philanthropic

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<v Speaker 1>event where we recognize extraordinary women who are doing things

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<v Speaker 1>in their communities, giving back and helping those that are

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<v Speaker 1>less fortunate. Um and and it's often women who have

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<v Speaker 1>gone through some incredible tragedies. For the majority of the women,

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<v Speaker 1>their causes and these are causes and foundations that they

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<v Speaker 1>create their nonprofit organizations, and for many of them, they

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<v Speaker 1>come from personal stories, so tragedies or problems that they

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<v Speaker 1>or their family have experience have experienced, and that becomes

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<v Speaker 1>the root of creating a program to give back to

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<v Speaker 1>others and helping people like them to get through these

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<v Speaker 1>sometimes terrible events. How does the selection process go? So

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<v Speaker 1>the way it works is at the beginning of each year,

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<v Speaker 1>we do a call for nominations, so we invite the

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<v Speaker 1>public to nominate. Women can nominate themselves, or women can

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<v Speaker 1>nominate people can nominate other women. We have an application

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<v Speaker 1>process that's available through our website. This year we received

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<v Speaker 1>over almost two thousand applications, so we get quite a

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<v Speaker 1>range of of applications, and then we invite our employees

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<v Speaker 1>and our partners that we work with to go through

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<v Speaker 1>those applications and then we narrow them down to a

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<v Speaker 1>short list of you know, a smaller set. Then we

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<v Speaker 1>have a panel of judges of which I'm part of.

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<v Speaker 1>It Prior honorees are part of it UM industry leaders

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<v Speaker 1>that we work with that Lorial Paris works with. So

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<v Speaker 1>there's about ten of us who vet through the finalists,

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<v Speaker 1>if you will, and we select the final ten honorees,

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<v Speaker 1>so each year it's ten honorees. So because it's sixteen

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<v Speaker 1>years and we're now up to a hundred and sixty

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<v Speaker 1>women that we recognized UM in the last sixteen years,

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<v Speaker 1>and they're pretty fantastic women well and full transparency pre

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<v Speaker 1>pandemic I I got. I was honored to be involved

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<v Speaker 1>with it and was able to present UM for a

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<v Speaker 1>couple of the dinners that you used to do to

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<v Speaker 1>honor these women. But what really struck me is that

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<v Speaker 1>these were individuals, as you said, like tragedy or something

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<v Speaker 1>happened in their lives and they were able to turn

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<v Speaker 1>that tragedy into awareness and to helping others. Give us

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<v Speaker 1>an idea of some of the women. There's Brianna, There's Natalie,

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<v Speaker 1>like and and some of their causes. So this year,

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<v Speaker 1>the range of causes is quite diverse, and we actually

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<v Speaker 1>look for a diverse range of philanthropies that they work.

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<v Speaker 1>So this year UM, some of the things that we

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<v Speaker 1>some of the women we recognize, for example, a woman

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<v Speaker 1>named Natalie Wilson who leads an organization called Black and Missing,

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<v Speaker 1>the Black the Black and Missing Foundation, and and it's

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<v Speaker 1>she helps bring awareness to locate missing Black women UM,

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<v Speaker 1>and what we have understood is that black women who

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<v Speaker 1>have gone missing UM have a much lower likelihood of

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<v Speaker 1>being found because of how the structure of our country works.

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<v Speaker 1>And so she brings awareness. So she uses social media

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<v Speaker 1>to get out awareness and help UM find these missing individuals.

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<v Speaker 1>So that's one organization. We have another organization called Sore

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<v Speaker 1>Overheat or so We're over Hate. A woman named Nancy

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<v Speaker 1>Tran has founded that and that organization is helping UM

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<v Speaker 1>older Asian Americans UM protect themselves against xenophobia and we

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<v Speaker 1>know that's become so prevalent through covid A specially UM.

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<v Speaker 1>So there's quite a range. We're dealing with issues. Some

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<v Speaker 1>are dealing with issues of mental health among teenage teenagers.

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<v Speaker 1>A woman who started that organization her son unfortunately committed suicide,

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<v Speaker 1>so now she's helping UM other families who are facing

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<v Speaker 1>that that issue. UM. We have causes ranging from cancer, support,

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<v Speaker 1>food insecurity. So it's quite a range UM, and we

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<v Speaker 1>look for a diversity, and I feel like it's like

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<v Speaker 1>so many of the issues that we've some of them

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<v Speaker 1>that we've talked about, certainly over the year UM and

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<v Speaker 1>certainly under the pandemic. Tim was noticing that you've been

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<v Speaker 1>at Loreal a long time. So this is my twentieth

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<v Speaker 1>anniversary with Loreal. I started my career following business school

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<v Speaker 1>with Loreal, and I've been there the whole time, twenty years. Um,

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<v Speaker 1>grown up through the marketing ranks. Um, what's your first

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<v Speaker 1>job there? My first job was assistant brand manager on

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<v Speaker 1>Preference Hair Color, which is actually so it's actually very

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<v Speaker 1>infamous that it's that because Preference Hair Color is the

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<v Speaker 1>brand that started the tagline because You're worth it. So

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<v Speaker 1>it's really very emotional for me to have started there

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<v Speaker 1>and now twenty years later to be leading this business. Well,

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<v Speaker 1>it's so interesting to look at the experience you've had

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<v Speaker 1>because you were also part of Florial, Paris Facial Skincare,

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<v Speaker 1>Mabeling Garnier. Then you were part of the consumer products

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<v Speaker 1>division and New Ventures. And I'm wondering what you would

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<v Speaker 1>say to to somebody who's early in their career, perhaps

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<v Speaker 1>just graduating from business school right now, and they see

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<v Speaker 1>a company they want to spend their career with. How

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<v Speaker 1>do they work their way up? Yeah? So I think

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<v Speaker 1>for me, and people ask me this all the time,

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<v Speaker 1>how how are you still here, and I think clearly

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<v Speaker 1>they're sort of the fundamental It's hard work, you know,

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<v Speaker 1>build your relationships, um be collaborative, listen. I think a

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<v Speaker 1>lot of it is have some humility and be flexible

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<v Speaker 1>so the path that you think you're going to take

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<v Speaker 1>is never the one that actually happens. And be open

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<v Speaker 1>to ideas. You know. One of the reasons why I've

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<v Speaker 1>stayed at Loreal is because every time I sort of

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<v Speaker 1>was board or I had plateau, there was always a

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<v Speaker 1>new opportunity, which is why I was able to move

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<v Speaker 1>around and work on different businesses and take more responsibility.

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<v Speaker 1>But it was never what I thought it was going

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<v Speaker 1>to be. It was like you had to have a

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<v Speaker 1>leap of faith a little bit and trust the organization

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<v Speaker 1>and sort of be flexible, be open to try new

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<v Speaker 1>things and and see where it goes. So each each

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<v Speaker 1>move was almost like a new having a new opportunity

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<v Speaker 1>at a new company within the security of a big organization.

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<v Speaker 1>It almost has like an entrepreneurial nature that you're able

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<v Speaker 1>to try something new, sit tight. We're gonna come back

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<v Speaker 1>and talk more with Ali Goldstein, President of Loreal, Paris, USA.

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<v Speaker 1>This is Bloomberg. I want to get back to Ali Goldstein.

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<v Speaker 1>She's Loreal Paris USA President. She's here in our Interactive

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<v Speaker 1>Broker studio. We've been talking about, uh, the Women of

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<v Speaker 1>Worth program. As you say, it must be hard to

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<v Speaker 1>select because you have to whittle it down to ten

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<v Speaker 1>because so many of these causes, whether it's education, whether

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<v Speaker 1>it's um, food, insecurities. I mean, they are all dealing

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<v Speaker 1>with such important issues. Yeah, and it is hard, and

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<v Speaker 1>we so we spend a few we we spend hours actually,

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<v Speaker 1>you know, vetting the women. We read all of their bios,

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<v Speaker 1>We look at websites, We really investigate and do our

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<v Speaker 1>research to understand and we try to measure the impact

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<v Speaker 1>they're having. We look, you know, it's it's it's also

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<v Speaker 1>it's what are the women doing, What are the impact

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<v Speaker 1>that they're having. How do we ensure we have a

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<v Speaker 1>diverse range of causes. We also look for diversity of

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<v Speaker 1>the women themselves, you know, age, ethnicity, geography, to make

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<v Speaker 1>sure that we can recognize arrange because we have so

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<v Speaker 1>many consumers and we have so many employees, and everyone's

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<v Speaker 1>passionate about a different thing, and so that's also part

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<v Speaker 1>of it is you know, I guess you could say,

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<v Speaker 1>as a as a company, Laureal Paris had a choice

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<v Speaker 1>do we stand for one cause or do we find

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<v Speaker 1>a way to reach many people across different causes, and

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<v Speaker 1>we chose the latter route, which we're pretty proud of.

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<v Speaker 1>You bring together extraordinary women from all over the country

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<v Speaker 1>each and every year, and I'm wondering how they're able

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<v Speaker 1>to use this as a way to network with people

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<v Speaker 1>who have had similar experiences, people who run similar organizations,

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<v Speaker 1>and then they take that experience and then move on

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<v Speaker 1>and create this network that that last year's absolutely so

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<v Speaker 1>the way it works is as Loreale Paris, we try

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<v Speaker 1>to provide more than just a financial reward for these women,

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<v Speaker 1>So we actually as a company bring our resources as

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<v Speaker 1>a company to give them education and mentorship. And we

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<v Speaker 1>also we like to keep the alumni of the program

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<v Speaker 1>as a network. So it's not one and done. It's

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<v Speaker 1>these women. These hundred and sixty women are now part

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<v Speaker 1>of this very special group called the Women of Worth,

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<v Speaker 1>and we try to keep in touch with them and

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<v Speaker 1>and see how they're doing throughout as the years progress

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<v Speaker 1>and partner women with similar types of causes, because some

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<v Speaker 1>are more advanced in their in their philanthropies, some are

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<v Speaker 1>just starting and they can learn from each other. So

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<v Speaker 1>each year we also do an educational summit where we

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<v Speaker 1>bring the current years honorees together and we we provide education,

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<v Speaker 1>but we also bring back some of our alumni as

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<v Speaker 1>well and provide support. So it's it's much more than dollars.

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<v Speaker 1>It's also lots of networking. As you said, education, UM,

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<v Speaker 1>and of course awareness. What what's the impact of the

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<v Speaker 1>platform that you give these individuals and all of the

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<v Speaker 1>women over the last what fifteen sixteen years? What's been

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<v Speaker 1>the result of you know, their connection with you and

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<v Speaker 1>the platform that you provide them. And I know you

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<v Speaker 1>guys have now you now do a program, a television program.

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<v Speaker 1>Tell us a little bit about that. So UM last

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<v Speaker 1>year we shifted how we brought awareness to these women.

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<v Speaker 1>UM partly was linked to COVID, but in the end

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<v Speaker 1>we feel it was absolutely the right thing to do

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<v Speaker 1>UM and we really wanted to bring some scale and

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<v Speaker 1>broad awareness to these fantastic women. So we partnered with

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<v Speaker 1>NBC to create a one hour primetime TV spec where

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<v Speaker 1>we worked with our Loreal Paris spokespeople UM to interview

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<v Speaker 1>the women and showcase what they do in their communities.

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<v Speaker 1>We brought film crews to their community so they could

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<v Speaker 1>see the people that they were impacting and really showcase

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<v Speaker 1>their work. UM. So that was last year was the

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<v Speaker 1>first year we're doing it. We're super excited that we're

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<v Speaker 1>doing it again this year. So if I could plug

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<v Speaker 1>the show this year is UM will be aired on

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<v Speaker 1>December sixteen, eight o'clock on NBC. If if you like

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<v Speaker 1>to watch it, I encourage whoever is interested to to

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<v Speaker 1>UM tune in. It's a fantastic program. And this year

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<v Speaker 1>actually we were able to bring all of the honorees

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<v Speaker 1>to Paris UM to film the show in the heart

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<v Speaker 1>of the city where a Loreal Paris was founded. So

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<v Speaker 1>what a special experience for the women UM and they

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<v Speaker 1>were able to meet our spokespeople and have a very

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<v Speaker 1>special experience UM you know from Loreal Paris. So they

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<v Speaker 1>were able to meet each other and that work and

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<v Speaker 1>have this special trip to Paris. We filmed the show

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<v Speaker 1>and now it's it's all being put together, so it's

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<v Speaker 1>pretty fantastic. But it's really about bringing awareness to the

0:11:08.960 --> 0:11:12.079
<v Speaker 1>women and their causes and giving them a national stage

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<v Speaker 1>UM and and in the past for some of these

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<v Speaker 1>women they've really gone on to do amazing things or

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<v Speaker 1>their causes. We've had one woman received a Nobel Peace Prize.

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<v Speaker 1>We've had two women received presidential medals. We've had women

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<v Speaker 1>go and and and and work with their senators to

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<v Speaker 1>create legislation through Congress. So we think we have a

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<v Speaker 1>pretty good track record. The women have really done some

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<v Speaker 1>outstanding things well. And it's interesting too, and you talk

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<v Speaker 1>about I know some of these causes, right, I mean,

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<v Speaker 1>women have have gone on to raise lots of money

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<v Speaker 1>for their cause and really whether it's you know, cancer

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<v Speaker 1>progress with kids and sons of like, it's really remarkable.

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<v Speaker 1>And as you say, like there's a lot of things.

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<v Speaker 1>Sometimes you think there's attention or time spent on something,

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<v Speaker 1>but there's no payoff. It's really wonderful to see that

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<v Speaker 1>by raising these women up and giving them the platform

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<v Speaker 1>connected with you guys, that they're able to then make

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<v Speaker 1>some significant in rows. Let's have some and this for

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<v Speaker 1>us is really important. So over the last sixteen years,

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<v Speaker 1>we've we've contributed over two million dollars towards these women's organizations.

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<v Speaker 1>This year we actually decided to double the investment because

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<v Speaker 1>we believe it's that important. So um. So historically we've

0:12:24.720 --> 0:12:27.000
<v Speaker 1>given it's not a huge amount of Each year we've

0:12:27.040 --> 0:12:29.480
<v Speaker 1>given each woman ten thousand dollars. This year we've doubled

0:12:29.480 --> 0:12:32.880
<v Speaker 1>it to twenty dollars. The National honor we had another

0:12:32.920 --> 0:12:36.320
<v Speaker 1>two dollars, and hopefully with the spotlight of the NBC

0:12:36.440 --> 0:12:41.000
<v Speaker 1>special will have support from consumers as well and others. Okay,

0:12:41.000 --> 0:12:44.040
<v Speaker 1>so don't judge me, but I'd be like killed by

0:12:44.080 --> 0:12:47.360
<v Speaker 1>my producers to have you in here and not ask

0:12:47.400 --> 0:12:51.480
<v Speaker 1>about kind of the environment. Okay, how is like the world? Like,

0:12:51.520 --> 0:12:53.360
<v Speaker 1>how do you see the world right now? Like we're

0:12:53.600 --> 0:12:56.160
<v Speaker 1>we have lots of like volatility within the markets and

0:12:56.200 --> 0:12:57.640
<v Speaker 1>so on and and so forth. Does it feel right now?

0:12:58.320 --> 0:13:02.040
<v Speaker 1>So it's still very volatile right every day? Who knows

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<v Speaker 1>what we're going to face. Um, But I'm I'm optimistic,

0:13:05.400 --> 0:13:08.920
<v Speaker 1>you know, within the beauty industry, we're optimistic. It's the

0:13:08.960 --> 0:13:12.760
<v Speaker 1>holiday season. People are back using makeup, buying makeup. We

0:13:12.880 --> 0:13:17.400
<v Speaker 1>just went through, you know, the Thanksgiving weekends. People are shopping, um,

0:13:17.440 --> 0:13:21.720
<v Speaker 1>which isn't very encouraging. And I'm optimistic that people are

0:13:21.720 --> 0:13:23.840
<v Speaker 1>seeing the light at the end of the tunnel tunnel

0:13:23.880 --> 0:13:26.480
<v Speaker 1>whatever that light. Maybe it's a it's a new normal

0:13:26.520 --> 0:13:29.640
<v Speaker 1>that we don't know yet, um, but I'm optimistic that

0:13:29.760 --> 0:13:33.240
<v Speaker 1>things are getting better at least week. Can we see

0:13:33.240 --> 0:13:37.320
<v Speaker 1>our consumers wanting to get back to some normal life. Um.

0:13:37.360 --> 0:13:40.199
<v Speaker 1>And so it's it's volatile, as I said, every day

0:13:40.280 --> 0:13:43.480
<v Speaker 1>can be challenging, lots of issues of course that we're

0:13:43.480 --> 0:13:47.640
<v Speaker 1>all facing. Um, But but we are excited and our

0:13:47.679 --> 0:13:50.520
<v Speaker 1>offices are open and we're happy to be back engaging

0:13:50.520 --> 0:13:53.760
<v Speaker 1>with people live. When does this special again? And December

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<v Speaker 1>eight pm? Alright, good. These are remarkable women. Take my

0:13:57.520 --> 0:14:00.000
<v Speaker 1>word for it, take Allie's word really for it, um,

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<v Speaker 1>because it's been year after year of them doing incredible stuff.

0:14:02.600 --> 0:14:04.640
<v Speaker 1>Thank you so much. Ali Goldstein, she's president of Lorial

0:14:04.679 --> 0:14:07.439
<v Speaker 1>Paris USA, talking about their Women of Worth program,