LOréal Groupe and the Ministry of SMEs and Startups (MSS) to initiate open innovation in digital and beauty tech in Korea
LOréal Groupe and the Ministry of SMEs and Startups (MSS) signed an open innovation agreement to launch LOréal Groups Big Bang program in Korea to discover support and nurture promising SMEs and startups.
The MOU for open innovation was signed at the LOréal booth at Viva Technology 2023 Europes largest startup and tech event held in Paris on June 15 2pm local time. LOréal Groupes Deputy CEO in charge of Research Innovation & Technology Barbara Lavernos and Minister Young LEE participated.
Through this MOU LOréal and MSS will discover and support promising SMEs and startups in Korea with innovative digital and beauty tech technologies that can be scaled globally. In particular the program will focus on beauty devices beauty tech skin diagnosis and delivery systems enabled by digital and AI technologies.
Barbara LAVERNOS Deputy CEO of LOréal Groupe in charge of Research Innovation and Technology said: At LOréal we embrace and nurture innovation and believe in open innovation through partnerships. Therefore we work with innovative start-ups small and medium businesses institutions and governments to inspire and be inspired. The signing of MOU today with Korean MSS is a significant milestone for LOréals journey in leading open innovation in North Asia. We are excited to collaborate with startups from China Korea and Japan through the Big Bang Program and to scale up creativity and innovation from North Asia globally.
Young Lee Minister of SMEs and Startups said Supporting promising Korean SMEs and startups to play an active role in the global market is a big mission for us at the Ministry of SMEs and Startups. In this sense collaboration with the global beauty leader LOréal Group is very meaningful. The ministry will continue to support Korean companies with innovative technologies to collaborate with global companies to strengthen their market competitiveness and expand into the global market.
Globally LOréal Groupe operates 20 research centers in 11 countries and has more than 4000 R&I employees. The Groupe is focused on working closely with partners through open innovation breaking down boundaries and exchange ideas to help shape the future of beauty. LOréal Groupes Big Bang program is a startup incubation program launched in North Asia which has been running in China since 2020 and will be rolled out in Korea and Japan starting this year.
About LOréal Group
For over 110 years LOréal the worlds 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 LOréal 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 85400 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 4000 scientists and 3000 tech professionals LOréal is focused on inventing the future of beauty and becoming a Beauty Tech powerhouse. More information on https://www.loreal.com/en/mediaroom
About LOréal Korea
LOréal Korea established in 1993 offers consumers in the Korean market with innovative products and services to meet diverse beauty needs of Korean consumers based on science technological innovation sustainability and diversity. LOréal Korea works together with 1800 employees including KIC (Korea Innovation Center) which was established in 2018 to connect with Korean beauty ecosystem for development of innovative products through Korean consumer insights. LOréal Korea is also committed to various social causes such as Korea LOréal-UNESCO For Women in Science (2002~) Citizen Day (2010~) etc.
