Business Strategy and Outlook
| David Swartz |We believe L’Oreal has secured a wide moat, fortified by a mix of market-leading brands, entrenched relationships with retailers, and a scale-based cost advantage. L’Oreal is the world’s third-largest advertiser, which we think affords it a degree of negotiating power. We expect these benefits to endure for the next 20 years, prompting its wide moat designation.