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French cosmetics giant L'Oréal will invest EUR100 million (USD114 million) over the next five years to support innovative projects in the field of sustainability, including small- and medium-sized Chinese startups, according to an executive.
L'Oréal will launch the sustainable innovation accelerator program this year, focusing on discovering, nurturing, and scaling up breakthrough technologies that address key challenges, Lan Zhenzhen, president of public affairs for North Asia and China at L'Oréal, told Yicai at the Shanghai International Carbon Neutrality Expo in Technologies, Products, and Achievements last Thursday.
Last month, L'Oréal participated in the financing round of Veminsyn, becoming a minority shareholder of the Chinese biotech startup. The pair then entered a strategic partnership to jointly develop innovative bioactive ingredients and produce cosmetic ingredients with low-carbon biomanufacturing technologies.
L'Oréal has worked closely with several Chinese biotech companies in the field of medical aesthetics. For example, it has joined hands with Jinbo Bio-Pharmaceutical to co-develop its first collagen injection product. "We have identified many opportunities in this new direction," Lan said.
At the Shanghai Carbon Neutrality Expo, L'Oréal showcased a renewable hyaluronic acid made through a new biotechnological method that allows the production of tons of hyaluronic acid with only a few grams of lactic acid bacteria, greatly reducing costs.
"While the Chinese market is creating great business value for multinationals, Chinese firms are providing sustainable, innovative solutions for multinationals," an executive at a L'Oréal supplier told Yicai at the expo.
This year's Shanghai Carbon Neutrality Expo is held from June 5 to 7. It has an exhibition area of 40,000 square meters and has attracted more than 300 companies from 15 countries and regions, according to official information.
Source: Yicai Global
