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China dream ecosystem for beauty tech, says head of L’Oreal technology incubator

2022-02-08 08:25:57 Xinhua News Agency

China is a dream ecosystem for beauty tech innovations and personalized products.

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.