L'Oréal Hong Kong Unveils City's First Open Innovation Accelerator for the Beauty Industry

L'Oréal Big Bang Hong Kong, in collaboration with Hong Kong Science and Technology Parks Corporation (HKSTP) and Business France Hong Kong, aims to accelerate the city's open innovation and co-creation for future beauty.

HONG KONG, June 21, 2024 /PRNewswire/ -- L'Oréal Hong Kong today announced the launch of the Big Bang Beauty Tech Innovation Programme ("Big Bang") in Hong Kong, a groundbreaking open innovation accelerator initiative designed to drive the co-creation and co-development of future beauty experiences. This initiative reaffirms L'Oréal's commitment to meeting the ever-evolving needs of its consumers powered by technology and innovation.

L'Oréal Hong Kong, in partnership with HKSTP and Business France, is revolutionising beauty retail. By partnering with tech startups, we aim to bring the essence of Lancôme's "Domaine de la Rose" to life for consumers in Hong Kong. Through innovative beauty tech solutions fuelled by cutting-edge technology and immersive experiences, L'Oréal aims to redefine how customers connect and interact with Lancôme's products, experience and heritage.

HKSTP and Business France will play a pivotal role in the Big Bang Hong Kong edition, scouting innovative solutions from a diverse pool of startup talent in both Hong Kong and France. The three parties will also join hands in co-incubating and co-nurturing these promising startups, fostering the development of revolutionary beauty tech solutions and boosting cross-sector collaboration.

"We are excited to collaborate with HKSTP and Business France Hong Kong to roll out the first Big Bang Hong Kong edition," said Eva YU, President and Managing Director, L'Oréal Hong Kong. "At L'Oréal, we believe that innovation and collaboration can push the boundaries of what's possible. This programme reflects our beauty tech commitment to fostering innovation and driving positive change in the beauty industry. By joining forces with startups, technology and business ecosystem partners, we can collectively create a more innovative future for Hong Kong's retail landscape through technologies such as big data, AI and virtual reality."

Albert WONG, Chief Executive Officer of Hong Kong Science and Technology Parks Corporation (HKSTP), said, ''HKSTP has extensive experience in nurturing start-ups and fostering the transformation of innovative ideas from entrepreneurs, which can help accelerate their journey to commercialization. We are honoured to collaborate with L'Oréal, a market leader in the beauty industry, and Business France, to drive the advancement of beauty tech and strengthen the exchange of I&T talents between Hong Kong and France together."

"L'Oréal has consistently led the beauty industry with its commitment to innovation, and their dedication to fostering emerging talent and startups is truly commendable," said Christile DRULHE, Consul General of France in Hong Kong and Macau. "The Big Bang Beauty Tech Innovation Program is a shining example of this commitment, and we are thrilled to celebrate the launch of its first-ever Hong Kong edition. We look forward to seeing an enthusiastic response from the city's brightest minds."

The initiative is open for applications from early July until mid-August 2024. Startups with validated business ideas and functional prototypes that go beyond the boundaries of the beauty industry and retail landscape are encouraged to submit their proposals through the Big Bang Hong Kong website. Selected startups will have the opportunity to collaborate with L'Oréal Hong Kong and gain access to invaluable resources, a potential commercial pilot, mentorship, and networking opportunities. In addition, the winning startup(s) will have the incredible opportunity to showcase its solution(s) at the November 2024 China International Import Expo in Shanghai, where they can participate in industry networking events and an award ceremony.

Big Bang is an open innovation initiative that aims to disrupt beauty solution for consumers through collaboration with startups and partners. Launched in 2020 by L'Oréal China, the programme focuses on driving the co-creation and co-development of innovative beauty products and experiences. It is now available in all L'Oréal North Asia markets. Inspired by its potential and successful cases, the L'Oréal South Asia Pacific, Middle East, and North Africa (SAPMENA) region also launched its Big Bang edition in 2024.

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About L'Oréal

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 centres 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.

L'Oréal Hong Kong was established in 1983 as a subsidiary of the L'Oréal Group, and it offers over 15 brands to local customers. L'Oréal Hong Kong has been active in giving back to the local community and recognised as a "Caring Company" since 2003.

More information: https://www.loreal.com/en/hong-kong-sar/

source: L'Oréal Hong Kong