L’Oréal

L’Oréal Launching Luxury K-Beauty Brand Shihyo

L’Oréal Launching Luxury K-Beauty Brand Shihyo

SHANGHAI — L’Oréal is launching a luxury K-beauty brand, called Shihyo.
Created in collaboration with South Korea’s Hotel Shilla chain and Hong Kong-based Anchor Equity Partners, the skin care brand will be introduced in Korea via a third-party joint venture, called Loshian.

Shihyo, which means “the wisdom of time” in Korean, takes inspiration from the 24 seasons of the traditional lunisolar calendar. “Shihyo embodies the healthy energy of nature, powered by herbal sciences,” L’Oréal said in a statement.

Shihyo features 24 different ampoules with 24 herbal ingredients harvested at the peak of each season. The range includes facial cleanser, essence, cream, shampoo and conditioner.

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All Shihyo product formulas have a patented ingredient called ShiHyo24, which infuses 24 herbal ingredients with fermented rice water and ginseng water. The nutrition-rich formulation is based on scientific research and innovation with proven efficacy, according to the brand.

The ingredients are directly sourced from local farmers in South Korea, according to In-Gyu Han, chief operating officer of Hotel Shilla, in the statement.

“Rooted in an exceptional traditional wisdom and knowledge of naturality, Shihyo represents the epitome of Asian luxury beauty. Empowered by science, Shihyo delivers the highest skin care quality thanks to its signature patented ingredient, offering the most elevated luxury beauty experience,” said Cyril Chapuy, president of L’Oréal Luxe.

“Shihyo delivers the highest skin care quality, thanks to its signature patented ingredient, offering the most elevated luxury beauty experience,” he added.

“We have full confidence that Shihyo will meet the discerning consumers’ needs with new luxury beauty routines,” said Sanggyun Ahn, managing partner of Anchor Equity Partners.

The brand was unveiled during Shanghai’s CIIE expo in early November.

Shihyo will focus on the North Asian market with a flagship store, called “Seoul Garden,” opening “in the coming months” at the Shilla Seoul Hotel in Korea. A launch in China is scheduled for 2023.

L’Oréal first dove into K-beauty in 2018, with the acquisition of Nanda Co. Ltd., the South Korean lifestyle makeup and fashion fashion company that includes the popular Stylenanda color cosmetics brand.

The L’Oréal North Asia Zone is the French beauty giant’s second-largest region sales-wise, after Europe. North Asia accounted for more than 28 percent of the group’s global sales in the nine months ending Sept. 30. Sales there grew 11.3 percent in reported terms and 0.3 percent on a like-for-like basis to 2.41 billion euros in the third quarter.

Inside LVMH-backed VivaTech: Blockchain, Crypto and VR Fashion Shows are the Future

Inside LVMH-backed VivaTech: Blockchain, Crypto and VR Fashion Shows are the Future

While thousands of attendees packed Paris’ Porte de Versailles convention center for VivaTech, some of the biggest names came as cartoons, and even showed up as holograms.Among them were Facebook parent company Meta’s outgoing chief operations officer Sheryl Sandberg, who appeared as an animated avatar in conversation with L’Oréal chief executive officer Nicolas Hieronimus, while Ukraine President Volodymyr Zelensky was beamed in Star Trek-style from his bunker in Kiyv.
That’s all to say that the sixth edition of the four-day, LVMH-backed conference offered a very eclectic mix of brands and executives on hand to talk tech. Audi showed off its latest connected car, while Amazon and Huawei were there touting new services. L’Oréal brought its beauty brands Lancôme and Skinceuticals to make the case for virtual consultations and AR color matching for makeup, with lines of eager believers wrapping around the room, all while mixing with crypto bros and NFT evangelists.

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Holographic mirrors and virtual try-on were on display, while the “Low Carbon Human Park,” where people were encouraged to chat, play chess and interact IRL, was sponsored by TikTok.
Louis Vuitton and Dior’s parent company LVMH Moët Hennessy Louis Vuitton took the term fashion house seriously, constructing a grand apartment with various rooms dedicated to each brand and showcasing its technology.
Speaking on stage at the Innovation Awards, LVMH chairman and CEO Bernard Arnault reminded the audience that his company started as a small busines, and that ethos still runs throughout the group. He said that luxury and technology share the same core values of creativity, quality and leadership.
“Creativity is the key of the success of LVMH, and it is at the center of what you do with start-ups,” he told the rapt audience. On the point of quality, he commented that there is still “enormous progress to do” in tech areas that relate to retail, citing NFTs, which he noted are “complicated to buy,” and VR goggles, which he said are “not pleasant.” Together LVMH and start-ups can work toward solutions.
“The last value is entrepreneurship. All the start-ups here are made from entrepreneurs, and we are a family of entrepreneurs,” said Arnault. “We share the same energy, the same agility, and the same will to grow.”
Group managing director Tony Belloni said LVMH was previously reluctant to embrace e-commerce because it was associated with “value and convenience, which are not drivers of a luxurious experience.”
“We have over 5,000 stores and we love them deeply because they fully immerse the customer in the brand universe,” he sad. “The challenge is innovating the experience online in a way that we can create the same differentiation that we have created in the physical world.”
At Louis Vuitton, that means bringing special events such as fashion shows, private parties and other “non-reproduceable” events to VIP customers through VR. Last month’s spectacular runway at the Salk Institute in San Diego was shown as an example of an event that could be streamed in VR. Not making the invite list or not being able to attend due to personal scheduling conflicts “generates frustration” for some customers, said Louis Vuitton demand and program director Stephan Emanuely. The new tech would allow customers to virtually attend from anywhere in the world.

Vuitton is also working on interactive technology for VIPs, where they can virtually interact with a personal sales agent “or it can be the designer” for consultations, said Emanuely. 3D renderings of shoes were also on display, so a potential buyer can see down to the stitching on their screen.
LVMH also showcased the interactive shopping system currently available at Dior’s Paris flagship. It operates through Apple technology and behind-the-scenes sourcing so that any product will almost instantaneously appear in front of a customer. No flipping through racks or spending a moment alone here. That system is in the process of being rolled out globally.
Bulgari displayed its Octo Finissimo, the thinnest watch in the world, and its joint NFT which cannot be separated from the timepiece. “We knew that NFTs were going up and down and we wanted to stay completely away from the hype of devaluation,” said high jewelry director Massimo de Valentini.
There was buzz around Guerlain’s crypto bees, NFTs which are tied to a rewilding project. It runs on the Tezos blockchain, which the brand says uses less energy.
LVMH is using data to hone its production and offerings across brands, group information technology director Franck Le Moal told WWD. They run what he called a data factory, with 60 dedicated data scientists and engineers to crunch numbers.
“It’s the whole value chain we are trying to target,” he said about using information to reach the group’s sustainability goals. “The more you have data and accurate forecasts, the better your footprint will be. You will not over-plan your logistics and transportation, you will reduce what you sell and you will adjust production and distribution capability so we will not overproduce. In the end it’s a strong impact on the global supply chain.
“The major impact that we are looking for in terms of supply is to downsize and making sure that we are not having to do reverse logistics because we know that reverse logistics are having a significant value impact on our carbon footprint,” he said.
LVMH brands do not currently accept crypto, but are looking at it. “We are careful,” Le Moal added.

The crypto panel with Changpeng “CZ” Zhao, the founder of crypto-currency exchange Binance, and Ethereum creator Vitalik Buterin in conversation with advertising conglomerate Publicis chair Maurice Levy, was the most anticipated event of the week. The two were treated like rock stars with whoops and cheers when they appeared on stage, or, in Buterin’s case, on screen. In one memorable moment, Levy got out of his seat to bow down to Zhao.
Both made their case for crypto despite the volatile markets that have shaken confidence in the currencies over the last few weeks. Buterin also tried to quell any environmental concerns, telling the audience Ethereum is moving from the energy-intensive “proof of work” blockchain used by Bitcoin, to the lower carbon impact “proof of stake” format. The new chain will also make the currency more scalable and accessible to the average consumer for small purchases as it will slash transaction fees.
Italian brand Pinko is one company that has jumped on the Ethereum train. Pinko executives were on hand to reveal their upcoming NFT project, which is a maze of an AR-enabled in-store installation, QR-code, online and metaverse hybrid that results in a digitally-decorated handbag.
The first limited edition drop is scheduled for October and will give buyers access to exclusive events and sales, both real and virtual. The cost is 1 Ethereum, which is roughly $1,100 at current exchange. If a customer wants to pay in local currency they’ll be turned down – it’s Ethereum only.
In more tangible currency, Mangopay, which works with retailers including La Redoute and Veepee, and customer-to-customer platforms such as Vinted, said these types of peer-to-peer marketplaces are seeing the biggest growth. “The main trend in the retail economy is the marketplace trend. For one euro spent in the e-commerce space, [the consumer] spends two in the marketplace space,” a spokesperson said.

L’Oréal Launches Circular Innovation Fund

L’Oréal Launches Circular Innovation Fund

PARIS – L’Oréal has launched a Circular Innovation Fund with the aim of scaling circular innovation solutions from the world over.The world’s largest beauty company is the fund’s initiator and anchor investor, contributing 50 million euros as part of its L’Oréal for the Future Sustainability program.
The Circular Innovation Fund will be operated by Demeter and Cycle Capital, French and Canadian funds that are experts in clean tech-focused capital management. There are also strategic investor Axens, the Haltra and Claridge family offices, as well as other private investors and the managers.
“There is an urgent need to scale up breakthrough circular innovative solutions,” said Christophe Babule, executive vice president, chief financial officer of L’Oréal, who called the Circular Innovation Fund “the first sizable worldwide investment fund dedicated to circular solutions and endorsed by a corporation.”

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The Circular Innovation Fund was developed to support startups and companies in North America, Europe and Asia that are creating circular use of resources in a wide range of sectors – including new materials from the bioeconomy, circular solutions for packaging, recycling and waste, logistics and eco-efficient processes.

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The fund will target companies such as For Days, a circular fashion startup that recycles consumers’ old clothes with a “Take Back Bag” and has a catalog of wholly circular, recyclable and eco-design clothing. There is also Aphea.Bio, which has as its mission “applied nature for better agriculture.”
In May 2020, L’Oréal unveiled its new solidarity program, called L’Oréal for the Future, which supports vulnerable women and the environment with 150 million euros-worth of investments. As part of that initiative, the group is deploying 100 million euros for impact investing, in addition to its ongoing Sharing Beauty With All sustainable development program. That sum was to be evenly divided, with 50 million euros earmarked to help regenerate damaged natural ecosystems and 50 million euros budgeted for preventing climate change.
“Within the framework of these funds, the investments we make or contribute to are made with the intention of generating a positive return, with measurable social and environmental impact, while providing a financial return,” said Babule. “This is a perfect illustration of sustainable finance – that is to say, the ability to combine financial value creation with environmental and social value creation.”
“As organizations and individuals are feeling the pressure of climate change, sustainable investing strategies will continue to soar,” said Andrée-Lise Méthot, founder and managing partner of Cycle Capital, and Stéphane Villecroze, cofounder and managing partner of Demeter, jointly in a statement released by L’Oréal. “This strategic collaboration between impact investors and established institutions comes at a pivotal point, as we need to rethink how we consume goods globally.”
The executives said the Circular Innovation Fund could drastically redesign how goods and materials are extracted, manufactured, consumed and disposed.

“Together, we can deliver value to the market with returns and, most importantly, deliver purpose and new innovation-driven technologies developed by talented entrepreneurs that have the potential to mitigate the environmental crisis humanity faces,” they said.
“The latest IPCC report confirms that ‘it is now or never’ that we can act to stave off the worst impacts of global warming. As a leader, we want to act in two complementary and strategic ways: on the one hand, reduce the impact of our business by sourcing our ingredients in a sustainable way, using more materials from recycled origin, etc.,” said Alexandra Palt, chief corporate responsibility officer and chief executive officer of the Fondation L’Oréal, in the statement. “On the other hand, contribute to addressing some of the most pressing environmental challenges, such as waste management, plastic pollution and also biodiversity loss.”
L’Oréal’s first 50 million euro impact investing fund, the L’Oréal Fund for Nature Regeneration, was started in June 2020. For that, the group partnered with Mirova, an asset management concern focused on natural capital investment. This fund taps projects bolstering the restoration of forests, mangroves, marine areas and degraded lands.
Also last year, L’Oréal invested in Real Wild Estates Company, which works to restore up to 50,000 hectares of degraded landscapes across the U.K. and elsewhere in Europe.
In 2022, the company is investing in Rize, a French tech startup that has as its mission to ramp up the low-carbon agricultural transition by helping farmers gain access to carbon financing.
For more, see:
Beauty Giants, Including L’Oréal and Unilever, Join Russia Boycott
L’Oréal Files Trademarks for ‘Virtual Cosmetics‘
L’Oréal Again World’s Top Filer of Trademark Applications

Swarovski Names a New Board, With Non-Family Members

Swarovski Names a New Board, With Non-Family Members

LONDON — Swarovski is rethinking the way it runs and governs the business and has, for the first time, opened its board to non-family members.The new board includes Robert Singer, the former president and chief executive officer of Abercrombie & Fitch, and former chief financial officer of Gucci Group; Manuel Martinez, chairman of the board of Bally; Annalisa Loustau Elia, a former P&G, L’Oréal, and Cartier executive, and Luisa Delgado, whose title is lead operating director of the German toy company Schleich.
They join Swarovski family members and shareholders Robert Buchbauer, Markus Langes-Swarovski, and Mathias Margreiter on the board. Delgado has been elected to the role of chair, while Buchbauer will assume the role of vice-chair.

Swarovski said the new board took up its responsibilities earlier this week and will carry forward the already-initiated process for reappointing a new CEO and CFO. The company said the appointments will be made “with the utmost diligence,” and as quickly as possible.

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As reported last month, Swarovski confirmed that Buchbauer, who took up the CEO role in 2020 following a company-wide shakeup, and Margreiter, the former CFO, were resigning, and the search for their respective successors had begun.
The company, which is based in Wattens, Austria, is working toward separating “control and management roles,” which have historically been run by the descendants of founder Daniel Swarovski.
As a result of the new strategy, Buchbauer and Margreiter, both of whom are members of the family, withdrew from day-to-day operations, but are continuing “to help shape the future of the company” as members of the board.
As a result of the sweeping governance changes, Swarovski’s next CEO and CFO could well be executives from outside the founding family for the first time in the company’s 126-year history.
Swarovski said last month that it is open to the possibility of non-family management and that it plans to reorganize and expand the various boards of the company “to qualified, independent persons.”
The family interests, meanwhile, will be bundled in the newly established family holding company.
Buchbauer’s departure was unexpected: He took over as CEO last April in a major reshuffle that saw his relative Nadja Swarovski leave the day-to-day operations of the company.
The London-based Nadja Swarovski immediately turned her attention to the Swarovski Foundation, which she created in 2013 and which has sustainability, environmental and social issues at its core.
Shortly after taking up the top role last year, Buchbauer culled some 600 positions as part of his restructuring plan, with the COVID-19 crisis adding urgency to his efforts at the family-owned crystal-maker.

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