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L'Oreal Korea's 'KO-Creation' strategy to elevate beauty innovation

L'Oreal Korea's 'KO-Creation' strategy to elevate beauty innovation

L'Oreal Korea has unveiled its vision of promoting diverse and sustainable beauty within Korea while simultaneously showcasing the country's innovative beauty products to the world through the "KO-creation" strategy.

"We are extremely grateful to all our customers, partners, suppliers, and employees for their incredible support and contribution to L'Oreal Korea's three-decade journey. We eagerly anticipate working even more closely with the entire Korean innovation ecosystem to create beauty that resonates not only in Korea but also across the globe," expressed Samuel du Retail, President of L'Oreal Korea, during the company's celebration of its 30th anniversary in Seoul.

The French cosmetics giant has identified KO-creation as a pivotal initiative, capitalizing on Korea's unique beauty landscape and rich innovation ecosystem to fuel its growth. This approach encompasses three strategic pillars: the ongoing innovation of Korea-inspired products, the expansion of partnerships for research and innovation, and active collaboration with the government to foster open innovation.

"We recognize the strategic role L'Oreal Korea plays in the North Asia beauty triangle ecosystem both from the consumer insight and the research and innovation perspective. Korea offers the latest insights on consumer trends, digital innovations and biotechnology, and we are ready to work closely with our partners in Korea to capitalize on future opportunities for growth and innovation," President of L'Oreal North Asia Fabrice Megarbane emphasized.

L'Oreal Korea has a history of playing a pivotal role in introducing K-trends to global consumers since the mid-2010s. The global success of K-beauty-inspired products like "BB cream" and cushion products is a testament to this. More recently, products such as the K-inspired YSL pink cushion, YSL candy glaze, and Lancome Clarifique pro-solution serum have been exceptionally well-received in both Korea and North Asia.

The company has strategically positioned Korea as a hub for research and innovation, actively exploring new partnerships. Notably, L'Oreal has recently signed MOUs with industry leaders, such as GS Caltex for bio-based cosmetic ingredients, Cosmax for microbiome technology, and Kakao Healthcare for precision beauty solutions powered by bioinformatics.

Furthermore, L'Oreal has formed close partnerships with the Seoul city administration and the Ministry of SMEs and Startups, focusing on open innovation initiatives. Their joint efforts aim to discover and nurture startups and small- to medium-sized enterprises, facilitating their global expansion.

L'Oreal's commitment to supporting startups extends to a signed MOU at Viva Technology 2023 with MSS. Additionally, they are set to launch the Big Bang program, designed to explore emerging startups in the beauty tech and device sector, driven by digital and artificial intelligence technologies.

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