Loral Big Bang Beauty Tech Innovation Program Accelerates Innovation Across North Asia

Pioneering Initiative Expands to Hong Kong SAR and Taiwan Region, Reinforcing Loral's Leadership in Regional Beauty Tech Open Innovation

SHANGHAI, June 21, 2024 /PRNewswire/ — Looral's groundbreaking Big Bang Beauty Tech Innovation Program (Big Bang) celebrated its monumental launch in Hong Kong Special Administrative Region today and is now officially operational across North Asia markets, ushering in a new era of beauty innovation for consumers in the region and executing Looral's North Asia Zone “Beauty Triangle” strategy, which aims to leverage the unique and powerful North Asia ecosystem and cross-cutting synergies between Chinese beauty, Korean beauty and Japanese beauty to maximize synergies and accelerate collaboration.

First launched in mainland China in 2020, Big Bang partners with startups and innovators to embrace open innovation and develop disruptive beauty solutions. The program fosters the co-creation and co-development of innovative beauty products and experiences. Its expansion to Japan and South Korea in 2023, followed by its recent launch in Hong Kong SAR and Taiwan, highlights Lo Oral's commitment to pioneer cutting-edge beauty solutions across North Asia. The program's success also inspired Lo Oral's launch in South Asia Pacific, Middle East and North Africa regions last month.

Each market customizes its Big Bang program with a unique theme to reflect regional strengths and foster local partnerships. Loral Taiwan opened recruitment for its Big Bang in March, focusing on the “Green Beauty Consumer Journey.” Through a collaboration with the Taipei Computer Association (TCA), the program promotes local sustainability innovation for a circular economy, eco-friendly design, and enhanced consumer engagement.

L'oral Hong Kong recently launched the city's first open innovation accelerator dedicated to the beauty industry. In partnership with Hong Kong Science Park Corporation (HKSTP) and Business France Hong Kong, the program prioritizes “transforming the customer experience.” The goal is to create immersive, multi-sensory experiences within brand spaces to heighten customer interaction and bring brand stories to life in compelling new ways.

Loral Hong Kong Big Bang will start activation on June 21, 2024

Both Roral Japan and Korea celebrated the success of the program's first year, with participants receiving great reviews and several companies already working with Roral. Building on this momentum, Roral Japan will continue its strategic partnership with the Ministry of Economy, Trade and Industry to advance research and innovation (R&I) in cutting-edge skincare and haircare technologies. Similarly, Roral Korea will formalize its collaboration with the Ministry of SMEs and Startups through an MOU at Viva Tech 2023 to further deepen its focus on R&I while expanding the program with a dedicated digital track.

As the origin of the Big Bang program, Loral China continues its trajectory of impactful progress, covering comprehensive tracks such as Future Science, Phygital Consumer, Operations 4.0, Gen AI and Sustainability, fostering increasingly sophisticated projects and achieving tangible results. This is exemplified by the recent Viva Technology event, where CITIBIOTECH, a French startup specializing in 3D skin printing and winner of the Big Bang China France channel, signed a strategic MOU with Oriental Beauty Valley, a Chinese government-affiliated incubation organization. The partnership paves the way for CITIBIOTECH's successful entry into the Chinese market. This milestone represents the first outcome born out of the partnership agreement signed by Loral, Business France and Oriental Beauty Valley during the official visit of French President Emmanuel Macron to China in April 2023.

Launched in 2021 with Business France as strategic partner, the Big Bang China France channel supports cutting-edge French start-ups to expand their presence in the Chinese market. By 2023, it has successfully recruited around 50 French start-ups to join the Big Bang China program.

CITIBIOTECH and Oriental Beauty Valley sign MOU at Viva Tech 2024

Since its inception, Big Bang has partnered with over 2,000 companies, realised over 50 business projects and driven real-world innovation, including the nanochip technology developed by a previous Big Bang China participant that is now featured in Lancme's RENERGIE NANO-RESURFACER| 400 BOOSTER, which will debut at VivaTech.

Big Bang provides startups and SMEs with a valuable platform to expand their business, connect with government agencies, industry leaders and investors, and showcase their innovations on a global stage at events such as China International Import Expo (CIIE) and Viva Technology. Loral's investment in Shine Hi, the winner of the 2022 Big Bang China program, exemplifies the company's dedication to incubating and accelerating promising beauty tech ventures.

Big Bang attendees make valuable connections at exclusive networking event

“As Big Bang takes hold across North Asia, we expect to usher in a new era of beauty innovation where technology, creativity and co-creation come together to offer consumers exceptional, personalized experiences. Loral is proud to be at the forefront of this exciting evolution, solidifying its position as a leader in beauty technology in the region and beyond.”

About Loral Group

For 115 years, Loral, the world's leading beauty company, has been dedicated to fulfilling the beauty desires of consumers around the world. Our purpose: creating beauty that moves the world defines our approach to beauty as essential, inclusive, ethical, generous and committed to social and environmental sustainability. With a broad portfolio of 37 international brands and ambitious sustainability efforts in our Loral for the Future program, we celebrate beauty in all its infinite diversity by offering the best in quality, efficacy, safety, integrity and responsibility to everyone, around the world.

With more than 90,000 dedicated employees, a balanced geographical coverage and sales across all distribution networks (e-commerce, mass merchandisers, department stores, pharmacies, perfumeries, hair salons, branded and travel retail), the Group achieves sales of €41.18 billion in 2023. With 20 research centers in 11 countries around the world and a dedicated Research and Innovation team of more than 4,000 scientists and 6,400 digital talents, Loral is focused on inventing the future of beauty and becoming a Beautytech powerhouse.

For more information, visit https://www.loreal.com/en/mediaroom.

About Loral North Asia Zone

The Loral North Asia Zone was established in 2021 as the Loral Group reorganized the zone's geographic scope to increase consistency in consumer behavior and create synergies within the region. The North Asia Zone comprises five geographically and culturally linked markets: Mainland China, Hong Kong SAR, Taiwan Region, South Korea and Japan.

The Roral North Asia Zone is the Group's second largest region, accounting for 25.9% of the Group's global sales in 2023. Located in the most beauty-enthusiastic region with more than one-third of the world's beauty consumers, Roral North Asia is shaping the future of beauty with its innovation centers in Shanghai, Tokyo and Seoul, as well as investing in the transformation of beauty tech as one of the world's three largest beauty tech hubs. Our mission here is to strategize, build and activate a powerful ecosystem centered around the North Asia Beauty Triangle to unlock sustainable growth for all and establish a competitive advantage that inspires the world.

About the Loral Big Bang Beauty Tech Innovation Program

The L'Oréal Big Bang Beauty Tech Innovation Program (Big Bang) is a first-of-its-kind regional initiative focused on driving open innovation, inspiration and co-creation of innovative beauty products and experiences. The program will identify, support and nurture promising startups and companies with disruptive technologies that can scale regionally and globally.

Sources 1/ https://Google.com/ 2/ https://technode.global/prnasia/loreal-big-bang-beauty-tech-innovation-program-ignites-innovation-across-north-asia/ The mention sources can contact us to remove/changing this article

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