I.S College Fashion News: (FIT) Student Capstone Projects Sponsored by L’Oréal USA

“INNOVATION THROUGH DIVERSITY” IS NOVEL THEME OF L’ORÉAL USA–SPONSORED PRESENTATIONS BY STUDENTS GRADUATING FROM FIT’S COSMETICS AND FRAGRANCE MARKETING AND MANAGEMENT MASTERS PROGRAM

The 10th Anniversary of L’Oréal USA’s Office of Diversity and Inclusion Serves as Inspiration for FIT’s 2012 Capstone Theme

New York, NY (May 14, 2012) - The Fashion Institute of Technology’s Cosmetics and Fragrance Marketing and Management Program’s Master of Professional Studies (MPS) candidates will have their Capstone projects sponsored this year by L’Oréal USA. The sponsorship celebrates the 10th anniversary of L’Oréal USA’s Office of Diversity and Inclusion. Recognizing that diversity is a critical leadership imperative in the 21st century, FIT chose Innovation Through Diversity in the Beauty Industry as this year’s theme. This event will take place on Thursday, May 17, at FIT’s Katie Murphy Amphitheatre.

The 2012 graduating students in the Cosmetics and Fragrance Marketing and Management MPS Program will explore the topic of increased globalization and diversity as key business strategies in three presentations:

• Diversity and Global Leadership/Corporate Culture will look at the impact an increasingly diverse workforce and consumer population will have on leadership in global corporations, as well as on creating effective talent development and retention in global firms.

• Diversity and Global Marketing will explore how the principles of diversity and inclusion might be applied to create more innovative and successful global brands and global messaging to consumers, and how a more diverse corporate culture can contribute to more meaningful communication and consumer engagement. 
• Diversity and Global Product Development will delve into how we might harness a true understanding of diverse cultures and shifting demographics to create more inspiring product concepts, and how these might better align with the values of an increasingly global and diverse consumer population.

“On the 10th anniversary of L’Oréal USA’s office of Diversity and Inclusion, we are proud to partner with FIT to highlight the importance of diversity as the theme for this year’s capstone presentations,” said Angela Guy, senior vice president of Diversity and Inclusion, L’Oréal USA. “The ability to build effective global brands is very much dependent on embracing and respecting various cultures, ethnicities, and age groups as well as different values and points of view, all of which are critical to the innovation and sustainability of global companies.”

“Diversity is a fact of life—a powerful source of enrichment, a vital tool in a competitive marketplace, and a cause for celebration,” said Dr. Joyce F. Brown, president, Fashion Institute of Technology. “It is a critical element in fulfilling FIT’s mission to prepare students with the global, open-minded perspective they will need for both professional and personal success.”

Creating global corporate cultures, brands, brand imagery, and concepts requires the ability to decode the diversity of cultures and learn from their differences. This is a necessity for those doing business on a worldwide scale. In order to be truly legitimate in countries around the world, companies must be able to quickly grasp various cultures, psychologies, consumption habits, and sensibilities. Currently, major areas of growth for consumer product companies can be found in emerging markets, including BRIC (Brazil, Russia, India, and China), countries where differing cultural values and habits have a direct impact on beauty. Changing demographics in mature markets also reflect a more diverse universe of consumers. Understanding these differences is an important challenge and has a direct effect on consumer messaging and product development.

FIT