L’Oréal confirmed its open innovation commitment by launching the latest edition of its BIG BANG Beauty Tech Innovation Program at the 7th China International Import Expo (CIIE). For the very first time, the program covers all five North Asia markets, including China, Japan, South Korea, Hong Kong, and Taiwan. It is a top beauty-tech startup and small enterprise award that supports digital innovation, operational efficiency, and sustainability in the beauty industry. This year, L’Oréal unveiled a new sustainability track at the event, promising to look into eco-friendly solutions as part of its new plans.
The program, BIG BANG Beauty Tech, was launched in China back in 2020 and is now being open to launching across North Asia, being the first regional open innovation initiative by L’Oréal. Around 600 startups participated, and 16 winners have been selected from the various categories of advanced research, digital transformation, and consumer experience. Winners in this Chinese market under the Future Science track include PAM2L, Boea Wisdom, and Xellar. The Operation 4.0 track includes such winners as Cardinal Operations and Sucheon. Furthermore, the program sheds light on international innovators, such as winners from this track, namely My Skin from Japan and Reunite from Hong Kong. Hence, the incorporation of the sustainability track fits into the ever-increasing demand for green beauties such that all future projects of L’Oréal revolve around and focus on eco-friendly practices.
L’Oréal held an awarding ceremony at its CIIE booth on November 6, 2024, inviting the head of the French consulate and the executive team of L’Oréal to witness the ceremony. The event included the North Asia BIG BANG Community Innovation Summit, with representatives from the industry, government, and venture capitalists attending. Discussion included consumer beauty trends, characteristics of economic landscapes in China, and collaborative innovation strategies in North Asia while opening up an open platform for dialogue and partnership.
It was also at CIIE where L’Oréal made its appearance. This comprised its main booth and an Innovation Incubation special section, featuring some of the top Chinese startups selected from BIG BANG as well as broader participation of organizations in North Asia and France. Highlights include biotechnology and digital technology solutions contributed by companies such as Prinker, a South Korean company that invented the digital temporary tattoo device, and Abolis, a French biotech firm that develops microorganisms to create custom solutions. BOLD, L’Oréal’s venture capital fund, also invests in this round of proof that this company stands behind innovation advancing emerging beauty tech.
Outside North Asia, it reflects how the company L’Oréal seeks to reach Chinese innovators in the global market. CTIBIOTECH is a French biotechnologist specializing in testing human skin and 3D bioprinting. The company has entered the Chinese market for the first time with its first shipment of 3D skin tissue models. This step is through agreements that were signed at CIIE. It is one of the many milestones that can mark L’Oréal’s long-term commitment to sustainable, technology-driven beauty solutions.
Conclusion
The company has reflected its commitment to harnessing synergies between markets and creating sustainable and innovative solutions for the beauty industry through L’Oréal’s 2024 BIG BANG Beauty Tech Innovation Program at CIIE. On the platform, L’Oréal connects the smaller startups to their resources, support, and expansive network to pave the way for those groundbreaking developments catering to modern consumer demand for eco-conscious beauty products.
Source: PTI