The company’s North Asia president, Fabrice Megarbane, explained South Korea is a key innovative market in the global beauty industry and plays a strategic role in the “North Asia beauty triangle” of South Korea, China and Japan.
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 remarked.
The KO-Creation Strategy
L’Oreal Korea CEO Samuel du Retail said the company will share South Korean beauty innovations, such as cushion foundation, with the world through its “KO-creation” strategy.
Under the strategy, L’Oreal will also expand its partnership with the South Korean government and companies.
L’Oreal has already 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.
Earlier this year, L’Oréal has made a minority investment in micro-printing startup, Prinker Korea Inc., through its corporate venture fund BOLD Business Opportunities for L’Oreal Development.
L’Oréal generates about 30% of its total sales in the Asia-Pacific region. The cooperation between L’Oreal and South Korea is expected to help both parties grow their businesses and expand their global reach.