(Investment in China) From a consumer hotspot to a source of global innovation, L’Oréal continues to increase its investment in China

China News Service, Shanghai, October 10 (Li Shuzheng, Yang Haiyan) On the eve of the 38th Shanghai Mayor’s International Entrepreneurs Advisory Conference, L’Oréal Group Chairman Agon returned to Shanghai.

On the 10th, Agon said in an interview with the media that China is no longer just a simple sales market, but also an important partner for L'Oreal's global innovation, industrial chain collaboration and sustainable development. L'Oreal is rooted in Shanghai and heavily invested in China. It is a "two-way rush".

"It's been 30 years since I first set foot in Shanghai," A Gong recalled. At that time, he was sure that this city would eventually stand at the center of the world economy and global beauty industry. Thirty years have passed, and the predictions made back then have become reality.

In Agon's view, it is almost "destined" for L'Oréal to locate its North Asia headquarters and R&D innovation center in Shanghai. "Shanghai's consumers are beauty connoisseurs and are willing to try new things and embrace all kinds of innovations. The city has grown into a global innovation hub, and its excellent business environment continues to empower corporate development, helping L'Oréal's business spread from Shanghai to the whole of China. This is an important foundation for our stable and long-term business in China."

"Compared with major cities around the world, Shanghai is already L'Oréal's number one innovation hub in the world." Agon said.

When talking about innovation, Agon also played a word game. The French word "chic", which represents fashion and style, was interestingly linked to China Innovation Center. Agon said that the L'Oréal China R&D and Innovation Center, which is rooted in Shanghai, brings together top talents in marketing, industry and other fields. It not only creates good products for Chinese consumers, but also exports beauty innovations with "Shanghai style" to the world.

L'Oréal continues to make multiple investments in China. This year, L'Oreal will upgrade the L'Oreal China R&D and Innovation Center in Shanghai into a global R&D center. L'Oreal Nantong Intelligent Operation Center will also be put into use soon. At the same time, L'Oréal relies on the BIG BANG beauty technology co-creation plan to grow side by side with China's beauty entrepreneurial forces.

The annual China International Import Expo (CIIE) is approaching, and L'Oreal will participate in the exhibition for the ninth consecutive year.

Agon said that the CIIE is L'Oréal's all-round display window to the world, where it can complete the global and Asian premiere of new technologies and new brands and demonstrate sustainable development practices. As the chairman of the Exhibitor Alliance of the China International Import Expo, L'Oréal will also join hands with many exhibitors to introduce global beauty technology to China and build a bridge for Chinese and foreign industries to communicate.