June 7, 2013 / 4:51 PM / in 5 years

L'Oreal says president of Lancome resigns

PARIS, June 7 (Reuters) - L‘Oreal said on Friday that Youcef Nabi, a beauty industry authority and president of its cosmetics and perfume brand Lancome, has resigned, declining to provide any explanation.

Lancome is the biggest luxury brand in terms of sales for the French cosmetics group - accounting for 11 percent of total turnover - and is its second largest contributor in terms of underlying earnings.

Nabi, who was at L‘Oreal since 1994 and became president of Lancome in 2009 at the age of 41, oversaw the successful launch of many new Lancome products including its latest perfume “La Vie est belle” advertised by Julia Roberts.

French magazine Challenges said Nabi resigned because of “strategic differences” with Nicolas Hieronimus, head of L‘Oreal’s luxury division and described by industry analysts as a potential successor to L‘Oreal Chief Executive Jean-Paul Agon.

Asked about the media report, a spokeswoman for L‘Oreal declined to comment.

Reporting by Astrid Wendlandt, editing by Elaine Hardcastle

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