L'Oréal Sets Eyes on China with Signing Memorandum of Cooperation with Alibaba

L'Oréal signed memorandum of cooperation with Alibaba and Oriental Beauty Valley Group to accelerate its expansion in China.

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On April 6th, at the 5th meeting of the China-France Business Council, L'Oréal signed memorandum of cooperation on two strategic projects, The "French Start-up and SME Incubation Platform" with the Business France and the Oriental Beauty Valley Group, and the "Digital Circular Economy Model for Beauty Industry" with Alibaba Group.

These two forward-looking projects signify L'Oréal's commitment to further unleash and gather "new beauty momentum," continuously enhancing the level of the Chinese market within the group's global innovation map, supporting China's modernization in the new era, and helping to promote new heights in innovation and sustainable development cooperation between China and France.

The “French Start-up and SME Incubation Platform” originated from the “L'Oréal BIG BANG Beauty Tech Innovation Camp”, which has been successful held in China for three sessions. BIG BANG was co-organized by L'Oréal China, the Business France, and the Oriental Beauty Valley Group, BIG BANG has opened a “French Channel” for French small and medium-sized enterprises and start-ups which are interested in expanding their business in China for two consecutive years.

The "French start-up and SME incubation platform" will provide comprehensive support for start-up companies, including marketing strategy, technology, product development and brand management.

L'Oréal stated that through this signing, L'Oréal China, the Business France, and the Oriental Beauty Valley Group intent to further integrate their new resources and platforms on the innovation value chain, increasing support for French innovative enterprises to communicate and cooperate, incubate projects, and invest in China, while also providing a new window for Chinese innovative technology enterprises to go abroad and expand cooperation on the international stage. With a dual push of "bringing in" and "going out", they will create a solid bridge for deep integration and coordinated development of the Sino-French innovation ecosystem.

It is worth mentioning that COROEBOS, the winning company of the 2022 BIG BANG "French Channel", also came to China as a member representative of the French delegation. Another cooperation project - the "Beauty Digital Circular Economy Model" signed with Alibaba Group is the first breakthrough of China's beauty industry in this field.

Alibaba has also customized a complete set of digital supply chain solutions for French cosmetics group L'Oréal, to ensure that it can provide services to consumers more efficiently. L'Oréal and Alibaba have jointly established a "digital circular economy model for cosmetics" project.

The project aims to manage the entire lifecycle of cosmetics through the Internet and mobile technology, promoting advanced and efficient cosmetics consumption experiences for Chinese consumers. To achieve this goal, the two parties will jointly develop and promote the "digital circular economy model for cosmetics," helping consumers save time and improve their quality of life.

In the past years, the two parties have jointly created many successful practices in terms of high-quality consumer experience; in the future, they will continue to work together to seize China's unique digital ecology and promote the upgrading and transformation of sustainable consumption in the beauty industry.