L'Oréal Showcases its Open Innovation Ecosystem Through Its Big Bang Beauty Tech Program at the 7th CIIE

Announcing North Asia BIG BANG Beauty Tech Innovation Program 2024 Winners and New Sustainability Track

SHANGHAI, Nov. 11, 2024 /PRNewswire/ -- L'Oréal has reaffirmed its unwavering commitment to open innovation through its North Asia BIG BANG Beauty Tech Innovation Program (BIG BANG) at the 7^th China International Import Expo (CIIE), announcing the 2024 winners across all 5 North Asia markets for the first time, along with a new sustainability track introduced at the North Asia BIG BANG Community Innovation Summit.

"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," said Vincent Boinay, President of L'Oréal North Asia Zone and CEO of L'Oréal China. "BIG BANG is a platform where we harness the unique strengths of each market within our North Asia Beauty Tech ecosystem, to unlock unprecedented synergies and accelerate the development of groundbreaking beauty solutions."

With the BIG BANG's successful pilot in Chinese mainland market since 2020, L'Oréal has set a model for open innovation by developing future-ready beauty tech solutions with startups and SMEs. Expanding rapidly to Japan and South Korea market in 2023 and to Hong Kong SAR and Taiwan Region market in 2024, the program has become L'Oréal's first regional open innovation initiative, fostering unprecedented synergies and amplifying innovation potential across North Asia and beyond.

As the first edition to cover all 5 markets in North Asia, BIG BANG this year attracted nearly 600 startups, with 16 startups wining. These include those from the Chinese mainland market in several tracks: for Future Science, PAM2L, Boea Wisdom, and Xellar; for Operation 4.0, Cardinal Operations and Sucheon; for Phygital Experience, The SEA, xKool, Design Order, and BK International; for French Track, Connected Physics. In the Hong Kong SAR market, the winner is Reunite, and for the Taiwan region market, JORJIN and Far Eastern New Century. The Japanese market winner is My Skin, while the South Korean markets are Simfle Stick and Asleep. Each of these companies has demonstrated exceptional potential in areas such as advanced research and development, digital innovation, and operational efficiency.

On November 6, L'Oréal hosted the awarding ceremony at its main booth at the 7^th CIIE. Joan VALADOU, Consul General of France in Shanghai and Jean-Paul Agon, L'Oréal Chairman attended and presented the award.

L'Oréal organized the North Asia BIG BANG Community Innovation Summit on November 7, bringing together representatives from the open innovation ecosystem across all 5 North Asia markets for the first time. Attendees included past BIG BANG winners and partners from industry, government, venture capital, and private equity. At the summit, L'Oréal introduced a new sustainability-focused track to address the rising demand for green beauty solutions. This addition will steer future projects toward eco-friendly practices, fostering collaborative exploration of sustainability opportunities. Other highlights included sharing sessions into consumer beauty trends, North Asia's co-creation innovation strategy, China's economic outlook, and a startup roadshow, offering a platform for open dialogue and new business opportunities.

L'Oréal also invited open innovation ecosystem partners to participate in the CIIE, through its main booth, showcasing the 10 winning Chinese startups from BIG BANG, and through the North Asia BIG BANG Beauty Tech Innovation Program Exhibition in the Innovation Incubation Special Section for the 2^nd consecutive year. A total of 16 innovative startups and organizations from North Asia and France joined, presenting groundbreaking beauty tech solutions in biotechnology, digital technology, and innovative devices.

For the first time, the exhibition featured BOLD, L'Oréal's venture capital fund, and its portfolio companies. These included Prinker, a South Korean innovator and manufacturer of the world's first digital temporary tattoo device, and Abolis, a French biotechnology company specializing in custom industrial solutions using micro-organisms. Additionally, L'Oréal invited the France-China Committee to participate, fostering deeper collaboration between French and Chinese innovators.

Leveraging CIIE as an excellent platform for cooperation and innovation, L'Oréal not only elevates Chinese innovation onto the global stage, but also supports overseas companies unlock new opportunities in the Chinese market. CTIBIOTECH, a leading French force in real human skin testing and 3D bioprinting and the winner of the BIG BANG French Channel in 2023, perfectly embodies this approach. On November 8, at the 7^th Oriental Beauty Valley International Cosmetics Conference, with the support of Metron Technology Co., Ltd., the cosmetics service and R&D platform of Oriental Beauty Valley Group, CTIBIOTECH will deliver its first order of 3D skin tissue and cell models in China, making a significant milestone in its development within Chinese market.

About L'Oréal Groupe

For 115 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 essential, inclusive, ethical, generous and committed to social and environmental sustainability. With our broad portfolio of 37 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 more than 90,000 committed employees, a balanced geographical footprint and sales across all distribution networks (e-commerce, mass market, department stores, pharmacies, perfumeries, hair salons, branded and travel retail), in 2023 the Group generated sales amounting to 41.18 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 6,400 Digital talents, 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 China

L'Oréal, the world's largest beauty company, entered Chinese mainland in 1997. L'Oréal China is headquartered in Shanghai and has five offices across the country. L'Oréal China currently has 31 brands and one R&I center in China, as well as two factories in Suzhou and Yichang, owning more than 15,000 employees. After 26 years of high-quality, steady and sustainable growth, China has become the second-largest market in the world, the headquarter of the North Asia "Beauty Triangle", and one of three Beauty Tech Hubs worldwide. L'Oréal founded the Group's first venture capital firm of regional markets in China, "Shanghai Meicifang Investment Co., Ltd". L'Oréal Group's first self-build smart fulfillment center has been officially opened in Suzhou.. As one of the best corporate citizens in China, L'Oréal China has always implemented and kept the "L'Oréal for the Future Sustainable Development Commitment 2030" in mind. China is L'Oréal's first market to reach 100% renewable energies for its sites, and L'Oréal China actively contributes to the good development of Chinese society through CSR programs.

source: L'Oréal North Asia