NEW YORK--(BUSINESS WIRE via COLLEGIATE PRESSWIRE)--Oct 25, 2002--L`Oreal today announced the official launch of the 2003 e-Strat Challenge.
Now in its third year, e-Strat is an innovative competition providing student participants with an opportunity to match their business wit and skills, in a simulated business environment.
Perhaps the best demonstration of L`Oreal`s commitment to bringing the business and academic worlds closer together, e-Strat has fast become one of the most anticipated events on Business School campuses and Universities around the globe.
Starting now through December 2nd 2002, students from all four corners of the globe will be able to register online in teams of three for e-Strat Challenge 2003. Once selected, the students and their teams are placed in the virtual driver`s seat of a leading, online simulated, global cosmetic company. For a period of two months they will assume the role of a General Manager facing real-time market situations.
At the heart of the challenge is - team work - the ability to discuss strategy and make tactical decisions to ensure that ''their'' company stays on track against the competitive field of four other virtual cosmetic businesses. Students need to consider such business realities as pricing policy, production issues, research and development strategy, finance, marketing, advertising and brand positioning.
L`Oreal has gained the respect of the international business and academic community for developing, organizing and managing the e-Strat Challenge. The company was recently voted one of Europe`s top ten companies to work for by Fortune Magazine, and its President and CEO, Lindsay Owen-Jones was selected this year`s ''Star of Europe'' by Business Week Magazine.
''L`Oreal`s corporate culture is one that attracts the best talent, promotes leadership and is firmly committed to diversity. Being voted one of the best companies to work for, we are eager to share our enthusiasm with e-Strat players from around the world,'' says the Group`s Executive Vice President of Human Resources, Francois Vachey.
Since its launch in 2000, the e-Strat Challenge has brought together more than 10,000 students from 50 countries. The most international of online business simulation games available today, the e-Strat Challenge last year saw 2,400 students take up the challenge.
This year the e-Strat Challenge has been significantly enhanced. The simulation software has been adjusted to include increasingly changing consumer behaviour and evolutions in the structure of distribution, to more closely mirror the kind of behaviour witnessed by L`Oreal in the cosmetics market.
In an important move to provide participants with greater exposure to real-life situations, a new twist has been incorporated: the winners from each region will be invited to submit a strategic business plan, present and defend their strategy before the L`Oreal e-Strat Committee at company headquarters in Paris, France. A prestigious awards ceremony will follow later that day to announce and celebrate the overall worldwide winners.
Register online from October 21st - December 2nd: www.e-strat.loreal.com
About L`Oreal
L`Oreal S.A., based in Paris is the world`s leading cosmetics company with 2001 consolidated sales of 13.7 billion euros. Operating in more than 150 countries and employing more than 48,000 people, the L`Oreal Group manufacture and market such well-known brands as L`Oreal Paris, Lancome, Maybelline, Garnier, Redken 5th Ave NYC, Soft Sheen/Carson, Kiehl`s, Matrix Essentials, La Roche-Posay, Vichy, Dermablend, Ralph Lauren Fragrances, Giorgio Armani Parfums and Cosmetics, Biotherm, Shu Uemura and Helena Rubinstein.
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