The global cosmetics industry was not greatly affected by the economic recessions over the last years. As cosmetics are consumer goods that do not require huge investment and provide comfort and well-being to their users, they tend to remain on consumers’ shopping lists even during recession. However, the global competitive scenario shows volatility and dynamism of market needs, driving firms of different sizes to remain flexible and efficient so as to better respond to customer requirements. Research on the cosmetics sector tends to focus on marketing strategy and consumer behavior. Only few investigations look into global competitive strategies, and even fewer into the strategic alliances established by firms in this sector. The present research aims to verify the adequacy of the strategy of L Oréal Latin America, considering its alliances and the global competitive strategy of L Oréal Group. Because of the importance of taking into account the firm’s specific contingencies and its contemporaneity, the case study methodology was adopted. Multiple sources and means to collect the necessary data were used in accordance with the strategy of data and method triangulation, so as to ensure results’ consistency. Data interpretation and analysis were carried out in keeping with the research’s theoretical references and with the help of the Macedo-Soares, 2011, Global SNA framework (Global Strategic Network Analysis). The results confirmed what was verified in cases of other sectors: the global alliances create more opportunities than threats, and in many cases the relational global opportunities mitigate the non-relational global threats.