- Summit unpacks latest consumer trends and innovation in China, Japan and Korea
- Leading experts shed light on how co-creation on technology development and innovation can empower the future of beauty
SHANGHAI, Nov. 7, 2022 /PRNewswire/ — L’Oréal hosts the first-ever North Asia Beauty Industry Innovation Summit focusing on the future of beauty powered by technology and innovation through co-creation in China, Japan and Korea.
Expert Panel Discussion (From left to right: Ms. Linda Yan, Corporate Affairs & Engagement Director L’Oréal North Asia (Host); Dr. Sokju Kim, Director Clinic 10, Korea /Phinskin Clinic, Shanghai; Ms. Katia Lan, Consumer Centricity Project Director L’Oréal China; Mr. Alexander Wu, Founder & CEO of DeepWisdom)
The Summit took place during the China International Import Expo (CIIE) and was attended by key stakeholders from different industries and markets. Speakers included experts from beauty, green sciences, AI, digital and medical sectors as well as institutions including Business France and Shanghai Institutes for International Studies. The Summit is open to industry players and the public in China, Japan and Korea simultaneously in real time.
Mr. Fabrice Megarbane, President of L’Oréal North Asia & CEO of L’Oréal China, said: "L’Oréal is delighted to host the North Asia Beauty Industry Innovation Summit at this year’s CIIE. The North Asia region represents more than one third of the world’s total beauty market. It has a unique eco-system of what we call the Beauty Triangle of C-beauty, J-beauty and K-beauty. There are a lot of cultural relevance and commonalities in beauty needs in the region while each market brings unique strengths. This dynamic is what makes the North Asia region special, not only as a growth engine but also an inspiration for technology advancement and innovation empowering beauty. The purpose of this event is to bring together the different wisdoms and accelerate technology and innovation through co-creation in the region."
L’Oréal established the North Asia Zone in 2021, covering five markets of Mainland China, Hong Kong, Taiwan, Japan and South Korea. Its vision is to strategize, create and activate the powerful Beauty Triangle ecosystem for sustainable growth.
During the Summit, L’Oréal decoded the lates t consumer trends in the Beauty Triangle around four key themes including "self-expressive beauty", "supercharged efficacy", "skinification" and "sensorial matters". The company also illustrated key innovation breakthroughs echoing these trends, such as 3CE’s New Color Effects, Lancôme’s Dual LED Youth Treatment, YSL’s Touche Eclat Glow-Pact, Prada’s Paradoxe Fragrance, and Shu Cleansing Oil’s "Shu Purifying Ritual".
Talking about leveraging the best science and technology to bring breakthrough innovations, Mr. Maxime De Boni, Vice President, L’Oréal R&I North Asia and China, said: "We have the open R&I strategy to lead us into the world of "Co", a world of co-llaboration, co-creation and co-operation to shape the future of beauty. Internally, we maximize the synergies across our local R&I centres in Shanghai, Tokyo and Seoul in North Asia. Externally, we detect, select and transform with the best academics, suppliers, start-ups and vendors in the region, from upstream to downstream, to invent breakthrough and superior innovations. This summit is exactly about our belief in the power of ‘Co’ and accelerating our ‘Open’."
The event featured a panel discussion that included leading experts from beauty, AI & digital, and R&D specialties in different markets. A recent example of cross-industry co-creation was showcased where L’Oréal Japan partnered with Morishita Jintan to develop its first capsule made of plant-derived active cosmetic ingredient through cutting edge "active delivery capsule" technology.
During the discussion, all experts called for more cross-industry, cross-market collaboration to bring new technologies and new innovations to consumers. On AI & digital, experts raised the pressing need to strengthen AI infrastructure to facilitate collaboration. On medical beauty, panelists pointed out the importance of bringing together start-ups with new ideas, companies with resources and medical professionals with expertise to bolster the innovation journey.
"At L’Oréal, our sense of purpose is to create the beauty that moves the world. We believe that together with our partners and stakeholders, we can co-create the future of beauty with game-changing technologies and innovation that truly inspire our consumers in North Asia and beyond", continued Mr. Megarbane.
About L’Oréal Group
For over 110 years, L’Oréal, the world’s leading beauty player, has devoted itself to one thing only: fulfilling the beauty aspirations of consumers around the world. Our purpose, to create the beauty that moves the world, defines our approach to beauty as inclusive, ethical, generous and committed to social and environmental sustainability. With our broad portfolio of 35 international brands and ambitious sustainability commitments in our ‘L’Oréal for the Future’ programme, we offer each and every person around the world the best in terms of quality, efficacy, safety, sincerity and responsibility, while celebrating beauty in its infinite plurality.
With 85,400 committed employees, a balanced geographical footprint and sales across all distribution networks (e-commerce, mass market, department stores, pharmacies, hair salons, branded and travel retail), in 2021 the Group generated sales amounting to 32.28 billion euros. With 20 research centers across 11 countries around the world and a dedicated Research and Innovation team of over 4,000 scientists and 3,000 tech professionals, L’Oréal is focused on inventing the future of beauty and becoming a Beauty Tech powerhouse. More information on https://www.loreal.com/en/mediaroom
About L’Oréal North Asia Zone
L’Oréal North Asia Zone was established in 2021 as L’Oréal Groupe regrouped the geographical scope of its zones to give greater coherence to consumer behaviour and to create synergy within the region. The North Asia Zone comprises of five geographically and culturally connected markets of Mainland China, Japan, South Korea, Hong Kong and Taiwan.
L’Oréal North Asia Zone is the second largest region within the Group, accounting for 30.5% of the Group’s global sales in 2021. Situated in the most beauty intense region with more than one-third of the world’s total beauty consumers, L’Oréal North Asia shapes the future of beauty with its innovation centers in Shanghai, Tokyo and Seoul, while investing in beauty tech transformation as one of the three beauty tech hubs globally. Here, our mission is to strategize, create and activate a powerful ecosystem around the North Asia Beauty Triangle as a competitive edge to unleash sustainable growth for all and inspire the world.