Beauty tech refers to skin care technology that incorporates artificial intelligence-based devices and solutions that analyze and provide appropriate care accordingly to different skin types. According to Statista, a global market research firm, the global beauty tech market is estimated to reach about $8.9 billion by 2026.
The Ministry of SMEs and Startups said that the ministry signed a cooperation agreement with the French personal care company at a technology exhibition held in France on June 15. The ministry and L'Oreal will seek and incubate promising South Korean beauty tech companies.
Helped by Hallyu (Korean Cultural Wave), the popularity of South Korean cosmetics products has shot up across the globe. South Korean cosmetics products attracted young global consumers who are familiar with K-pop and K-drama to reach an export volume of $9.2 billion in 2021, up 21.8 percent on-year. In 2018, L'Oreal fully acquired Stylenanda, a South Korean cosmetics and fashion brand, to nurture the brand into a globally-known brand using L'Oreal's marketing network and platforms.
"This cooperation agreement with the world's top beauty company L'Oreal has a huge meaning. We will continue to strengthen South Korean companies with innovative technologies through cooperation with global companies. We will not stop to provide support so that companies could enter foreign markets," startup minister Lee Young said in a statement on June 15.
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