(image: L’Oreal Korea)
SEOUL, Sept. 1 (Korea Bizwire) — Executives of French cosmetics giant L’Oreal said Friday that they will strengthen cooperation with its South Korean partners for global expansion, calling South Korea a key innovative market in the global beauty industry.
South Korea plays a key strategic role in the “North Asia beauty triangle” in terms of consumer insight and research innovation, which can lead to sustainable growth and give inspiration to the global market, Fabrice Megarbane, L’Oreal’s North Asia president, said in a press conference celebrating the 30th anniversary of L’Oreal Korea’s establishment.
The North Asia beauty triangle refers to South Korea, China and Japan.
L’Oreal raises about 30 percent of its total sales in the region, which includes Hong Kong and Taiwan.
South Korea is an “ideal” market that can provide a blueprint for the future based on the world’s biggest original development manufacturing capabilities and its bio and beauty technologies, Megarbane said.
Samuel du Retail, CEO of L’Oreal Korea, said the company will share South Korean beauty innovations, such as cushion foundation, with the world through the “KO-creation” strategy.
Under the strategy, L’Oreal will also expand partnership with the South Korean government and companies, Retail said.
L’Oreal has signed business cooperation agreements with GS Caltex Corp. for cosmetics ingredient development, Cosmax Inc. for microbiome technology research and Kakao Healthcare Corp. for beauty solution development, according to the company.
L’Oreal currently owns luxury beauty brands, including Lancome, Yves Saint Laurent Beauty and Armani Beauty, as well as skin care brands, such as Biotherm, La Roche-Posay and Kiehl’s.
(Yonhap)
