L’Oréal has launched a corporate venture capital fund called BOLD Business Opportunities for L’Oréal Development. The fund will take minority stakes in innovative start-ups with high growth potential investing in new business models in marketing, R&I, digital, retail, communication, supply chain, and packaging. They will also support the start-ups with L’Oréal’s expertise, networking and mentorship.
WHO: L’Oréal has devoted itself to beauty for over 100 years. With its unique international portfolio of 34 diverse and complementary brands, the Group generated sales amounting to 26.02 billion euros in 2017 and employs 82,600 people worldwide. As the world’s leading beauty company, L’Oréal is present across all distribution networks: mass market, department stores, pharmacies and drugstores, hair salons, travel retail, branded retail, and e-commerce.
WHY: This launch builds on L’Oréal’s open innovation strategy that deeply connects the Group to a global ecosystem of agile, innovative start-ups, and includes partnerships with Founders Factory, Partech International Ventures, Station F, and Raise Ventures.
IN THEIR OWN WORDS: Jean-Paul Agon, Chairman and Chief Executive Officer of L’Oréal, said: “As the beauty leader, it is our mission to empower young entrepreneurs in our industry by helping them to turn their vision into scalable businesses. The creation of our own corporate venture fund is a logical step that completes our existing partnerships with funds and incubators and will allow L’Oréal to invest in promising beauty concepts at an early stage.”
Laurent Schmitt, President of BOLD Business Opportunities for L’Oréal Development, said: “With the creation of our own corporate venture fund, we will share our expertise, networking and mentorship and provide financial support to promising startups, while preserving their autonomy. The fund strengthens our open innovation strategy of connecting L’Oréal’s expertise with an ecosystem of enthusiastic entrepreneurs in the beauty sector to address together new consumer needs and aspirations in our industry.”
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