L'Oreal vs Morgan Stanley: Founders, CEOs and History

Company facts

Founders

CEOs and their tenures

Timeline: L'Oreal and Morgan Stanley side by side

1. 1909L'Oreal

   Company Founded

   Eugène Schueller registers the Société Française de Teintures Inoffensives pour Cheveux in Paris with 800 francs in capital, beginning commercial sale of his Oréale hair dye formula to Parisian hairdressers.

2. 1912L'Oreal

   First International Expansion

   L'Oréal hair dyes reach distribution in the Netherlands, Austria, and Italy, establishing the international distribution ambition that would eventually span 150 countries.

3. 1929L'Oreal

   Imédia First Consumer Hair Dye

   L'Oréal introduces Imédia, the world's first hair dye product formulated for home application by consumers, marking the company's pivot from purely professional B2B to consumer-facing distribution.

4. 1935Morgan Stanley

   Morgan Stanley Founded

   Henry S. Morgan and Harold Stanley officially launch the top investment bank following the historic Glass-Steagall split.

5. 1963L'Oreal

   Euronext Paris IPO

   L'Oréal lists on the Paris Stock Exchange, providing capital for accelerated international expansion and establishing the public shareholder structure that persists today alongside the Bettencourt family's controlling stake.

6. 1971L'Oreal

   'Because You're Worth It' Campaign Launched

   Copywriter Ilon Specht creates the 'Because You're Worth It' tagline for L'Oréal Paris one of the most enduring advertising phrases in consumer goods history, reframing beauty products as expressions of female self-worth rather than instruments of male approva…

7. 1991L'Oreal

   Acquisition of La Roche-Posay

   L'Oréal acquires La Roche-Posay, the French dermo-cosmetic brand founded in 1975, establishing its first significant presence in the pharmacy channel and laying groundwork for what would become the Dermatological Beauty division.

8. 1996L'Oreal

   Maybelline Acquisition

   L'Oréal acquires Maybelline New York from Wasserstein Perella for approximately $758 million, instantly becoming the global leader in mass-market color cosmetics and significantly expanding its North American market position.

9. 1996Morgan Stanley

   Acquired Van Kampen American Capital

   Morgan Stanley acquired Van Kampen American Capital in 1996.

10. 1997Morgan Stanley

    Merged with Dean Witter Discover & Co

    Morgan Stanley merged with Dean Witter Discover & Co in February 1997.

11. 2000L'Oreal

    Matrix and Kiehl's Acquisitions

    L'Oréal acquires professional hair care brand Matrix and American apothecary brand Kiehl's Since 1851, broadening both the professional channel and the prestige specialty retail presence in the U.S. Market.

12. 2005Morgan Stanley

    John Mack Returns as CEO

    John Mack returned as chief executive in June 2005 after Philip Purcell resigned.

13. 2008Morgan Stanley

    Bank Holding Company Conversion

    Facing total catastrophic collapse, the firm converts into a traditional bank holding company to survive the global financial crisis.

14. 2009Morgan Stanley

    The Smith Barney Acquisition

    then-CEO James Gorman masterminds the acquisition of Smith Barney, instantly creating a dominant retail wealth management leader.

15. 2010Morgan Stanley

    James Gorman Becomes CEO

    James Gorman became chief executive of Morgan Stanley in January 2010.

16. 2017L'Oreal

    CeraVe Acquisition $1.3 Billion

    L'Oréal acquires CeraVe, AcneFree, and Ambi from Valeant Pharmaceuticals for $1.3 billion.

17. 2018L'Oreal

    ModiFace Acquisition Beauty Tech

    L'Oréal acquires ModiFace, a Toronto-based augmented reality and artificial intelligence beauty technology company, establishing a proprietary virtual try-on and skin diagnostic platform deployed across brand apps, retail partner websites, and social media pla…

18. 2018Morgan Stanley

    Acquired Mesa West

    Morgan Stanley acquired Mesa West in March 2018.

19. 2020Morgan Stanley

    E*TRADE Acquisition

    Morgan Stanley dominates the self-directed brokerage market by acquiring E*TRADE for $13 billion.

20. 2021L'Oreal

    Nicolas Hieronimus Becomes CEO

    Nicolas Hieronimus, a 30-year L'Oréal veteran who led the Luxe division's transformation, succeeds Jean-Paul Agon as Chief Executive Officer, bringing strategic continuity while accelerating digital commerce and sustainability investment.

21. 2021Morgan Stanley

    Acquired Eaton Vance

    Morgan Stanley acquired Eaton Vance for $7 billion. Morgan Stanley acquired Eaton Vance for about $7B, completed in March 2021, adding Parametric, Calvert, and Atlanta Capital.

22. 2023L'Oreal

    Aesop Acquisition $2.5 Billion

    L'Oréal completes the acquisition of Aesop, the Australian premium natural beauty brand, from Natura &Co for $2.525 billion the company's largest acquisition in over a decade and a strategic entry into the premium wellness and natural beauty segment.

23. 2024Morgan Stanley

    Ted Pick Appointed CEO

    Following a competitive internal succession, Ted Pick takes the helm to heavily drive the integration strategy.

24. 2025L'Oreal

    FY2025 Sales Reach 44.052 Billion

    LOral reported 44.052 billion in FY2025 sales, 4.0% like-for-like growth, 8.892 billion in operating profit, 6.127 billion in net profit after non-controlling interests, and more than 95,000 employees.

25. 2026L'Oreal

    Kering Beauté Acquisition Completed

    L'Oréal closed the ~$4.52 billion (€4 billion) purchase of Kering Beauté, including Creed, with 50-year licences for Bottega Veneta, Balenciaga and, from July 2027, Gucci.

26. 2026L'Oreal

    Record First-Half Margin

    H1 2026 sales reached ~$26.9 billion (€23.77 billion), up 6.8% like-for-like, with a record 21.3% operating margin.

Acquisitions

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