Mr. Luc Nadeau, current President of L'Oreal USA Luxury Products Division is moving to L'Oreal Canada where he is taking a dual role as President of the Luxury Products Division and Executive Vice President Corporate Communications/External Relations, effective Sep 1, 2003.

In this dual mandate, Mr. Nadeau's responsibilities will be expanded to encompass leading the strategic direction for the company's portfolio of luxury brands and developing a long-term strategy to build upon the corporate image and reputation of L'Oreal in Canada.

Mr. Nadeau will report to Jochen Zaumseil, President of L'Oreal Canada.

This move will is a homecoming for Mr. Nadeau who is a native Canadian and joined L'Oreal USA from L'Oreal Canada in 1998 as Senior Vice President, General Manager of Lancome.

In May 2001 Mr. Nadeau was promoted to President of the Luxury Products Division responsible for the company's portfolio of prestige distribution brands including Lancome, Ralph Lauren Fragrances, Giorgio Armani Parfums and Cosmetics, Kiehl's Since 1851, Biotherm, Helena Rubinstein and Shu Uemura.

Concurrently, Mr. Edgar Huber, President of Kiehl's Since 1851, has been promoted to President of L'Oreal USA's Luxury Products Division, succeeding Mr. Nadeau.

Mr. Huber joined the L'Oreal Group in 1992 and has held various management and international leadership positions, including Managing Director of the Luxury Products Division in the UK, before joining L'Oreal USA in April 2002.

Mr. Huber will report to Mr. Agon. A new General Manager for Kiehl's will be announced shortly.