L'Oréal took a minority stake in micro-printing start-up Prinker Korea Inc., known for its temporary tattoo products. The investment was made through the corporate venture fund BOLD Business Opportunities for L'Oréal Development.
WHO: Established in 2015, Prinker Korea Inc. is the inventor and manufacturer of the world's first digital temporary tattoo device, with a goal to inspire consumers and offer new tools for self-expression. Their temporary tattoo device is compact and light, creating durable yet easy-to-wash-off tattoos in color or black-and-white, at home or in-store. The Prinker app contains more than 12,000 designs, and people can also create and upload their drawings.
Founded 110 years ago, L'Oréal has a broad portfolio of 35 international brands and ambitious sustainability commitments, with 85,400 employees, a balanced geographical footprint, and sales across all distribution networks (e-commerce, mass market, department stores, pharmacies, hair salons, and branded and travel retail). In 2021, the Group generated sales amounting to 32.28 billion euros. With 20 research centers across 11 countries worldwide and a dedicated Research and Innovation team of over 4,000 scientists and 3,000 tech professionals, L'Oréal is focused on inventing the future of beauty and becoming a beauty tech powerhouse.
WHY: L'Oreal and Prinker have worked together for several years to develop award-winning technologies, and newly unveiled L'Oréal Brow Magic at the 2023 Consumer Electronics Show. It is the first handheld, electronic brow make-up applicator to give consumers their most precise brow shape. Using AR technology and patented AI algorithms, the device scans the user's face and makes recommendations on the best brow shape, which is then printed automatically in seconds.
IN THEIR OWN WORDS: "At L'Oréal, our researchers are partnering with high end technology start-ups to create the future of beauty. Together, by combining our expertises, we develop unmet personalized consumer experiences," says Barbara Lavernos, Deputy CEO in charge of Research, Innovation and Technology at L'Oréal. "Through this strategic investment, we can fulfill our deep commitment to bringing breakthrough beauty technologies that truly empower boundless personalisation and self-expression into the hands of every person."
"We are thrilled to enter this new phase of partnership with L'Oréal, who aligns with our mission of empowering consumers with versatile and customizable tech to express themselves," says Luke Yun, co-founder & CEO, Prinker Korea Inc. "Their century-long heritage of beauty, research and development, and sharp focus on beauty technology will allow us to reach more consumers than ever before. Their investment will enable us to create innovations that will have the best solutions for people worldwide, and we are elated to work together to reach this goal."
2 Article(s) Remaining