"If you bring up innovation at the dinner table, the conversation will likely turn to tech: AI, iPhones, electric vehicles, digital things pioneered in Silicon Valley or Eastern China. Yet tech companies hardly have a monopoly on new ideas, and the success of Europe's most dynamic businesses suggests the continent can still compete in the second quarter of the 21st century."
"Beauty is at an inflection point, with so many areas of research, science and innovation that are beyond the core expertise of our industry, which up till now has been chemistry-based. Now tech is having major involvement, with beauty devices, diagnostics and digital services, but there are also [trends] like biotech and wellness. All these require us to have an innovation strategy which is inside and outside,"
L'Oréal pairs a substantial $1.5bn R&D budget with an open-innovation strategy that integrates in-house lab work and external partnerships to create novel products and services. The company has shifted beyond traditional chemistry-based expertise toward tech-driven areas such as beauty devices, diagnostics, digital services, biotech and wellness. Guive Balooch leads tech and open innovation, applying an 'inside and outside' approach developed over 18 years and informed by academic research. L'Oréal pioneered augmented-reality virtual try-on with Makeup Genius (now Beauty Genius) in 2014, accelerating adoption of digital makeup mirrors across retail and consumer experiences.
Read at Fortune
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