China "dream ecosystem" for beauty tech, says head of L'Oreal technology incubator
Source: Xinhua Editor: huaxia / Martina Fuchs 2022-02-07 10:51:45
China is a "dream ecosystem" for beauty tech innovations and personalized products, said Guive Balooch, head of French cosmetics giant L'Oreal's Technology Incubator, as the country has grown into the world's second-biggest market for beauty and personal care products.
"For me as a tech entrepreneur and as a team of beauty tech, China is one of the most important markets for me and my team for many reasons," Balooch told Xinhua in a virtual interview.
"Chinese consumers have a very large appetite to try new technology and achieve beauty results that would be in a kind of way where technology and beauty can intersect," he said, adding he sees that with all the new beauty devices on the market in China, as well as the huge adoption of physical and digital together, online and offline, which is "like the ecosystem of a dream for a tech entrepreneur."
China is L'Oreal's second-largest market, with an annual sales growth of 27 percent in 2020 compared to the previous year.
L'Oreal China was founded in 1997 and is headquartered in Shanghai with offices in five other cities and more than 12,000 employees.
"I can see a trend with ModiFace tech and augmented reality. That kind of ecosystem already exists in China's many sectors and Chinese people's life. For a beauty tech team, the dream is to have that kind of ecosystem. We are very excited about that," Balooch stressed.
"We're also excited about the scalability of technology in China. I think that we have an eager yet demanding consumer, a consumer that expects great technology," he said.
China is currently witnessing a burgeoning demand for higher quality and premium brand products as a result of urbanization, growing disposable income and social media influence.
Balooch said forming new partnerships with Chinese players is a top priority. "My team is actively scouting and we're very interested in meeting entrepreneurs and founders and working together to make the beauty and tech of tomorrow."
The French company, headquartered in Paris, is one of the world's largest cosmetics companies focusing on hair color, skincare, sun protection, make-up, perfume and hair care.
It owns a portfolio of around 35 consumer brands including Maybelline, Garnier, Lancome, Kiehl's and Giorgio Armani Beauty.
Balooch also said that the push for sustainability helped create new opportunities for L'Oreal in the area of skincare science.
In December, L'Oreal announced a new strategic partnership with Israeli climate tech company BreezoMeter which researches the links between skin aging and environmental exposures, such as allergens, UV and pollution, and provides new personalized skin routines.
There is a lot of potential for technology to help people solve age-old consumer needs, Balooch said.
"We have lots of initiatives within L'Oreal about sustainability, from packaging to product design, and climate tech and water tech, which we think are very important for our responsibility as an organization, but also for innovation because that's what people want," said Balooch, who is also a scientist.
"They want great products that are good for the environment."
