True, they might not be the world’s most favoured set of initials – but being known by one and all as ‘O-J’ has apparently not harmed the career of Lindsay Owen-Jones. Or the economic interests of the French cosmetics giant L’Oréal which he has headed up as both Chairman and CEO since 1988. For apart from consolidating L’Oréal’s position as the world’s leader in cosmetics, the group has positively soared ahead with over a decade of double-digit growth since his hand has been at the helm.
Not bad going for a Welsh boy from Wallasey, n’est-ce pas, confirming the suspicion that the Principality has long since been capable of producing more than merely one wise and wily Welsh wizard.

One thousand and one. One potato. You can count a second out loud however you like – but whatever method you use – know that L’Oréal will have sold no less than 85 of its products during that brief interlude of time. Impressive statistics abound: the group is present in more than 150 countries, has more than 42,000 employees on its payroll, produces approximately 13% of all cosmetics purchases made around the world – and the value of its stocks rose by no less than 900%, thank you very much, during the 1990s. It might well have been marketing hype on Owen-Jones’s part, but when he addressed a UNESCO conference nobody batted an eyelid when he had the chutzpah to describe L’Oréal as ‘the United Nations of beauty’. And it seems that there is now no stopping O-J, as he reported net results of 464.0 million Euro - up by 22.5% - for the first six months of trading this year. All of which might lead one to believe that Lindsay Owen-Jones is a happy man. Which, needless to say, if far from being the case.

"No. Not at all", the handsome 54 year-old is quick to retort. "I am never satisfied. I am always striving for something that I will never totally achieve. The figures might suggest otherwise, but I try to convince both myself and the people around me that we might not be winning. Complacency must be fought off at all costs."

It all seems a far cry from Owen-Jones’s first job as a sales rep with L’Oréal back in the late sixties, when he would spend many a day traipsing round a wet and windy Normandy in the north of France selling Dop shampoo. But as the years went by he astutely, and repeatedly, played his trump card – a multi-cultural background – an engaging blend of internationalism with which no other eager L’Oréal recruit could possibly hope to compete. Having left Wales to study English literature at Oxford, he had gone on to study at one of France’s prestigious grandes écoles, the Fontainbleu-based INSEAD. He then married an attractive Italian woman by the name of Cristina (‘every man should have an Italian woman in his life’, he jokes) – and he has a French-born daughter. And unlike many Brits who balk at the idea of speaking anything other than English, O-J is fluent not just in his mother tongue but French, Italian and German.

But this is not just multiculturalism for multiculturalism’s sake. For Owen-Jones has gone out of his way to practise what he preaches – by making a conscious effort to diversify the cultural origins of his brands. Why? For the very simple reason that it happens to make extremely good business sense. And in sharp contrast to other aspirational western brands such as Coca-Cola and McDonalds which offer only a single cultural icon, L’Oréal can entice Asian consumers, for example, with a taste of French chic, New York attitude or Italian elegance.

One of Owen-Jones’s first moves at L’Oréal was to bring more focus to the company through a huge pruning of brands and activities. Five core businesses and technologies were identified: hair colour, hair care, skin care, colour cosmetics and fragrances. Focus was the watchword. He also decided to concentrate on no more than 10 global brands – which now account for 85% of sales. But what brands! For how many people know that its L’Oréal pulling the strings behind names such as Laboratoires Garnier, Maybelline, Redken, Lancôme, Helena Rubinstein, Biotherm, Vichy and Ralph Lauren Parfums? You are anxious to buy into a part of the American dream – then Maybelline New York is there for the taking. ‘Le latin way of life’ (as the company’s PR people put it) – then Giorgio Armani is there for the taking. From the Owen-Jones camp, therefore, the message is quite clear: its multiculturalism at home – and multiculturalism at work. And thus turning what many marketing gurus consider a constraint into a marketing virtue.

This approach has also turned out to be something of a shrewd move politically. In the aftermath of the embattled economic summits of Seattle and Prague the top executives of McDonalds and Coca-Cola are now loathe to articulate the word ‘globalisation’ at anything more voluble than a murmur. And you would certainly never hear anyone who wants to keep his job mention the dreaded G word at a press conference. Not so chez L’Oréal. This year’s annual report could hardly be more clear: ‘L’Oréal is engaged in a policy of accelerated globalisation, the role of which is central to the further growth of the group.’ So while McDonalds restaurants are smashed up from time to time by rioters in London or occupied by irate farmers in the south of France – the show goes on for L’Oréal. And it does require some stretch of the imagination, it has to be said, to see a rioter reaching over the cosmetics counter and seeking out the label Lancôme before reaching for the bottle and smashing it to the ground in disgust. So vive the absence of a homogenised brand says Lindsay Owen-Jones.

Bernard Ramanantso, dean of the French business school network Groupe HEC, is convinced that he has hit the nail on the head in terms of explaining Owen-Jones’s success: the fact that he is a ‘seductive’ leader.

"Here is a person who is at ease internationally, adaptable – and able to give a larger meaning to his own employees", he says. "Owen-Jones is considered a charismatic. But really he’s a seducer. The charismatic is the one on television. The seducer is in his company. Owen-Jones turns down practically every invitation to talk in public. Why? Because all his energy is directed towards his company and his co-workers."

And what would the business school boffins have to say about this? That O-J’s notion of market research is to head off to the hustle and bustle of the big stores – and to talk to people in the street. With any particular objective in mind?

"Sure. Because I want to know if the theory matches the facts", Owen-Jones affirms, "and whether or not the facts match the theory. We might have this great strategy back in the head office at Paris and of how we are going to implement it world-wide. But when you go out and look at what’s happening – be it in New York or Shanghai – you want to know whether or not there a big gap between your projections and the reality of what you see and hear?"

L’Oréal’s energetic boss is also likely to enter an appearance in the boardrooms of other cosmetic companies this coming year – chequebook in hand. Having already acquired 6 companies during the last 5 years, he is actively exploring acquisition targets in Asia and elsewhere. For as the European market becomes increasing congested Owen-Jones is looking further afield – to India, Africa and a number of countries in Latin America too.

"We are constantly on the look out for acquisitions", he confirms, "for companies that will complete either our brand portfolio, our technology families, or our geographical presence."

Often first in the office and the last to leave, O-J sets an example to the troops by packing in an extremely long working day. Which might lead one to the suspicion that all work and no play makes O-J a dull boy. Hardly. To begin with, weekends are sacred. And once out of the office you are likely to find action man Owen-Jones heading off to pilot his private helicopter, to the Mediterranean to race his 77-foot Wally or to the French Alps to ski. ‘Anything that requires total concentration’, he says. He also has a taste for the finer things in life – notably French wines.

"I do have the most superb cave of Bordeaux", he confides with a twinkle in his eye. But don’t confuse me with my friend Bernard Arnault (head of the luxury goods group LVMH) who collects grands vins but never tastes them. I’m quite the opposite – I’m all in favour of opening every bottle!"

Good food, good wine, a good break – and then its back to work on the following Monday morning - batteries recharged and suitably refreshed.

"I’ll be honest with you", Owen-Jones concludes, indicating with his head that he is about to confide a great confidence.

"I’m a bit of a perfectionist. I am a great stickler for detail. I like to know everything that’s going on here at L’Oréal. But I have learned to delegate. Gone are the days when every single decision was taken here at our Paris HQ. Nevertheless, I’m perfectly well that I drive people mad and can be a complete pain the arse."

‘And what about that well-reported massive salary’, I was about to ask. No, no, no. Not a good question. It would be too awful to hear that well-known L’Oréal line - ‘because I’m worth it’. Even though I have not the slightest doubt that it’s perfectly true - right down to the last centime.