French cosmetics giant L'Oreal bullish on development in China
Photo taken on July 26, 2022 shows the booth of cosmetics giant L'Oreal in the French pavilion at the second China International Consumer Products Expo (CICPE) in Haikou, south China's Hainan Province. (Xinhua/Guo Cheng)
China's high-level opening-up and high-quality development, as well as the strong development of the beauty sector, have brought unlimited opportunities for companies like L'Oreal in China, reported Securities Daily Sunday quoting Fabrice Megarbane, president of L'Oreal North Asia Zone and CEO of L'Oreal China.
Megarbane also voiced L'Oreal's full confidence in developing in China and hope to develop with China all the way at the company's 2023 annual communication meeting on development strategies held April 21.
Last year marks the 25th anniversary of L'Oreal's entry into the Chinese mainland market. Its financial report showed that its overall performance grew by 5.5 percent and would continue to lead the market in the first quarter of 2023.
At the beginning of L'Oreal's second 25 years in China, L'Oreal China has released its strategy of innovation, diversity & inclusion, multipolarity, glocalization and sustainability, with the aim to create the second growth curve.
China's unique ecology of innovation has shown L'Oreal the possibility of continuing to transcend boundaries and break through the imagination in the next 25 years and beyond, said JeeSeon PARK, the person responsible for new business development, mergers and acquisitions investment and cooperation for L'Oreal in North Asia and China.
L'Oreal set up its first investment company in China in 2022, and this year, the investment company has collaborated for the first time with L'Oreal's BIG BANG Beauty Tech Startup Challenge (BIG BANG) initiative, noted PARK, adding that L'Oreal hopes to further empower China's open innovation ecosystem to bring infinite possibilities to the beauty industry and promote growth of the ecosystem.
The BIG BANG initiative was established in 2020, and over the past three years, it has attracted more than 1,500 Chinese startups and nearly 20 French companies, with more than 50 projects successfully incubated.
In the future, the initiative will focus on green and environmentally-friendly technologies, sustainable development, and artificial intelligence science and application, with the hope to jointly explore opportunities in China with startups.