by L’Oréal and Mastercard are teaming up to launch a credit card for the beauty mecca.
The tool, called L’Oréal Mastercard BusinessCard, is now available in Mexico through Clara, a leading payment platform for businesses in Latin America. The aim is to help bridge the gap between beauty professionals – creators, independent stylists, salon owners, entrepreneurs and distributors outside the L’Oréal network – and the digital marketplace. Benefits include discounts and points on purchases, business training, and a $150 welcome bonus.
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Currently, according to Mastercard, 90 percent of business-to-business transactions between small retailers in the Latin America and Caribbean region are conducted via check, bank transfer and cash, increasing the likelihood of ill-gotten gains by another party.
“For far too long, many talented stylists have struggled with barriers to accessing the tools, training and financial resources they need to reach their full potential,” said Stéphanie Speeckaert, Latin America vice president for L’Oréal’s professional product division, in the official press release.
“Through this partnership with Mastercard, we are not just offering a card – we are opening doors to L’Oréal Academy training, exclusive educational offerings and the financial flexibility that will enable beauty professionals across Latin America to invest in their craft, grow their business and thrive in the digital economy,” she continued.
Mark Barnett, global head of small and medium-sized businesses at Mastercard, highlighted the company’s commitment to “bringing SMEs into the digital economy.” The company also expressed plans to expand the program to new markets across the region with “additional financial partners” in the future.
News of L’Oréal’s partnership with Mastercard comes just over a month after the company acquired House of Creed in a $4 billion deal with Kering, as well as the exclusive 50-year license to fragrance and beauty business Gucci once the brand’s contract with Coty expires.
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