New York, New York -- .....Four years before "The Apprentice" appeared on the horizon, there was a business competition that was already testing the business savvy of graduate and undergraduate business students around the world: the L'Oreal e-Strat Challenge. Now in its fifth year, the e-Strat Challenge has been providing students with the opportunity to put themselves in the driver's seat of a global cosmetic business, complete with the intellectual stimulation needed to sharpen skills necessary for becoming leaders in the corporate world. The emphasis is squarely placed on teamwork, leadership, decision-making skills, strategic thinking and good business reflex.

The purpose of the Challenge is to allow students to put their managerial, strategic and critical decision-making abilities to the ultimate test - in other words translate their classroom knowledge into real experience -- complete with the complexities and ever-changing landscape of the demanding business world - particularly as it relates to the cosmetic industry. Making it is as real as it can get.

Teams of three players each, in groups of undergraduate and MBA students, are asked to enter a virtual world where they become captains of industry in charge of PRIMA, a cosmetic company not unlike L'Oreal, and its portfolio of brands. During five rounds of the Challenge, students must make more than 1000 critical decisions and with each decision, gain market and share price advantage over their competition, which is four other virtual companies. For the first time this year students will also have to make decisions throughout the game taking into account Corporate Social Responsibility issues.

During the semi-final round each team is required to present a business plan outlining their company's production, marketing and financial objectives along with a strategy and a tactical implementation plan. Those teams selected to move on to the seventh and final round will attempt to out-perform an international pool of competitors, as they defend their overall business strategy and attempt to "sell" their virtual company to L'Oreal as part of the grand finals on March 31st, 2005.

Last year top teams from Kellogg School of Management in the U.S., INSEAD in Singapore and Fudan University in China took top honors in the MBA division while teams from Universitas in Indonesia, University of International Business and Economics in China and Sabanci University in Turkey took similar honors in the Undergraduate division.

With this year's launch of L'Oreal e-Strat Challenge 5, the competition is expected to attract an even greater number of participants than last year's record breaking 30,000 registrants. At least 1500 teams will be selected to start, 300 teams will make it into the semi-finals and 16 teams (8 MBA and 8 undergraduate) will go on to Paris for the international finals at the end of March.

"The L'Oreal e-Strat challenge competition is a ground-breaking and selective recruitment tool that revolutionizes the sit-down interview mentality to recruit managers," says Celica Thellier, Vice President, L'Oreal Corporate Strategic Recruiting. "Through the L'Oreal e-Strat Challenge we have been able to get in touch with the very best students worldwide while introducing them to the business challenges of our industry. This tool has made the recruitment process a true meeting of minds,"

To date, more than 56,000 students from 1600 Universities and Business Schools worldwide have participated in this business game. L'Oreal's commitment to use business games as part of the company's innovative recruitment strategy is ongoing and more than 100 players have been recruited internationally.

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L'Oreal USA, headquartered in New York City, with annual sales of over $3.8 billion and 8,400 employees, is a wholly-owned subsidiary of the L'Oreal Group, the world's leading cosmetics company. L'Oreal USA has Research & Development, Manufacturing, Distribution and Administration facilities in New Jersey, New York, Kentucky, Arkansas, Illinois, Ohio, Colorado and Georgia. The company's prestigious brand portfolio includes, L'Oreal Paris, Lancome, Maybelline New York, Garnier, Redken 5th Ave NYC, Soft Sheen/Carson, Kiehl's Since 1851, L'Oreal Professionnel, Matrix, La Roche-Posay, Ralph Lauren Fragrances, Vichy, Giorgio Armani Parfums and Cosmetics, Biotherm and Shu Uemura.

L'Oreal

L'Oreal

A worldwide leader in the cosmetics industry, L'Oréal develops innovative products to meet the diverse needs of customers in 130 countries worldwide. Over 3,000 people work in the Group's 14 research centers, located in France, Asia and America. Their findings are responsible for the registration of hundreds of patents annually. Women represent 55% of the research workforce - a percentage unmatched anywhere else in the industry. www.loreal.com

 

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