(Yicai) Sept. 15 -- Vincent Boinay, general manager of travel retail at French cosmetics giant L’Oréal, will replace the previous chief executive of L’Oréal China and president of North Asia Zone.

Boinay will move to Shanghai soon and fully assume his new responsibilities in February 2024, the Paris-headquartered company said in a press release yesterday. His predecessor, Fabrice Megarbane, will become chief global growth officer after Frederic Roze announced he will retire in January. Meanwhile, Emmanuel Goulin, GM of L’Oréal Italy, will follow in Boinay's footsteps and become the new president of travel retail worldwide.

Before Boinay's latest appointment, he has already worked for L’Oréal for over 30 years. He became GM of travel retail in 2014 and joined the executive committee in 2019. In his current role, Boinay has strengthened L’Oréal’s global leadership in this important sector, making it a major contributor to the company’s growth, per the release.

In light of the increased complexity of the Chinese market, Laurence Ma, GM of L’Oréal Luxe China, will be named deputy chief executive in charge of divisions in China, a new role. She will continue to manage L’Oréal Luxe China and lead three other divisions.

China is L’Oreal's second-largest market in the world. In the second quarter, recovery accelerated as revenue from North Asia, including China, grew by 6 percent to EUR2.8 billion (USD3 billion) year-over-year, accounting for about 28 percent of the total.

Editor: Emmi Laine