L’Oréal Group, the world’s largest cosmetics company, is set to spearhead the advancement of K-beauty tech. A delegation of approximately 30 executives, including Barbara Lavernos, Deputy CEO of L’Oréal in charge of Research, Innovation, and Technology, visited Korea on June 25 to discuss the specifics of the Big Bang Program. This program was launched as part of an open innovation business agreement signed between L’Oréal and the Korean Ministry of SMEs and Startups.
Sources from the industry reveal that the L’Oréal Group executives will remain in Korea for approximately one week. On June 29, they will meet with the Minister of SMEs and Startups, Lee Young, to coordinate the collaboration details with the Korean government ministry. Additionally, they will engage in discussions with companies participating in the Big Bang program and meet with various partners in Korea.
L’Oréal Group boasts an extensive range of technologies within the cosmetics sector, operating 20 research centers across 11 countries worldwide and employing over 4,000 personnel dedicated to research and innovation.
Prior to their visit to Korea, L’Oréal officials attended Viva Technology 2023 in Paris, France, where they met with Minister Lee and signed an agreement to launch the Big Bang Program. Originally introduced in China in 2020, this startup incubation program will now be implemented in Korea and Japan starting this year. In Korea, the program’s primary focus will be on beauty technology, encompassing devices, skin diagnostics, and delivery systems that incorporate digital and artificial intelligence (AI) technologies.
During their stay, L’Oréal officials will also visit Medicon’s hospitals to gain firsthand exposure to the medical services associated with Korea’s leading beauty and healthcare industries, which hold a prominent position in the global market.