At the 7th China International Import Expo (CIIE) in Shanghai, L’Oréal has once again demonstrated its commitment to open innovation by announcing the winners of its North Asia BIG BANG Beauty Tech Innovation Program (BIG BANG) for 2024. This marks the first time the company has revealed the winners from all five North Asian markets at the same time. L’Oréal also introduced a new sustainability-focused track during the North Asia BIG BANG Community Innovation Summit, further reinforcing its dedication to both technological advancement and eco-conscious beauty solutions.
Speaking at the event, Vincent Boinay, President of L’Oréal North Asia Zone and CEO of L’Oréal China, shared his thoughts on the company’s evolving beauty tech vision: “Our beauty tech transformation is about pushing boundaries and shaping the future of an industry we’re privileged to lead. A milestone, and a powerful proof point, of this commitment is our BIG BANG Program. BIG BANG is a platform where we harness the unique strengths of each market within our North Asia Beauty Tech ecosystem, to unlock unprecedented synergies and accelerate the development of groundbreaking beauty solutions.”
The BIG BANG program has become a key part of L’Oréal’s strategy in North Asia, bringing together startups, partners, and innovators to address current and future challenges in beauty technology. This year’s summit, held on November 7, saw a landmark collaboration between L’Oréal and a diverse array of stakeholders from industry, government, venture capital, and private equity. For the first time, attendees from all five North Asian markets gathered to explore the future of beauty innovation.
One of the major highlights of this year’s event was the introduction of a new sustainability track, designed to tackle the growing demand for eco-friendly beauty products. As consumers increasingly seek green beauty solutions, this new initiative will encourage future innovations that align with sustainable practices. At the summit, L’Oréal showcased a variety of thought leadership sessions that touched on key trends, such as consumer preferences, the growing importance of sustainability in beauty, and China’s economic outlook. The event also featured a startup roadshow, providing an exciting platform for up-and-coming companies to present their ideas and explore new business opportunities.
L’Oréal has long recognized the importance of CIIE as an ideal venue for fostering global cooperation and opening doors to new partnerships, particularly in China. The company has used the event to highlight the role of Chinese innovation on the global stage, while also helping international companies find new opportunities within the Chinese market.
A prime example of this international collaboration is CTIBIOTECH, a French biotech firm specializing in real human skin testing and 3D bioprinting, which was named a winner in the 2023 BIG BANG French Channel. On November 8, CTIBIOTECH marked a significant milestone at the 7th Oriental Beauty Valley International Cosmetics Conference. With support from Metron Technology Co. Ltd. and the Oriental Beauty Valley Group, the company delivered its first order of 3D skin tissue and cell models in China. This achievement underscores the growing potential of innovative global companies in the Chinese market.
