L'Oréal Groupe and the Ministry of SMEs and Startups (MSS) to initiate open innovation in digital and beauty tech in Korea

- Open innovation agreement signed at L'Oréal's booth at VivaTech 2023,Europe's largest startup event.

- L'Oréal Groupe's Deputy CEO Barbara Lavernos and Minister Young LEE participate

- Focus on beauty tech,device,skin diagnosis and delivery systems,enabled by digital and AI technology

SEOUL,South Korea,June 16,2023 -- L'Oréal Groupe and the Ministry of SMEs and Startups (MSS) signed an open innovation agreement to launch L'Oréal Group's "Big Bang" program in Korea,to discover,support,and nurture promising SMEs and startups.

The MOU for open innovation was signed at the L'Oréal booth at Viva Technology 2023,Europe's largest startup and tech event held in Paris,on June 15 2pm,local time. L'Oréal Groupe's Deputy CEO in charge of Research,Innovation & Technology,Barbara Lavernos and Minister Young LEE participated.

Through thisMOU,L'Oréal and MSS will discover and support promising SMEs and startups in Korea with innovative digital and beauty tech technologies that can be scaled globally. In particular,the program will focus on beauty devices,beauty tech,enabled by digital and AI technologies.

Barbara LAVERNOS,Deputy CEO of L'Oréal Groupe in charge of Research,Innovation and Technology,said: "At L'Oréal,we embrace and nurture innovation,and believe in open innovation through partnerships. Therefore,we work with innovative start-ups,small and medium businesses,institutions and governments to inspire and be inspired. The signing of MOU today with Korean MSS is a significant milestone for L'Oréal's journey in leading open innovation in North Asia. We are excited to collaborate with startups from China,Korea,and Japan through the Big Bang Program,and to scale up creativity and innovation from North Asia globally."

Young Lee,Minister ofSMEs and Startups,said,"Supporting promising Korean SMEs and startups to play an active role in the global market is a big mission for us at the Ministry of SMEs and Startups. In this sense,collaboration with the global beauty leader L'Oréal Group is very meaningful. The ministry will continue to support Korean companies with innovative technologies to collaborate with global companies to strengthen their market competitiveness and expand into the global market."

Globally,L'Oréal Groupe operates 20 research centers in 11 countries and has more than 4,000 R&I employees. The Groupe is focused on working closely with partners through open innovation,breaking down boundaries and exchange ideas to help shape the future of beauty. L'Oréal Groupe's "Big Bang" program is a startup incubation program launched in North Asia,which has been running in China since 2020 and will be rolled out in Korea and Japan starting this year.

L’Oréal Groupe signed an MOU with Korea Ministry of SMEs and Startups

Ribbon cutting at L’Oréal’s North Asia “Big Bang Program” launch ceremony

About L'Oréal Group

For over 110 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 inclusive,ethical,generous and committed to social and environmental sustainability. With our broad portfolio of 35 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 85,400 committed employees,a balanced geographical footprint and sales across all distribution networks (e-commerce,mass market,department stores,pharmacies,hair salons,branded and travel retail),in 2021 the Group generated sales amounting to 32.28 billion euros. With 20 research centers across 11 countries around the world and a dedicated Research and Innovation team of over 4,000 scientists and 3,000 tech professionals,L'Oréal is focused on inventing the future of beauty and becoming a Beauty Tech powerhouse. More information on https://www.loreal.com/en/mediaroom

About L'Oréal Korea

L'Oréal Korea,established in 1993,offers consumers in the Korean market with innovative products and services to meet diverse beauty needs of Korean consumers,based on science,technological innovation,sustainability,and diversity. L'Oréal Korea works together with 1,800 employees including KIC (Korea Innovation Center) which was established in 2018 to connect with Korean beauty ecosystem for development of innovative products through Korean consumer insights. L'Oréal Korea is also committed to various social causes such as Korea L'Oréal-UNESCO For Women in Science (2002~),Citizen Day (2010~),etc.

Media Contact:

Sang Ha KANG,L'Oréal Korea (sangha.kang@loreal.com)