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SHANGHAI, Nov. 6, 2023 /PRNewswire/ -- L'Oréal today announced the 2023 winners of "L'Oréal North Asia Big Bang Beauty Tech Innovation Program" (Big Bang) which include 17 innovative companies from different markets. Big Bang is the first regional program focused on driving opening innovation, inspiration and co-creation of innovative beauty solutions in North Asia. It is a multi-dimensional initiative to activate the region's unique innovation ecosystem of the "C-J-K Beauty Triangle" to drive co-creation for future beauty.
Piloted in 2020 as the first beaty tech challenge in China, Big Bang was officially rolled out to Korea and Japan at Viva Technology in June 2023 through partnership with the Korea Ministry of SMEs and Startups, and J-Startup under the Japan Ministry of Economy, Trade and Industry. Big Bang anchors on an open innovation challenge designed to leverage unique market strengths and discover promising companies with beauty tech and innovative sciences that can be scaled regionally and globally. It targets innovative startups in North Asia including China, Japan and Korea, and also has a special track for French startups in the China program.
2023 Big Bang winners were selected through a highly competitive process and stringent expert reviews which took place in China, Japan and Korea. The winners include 11 Chinese companies, 1 China-France track company, 3 Japanese companies and 2 Korean companies. These companies demonstrated a wide range of cutting-edge technologies and innovations, covering operations, digital, research & innovation, sustainability, genetic AI, green sciences and beauty devices. Big Bang winners will have the opportunity to explore potential co-development and collaboration with L'Oréal, join the North Asia Big Bang Entrepreneur Community for sharing and inspiration, and showcase their innovations at strategic regional and global platforms.
L'Oréal is also unveiling today "L'Oréal North Asia Big Bang Beauty Tech Innovation Incubation Exhibition" at China International Import Expo (CIIE). This is the first regional beauty innovation showcase where 16 overseas Big Bang participants from Japan, Korea and China-France track, exhibit their pioneering technologies and innovations for beauty. The exhibition features breakthrough sustainable beauty solutions such as advanced biotechnology, material science, latest skin diagnostics, beauty devices and innovative beauty research and development technologies.
Fabrice Megarbane, President of L'Oréal North Asia and CEO of L'Oréal China, remarks, "We are excited to see the great results of North Asia Big Bang, thanks to the close collaboration of all our partners across the region. Congratulations to the 17 Big Bang winners who have demonstrated strong innovation potential for future beauty solutions. The opening of the 1st regional beauty innovation incubation exhibition at CIIE is a key milestone in our drive for open innovation and co-creation together with innovative businesses, partners and governments. With the unique and powerful 'Beauty Triangle' innovation ecosystem in North Asia, I am confident that Big Bang will continue to unleash the power of co-creation on disruptive beauty solutions across China, Japan and Korea, to inspire the world."
L'Oréal North Asia Big Bang Beauty Tech Innovation Incubation Exhibition
L’Oréal North Asia Big Bang Beauty Tech Innovation Program 2023 Winners
Fabrice Megarbane, President of L’Oréal North Asia & CEO of L’Oréal China
About L'Oréal Groupe
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 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 87,400 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 2022 the Group generated sales amounting to 38.26 billion euros. With 20 research centres across 11 countries around the world and a dedicated Research and Innovation team of over 4,000 scientists and 5,500 tech and digital 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, Hong Kong, Taiwan, Korea and Japan.
L'Oréal North Asia Zone is the second largest region within the Groupe, accounting for 29.6% of the Group's global sales in 2022. 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.
