Saturday, November 16, 2024 07:28 PM
L'Oréal showcases its BIG BANG Beauty Tech Program at CIIE 2023, promoting innovation and sustainability in the beauty industry.
L'Oréal, a global leader in the beauty industry, has recently showcased its innovative approach to beauty technology through its BIG BANG Beauty Tech Program at the 7th China International Import Expo (CIIE). This program is part of L'Oréal's commitment to pushing the boundaries of beauty and shaping the future of the industry. Vincent Boinay, President of L'Oréal North Asia Zone and CEO of L'Oréal China, emphasized the importance of this initiative, stating, "Our beauty tech transformation is about pushing boundaries and shaping the future of an industry we're privileged to lead. A milestone, and a powerful proof point, of this commitment is our BIG BANG Program."
The BIG BANG Program, which began its pilot in the Chinese mainland market in 2020, has set a benchmark for open innovation. It aims to develop future-ready beauty tech solutions in collaboration with startups and small to medium-sized enterprises (SMEs). In 2023, the program expanded to include markets in Japan and South Korea, with plans to reach Hong Kong SAR and Taiwan Region in 2024. This initiative has become L'Oréal's first regional open innovation effort, fostering collaboration and amplifying innovation potential across North Asia.
This year, the BIG BANG attracted nearly 600 startups, with 16 of them emerging as winners across various categories. Notable winners included PAM2L, Boea Wisdom, and Xellar from the Chinese mainland, as well as My Skin from Japan and Simfle Stick from South Korea. Each of these companies has shown exceptional promise in areas such as advanced research, digital innovation, and operational efficiency.
On November 6, L'Oréal held an awarding ceremony at the CIIE, attended by dignitaries including Joan VALADOU, Consul General of France in Shanghai, and Jean-Paul Agon, L'Oréal Chairman. The following day, L'Oréal organized the North Asia BIG BANG Community Innovation Summit, which brought together representatives from various sectors, including industry, government, and venture capital. This summit marked a significant moment as it was the first time all five North Asia markets convened to discuss open innovation.
One of the key highlights of the summit was the introduction of a new sustainability-focused track aimed at addressing the growing demand for eco-friendly beauty solutions. This initiative will guide future projects towards sustainable practices, encouraging collaboration in exploring sustainability opportunities. Additionally, the summit featured discussions on consumer beauty trends, co-creation innovation strategies, and China's economic outlook.
L'Oréal also showcased the 10 winning startups from BIG BANG at its main booth during the CIIE, emphasizing its commitment to innovation. The exhibition included 16 innovative startups and organizations from North Asia and France, presenting groundbreaking beauty tech solutions in biotechnology and digital technology. For the first time, L'Oréal's venture capital fund, BOLD, participated in the exhibition, highlighting its portfolio companies.
As L'Oréal continues to leverage platforms like CIIE for cooperation and innovation, it not only elevates Chinese innovation on a global scale but also supports international companies in accessing the Chinese market. For instance, CTIBIOTECH, a French company specializing in real human skin testing and 3D bioprinting, is set to deliver its first order of 3D skin tissue and cell models in China, marking a significant milestone in its development.
With over 115 years of experience, L'Oréal remains dedicated to fulfilling the beauty aspirations of consumers worldwide. The company’s mission, "to create the beauty that moves the world," reflects its commitment to inclusivity, ethics, and sustainability. With a diverse portfolio of 37 international brands and a strong focus on research and innovation, L'Oréal is well-positioned to continue leading the beauty industry into the future.
L'Oréal's BIG BANG Beauty Tech Program not only showcases the company's commitment to innovation but also highlights the importance of collaboration in the beauty industry. As the demand for sustainable and technologically advanced beauty solutions grows, initiatives like BIG BANG will play a crucial role in shaping the future of beauty, ensuring that it remains inclusive, ethical, and responsive to consumer needs.