L’Oréal and Mastercard are teaming up to launch a credit card for the beauty mecca.
Named the L’Oréal Mastercard BusinessCard, the tool is available now in Mexico through Clara, a leading payment platform for companies in Latin America. The goal is to help bridge the gap between beauty professionals — creators, independent stylists, salon owners, entrepreneurs and distributors outside of L’Oréal’s network included — and the digital marketplace. The benefits include discounts and points for purchases, business trainings and a $150 welcome bonus.
L’Oréal and Mastercard team up on the launch of a new credit card for beauty professionals.
Mastercard
As of now, 90 percent of business-to-business transactions among small retailers in the Latin America and Caribbean region are handled in checks, bank transfers and cash, according to Mastercard, which increases the chance of unlawful gain by another party.
“For too long, many talented stylists have faced barriers to accessing the tools, training, and financial resources they need to reach their full potential,” said Stéphanie Speeckaert, Latin America vice president for the professional products division of L’Oréal, in the official press release.
“Through this partnership with Mastercard, we’re not just offering a card — we’re opening doors to L’Oréal Academy trainings, exclusive educational opportunities, and the financial flexibility that will empower beauty professionals across Latin America to invest in their craft, grow their businesses, and thrive in the digital economy,” she continued.
Mark Barnett, global head of small and medium enterprises at Mastercard, emphasized the company’s commitment “to bringing SMEs into the digital economy.” The company also expressed plans to expand the program into new markets across the region with “additional financial partners” in the future.
The news of L’Oréal’s partnership with Mastercard comes just over a month after the company acquired the House of Creed in a $4 billion deal with Kering, plus the exclusive license for 50 years to the Gucci fragrance and beauty business once the brand’s contract with Coty expires.
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