PARIS — L’Oréal is on the lookout for beauty tech, and has created an international competition to find it.
The beauty giant is to winnow down entrants to 10 finalists who are to present their innovations during the Viva Technology trade show that’s scheduled to be held in Paris from June 11 to 13. Three winners are to be chosen in this inaugural Beauty Tech Good Challenge.
“We are convinced that new technologies can help make tomorrow’s beauty more sustainable, responsible and inclusive,” said Lubormira Rochet, L’Oréal’s chief digital officer, noting that the contest is “to support start-ups that are on this path, help them gain visibility and invite them to work with our brands on concrete solutions to transform the consumer experience.”
Victors are to become part of L’Oréal’s incubation program at Station F in Paris, billed as the biggest start-up campus globally. For six months there, the start-up entrepreneurs will be mentored by executives from the French beauty giant and have the possibility to partner on projects with a focus on “tech for good beauty,” according to L’Oréal.
In 2017, L’Oréal inked a strategic partnership with Station F for the development of early-stage digital beauty start-ups around the world. Inside the building, L’Oréal also runs its own beauty accelerator.
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The company has made investments in other digital activities, as well, such as venture capital firm Partech Ventures and Founders Factory, an accelerator and incubator, as part of L’Oréal’s open innovation strategy.