French cosmetics giant L’ Oreal will reportedly proceed with more information over a possible “major investment” in Greece, all in the wake of a disclosure of a previously unannounced meeting late last month between Greek Prime Minister Alexis Tsipras and L’ Oreal International CEO Jean-Paul Agon in Paris.
What followed this week was widespread media speculation in the crisis-plagued country over the scope, level and possible Greek partners in any L’ Oreal investment in Greece.
The French multinational’s Greek subsidiary, L’ Oreal Hellas, was one of the oldest cosmetics wholesalers and producers in the country, first opening its doors in 1971 and with production until 1999, when an earthquake damaged its facilities in northwest Athens.
Reports pointed to a possible re-emergence of the French company’s Greek subsidiary in the cosmetics production sector, especially via a partnership or other form of cooperation with Greece-based Apivita, a high-flying producer of natural cosmetics and other health and beauty products it promotes as holistic, and its organic foods producer, Apigea.
Nevertheless, top officials of the Greece-based firms have made no statement whatsoever over cooperation with a foreign backer.