L’Oreal: Future Consumption and Innovation Trends in North Asian Beauty Triangle
- Chaileedo Press
- Nov 8, 2022
- 3 min read
The summit aims to provide new ideas, new thoughts and new opportunities for the beauty industry and bring into play the synergy of the North Asian beauty triangle to jointly promote regional research and innovation.
The first North Asia Beauty Industry Innovation Summit, organized by L'Oreal, was held on November 7 at the 5th China International Import Expo. With the theme of "The Future of Beauty Powered by Technology and Innovation", the summit invited authoritative experts and beauty professionals, such as Mr. Fabrice Megarbane, President of L'Oréal North Asia & CEO of L'Oréal China, Marie Boisdron, China Make-up&Color Lab Director, L’Oreal Research & Innovation, Dr. SokJu Kim, Director, Clinic 10, Korea/Phiskin, Clinic, Shanghai, etc. The event discussed the future consumption and innovation trends of the beauty market in China, Japan and Korea, explore the joint innovation in the beauty triangle in these three countries, and drive the synergistic development of the beauty industry in North Asia through regional cooperation.
Mr. Fabrice said at the summit that the beauty triangle in North Asia includes China, Korea and Japan, and that Asia is the most dynamic beauty market in the world and the largest beauty market, accounting for 43.8% of the global market share, while North Asia, where China is located, accounts for 35.5% of the global market share. L'Oréal calls the unique North Asian ecosystem, which includes C-beauty, J-beauty and K-beauty, the 'Beauty Triangle'. The beauty market strengths in each of the three markets are also unique, with China focusing more on anti-aging, new color cosmetics and beautiful consumption, Korean consumers more interested in new styling and color cosmetics and functional beauty products, and Japanese customers more inclined to research skincare trends, luxury products, and skincare science communication, said Fabrice. The summit aims to provide new ideas, new thoughts and new opportunities for the beauty industry and bring into play the synergy of the North Asian beauty triangle to jointly promote regional research and innovation.
For the theme of the summit "The Future of Beauty Powered by Technology and Innovation", experts from various industries also gave professional insights from different aspects. Guive Balooch, Head of L'Oreal's Technology Incubator said that the future of beauty lies in the convergence of science, technology and creativity, and that consumers want to use products that are more effective, and that technology-enabled beauty products can help realize this expectation.
As for technology empowerment, Marie Boisdron, China Make-up & Color Lab Director, L'Oreal Research & Innovation, also mentioned technology empowerment and super-charged efficacy is the latest trend pursued by North Asian consumers in her speech on the Latest Beauty Trends &Innovations in North Asia. In North Asian markets, consumers are diverse and have their own unique cultural identities. L'Oréal has also noticed that consumers are more interested in super-charged efficacy products. To meet this trend, L'Oréal has combined beauty and devices to create high efficacy beauty products with a medical research mindset. The specific product manifestation is the Dual Led Youth Treatment device launched by Lancôme, a subsidiary brand of L'Oreal, etc.
Technology has also changed the behavior of consumers. In the expert panel of the summit, Katia Lan, Consumer Centricity Protect Director, L'Oreal China, said that North Asian consumers are more focused on personalized expression, and the brands of L'Oreal, for example, are now launching Metaverse for some brands that meets this demand, as well as the creation of more beauty devices also because consumers have a lot of personalized needs. Innovation and consumer demand is a win-win situation.
During the discussion, all experts called for more cross-industry, cross-market collaboration to bring new technologies and innovations to consumers. In the area of artificial intelligence and digital technology, experts emphasized the urgency of strengthening the AI infrastructure and using the power of "digital intelligence" to drive collaboration. On medical beauty, experts noted the importance to bring together breakthrough startups, resourceful companies and professionals to drive the future of innovation.
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