TRENDING China inspires worldwide innovation: L’Oréal China CEO

TRENDING

China inspires worldwide innovation: L’Oréal China CEO

People's Daily app

21:50, November 08, 2019

With the theme "Beauty for All", L'Oréal displayed over 1,000 products at the second China International Import Expo (CIIE).  The number was almost double compared to last year’s exhibit. Roughly one in three products were on display to Chinese consumers for the first time. 

“The success of the first CIIE was a grand achievement in the history of international trade. This success has in turn led to high expectations for this year's event in terms of scale, quality, and the richness of events,” said Fabrice Megarbane, president and CEO of L'Oréal China, in an exclusive interview with the People’s Daily.

Megarbane elaborated on the impact of Chinese President Xi Jinping’s keynote speech at the opening ceremony of the second CIIE. 

“There were many of key words which resonated with me. Chinese President Xi Jinping talked about openness, cooperation, innovation, consumption, a better life, and trade,” said Megarbane. 

The CEO quoted President Xi’s remark, “‘China is immense and has unlimited potential.’”

“It’s up to us as a company to grasp the opportunity. L’Oreal China is bringing innovation, cooperation and accelerating consumption here to make a better life,” he explained.

Talking about the highlights of L’Oreal’s exhibition at this year’s CIIE, Megabane emphasized the introduction of technology initiatives. 

“We believe that technology and innovation will spur the beauty industry and will bring more personalization to beauty,” he said.

It’s been 22 years since L’Oreal first entered the Chinese market, during which the company has witnessed changes in the Chinese business environment.

“We’ve been witnessing China’s opening-up since 22 years ago when we arrived. We’ve benefited from it and today we contribute,” Magarbe noted, adding that China also inspired other countries in terms of innovation.

L’Oreal has been impacted by the rapid development of e-commerce in China. 

"China is at the front of the ecosystem in terms of digital expertise, which also allows the beauty industry to accelerate," Megarbane said.

The year 2019 also marks the 55th anniversary of the establishment of diplomatic ties between China and France and was the guest country of honor at this year’s CIIE. 

“I think there is immense potential in China. The openness of getting the best of the world to China is great and when the best of the world is coming to China, China is getting better,” Megarbane said.

(Produced by Zhang Yixuan, Zhu Li, Han Xiaomeng, Liu Jie, Yu Xiaoxue; video edited by Qiao Wai, Xie Yikun and Chen Yingke; story compiled by Han Xiaomeng)

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