L’Oreal arm set to bolster open innovation

Active participant: A L’Oreal employee checks the assembly line of its factory in Lassigny, northern France. The company has benefited from the constantly improving business environment in China over the past 25 years. — AFP

SHANGHAI: L’Oreal Group has established its first investment company in China, a move highlighting China’s open innovation and signalling continued confidence in a market it has operated in for a quarter century.

The founding of Shanghai Meicifang Investment Co Ltd was announced during a virtual signing ceremony between the French cosmetics giant and Shanghai’s Fengxian district, which is home to a dedicated cosmetics industry cluster dubbed “Oriental Beauty Valley’’.