L'Or?al Korea Signs Open Innovation Partnership Agreement with Seoul City

At the 'Seoul City-L'Or?al Korea Open Innovation Business Agreement Ceremony' held on the 12th at Seoul City Hall Seosomun Building 2, Samuel Duh Retail, CEO of L'Or?al Korea (right), and Hwang Boyeon, Director of Seoul City Economic Policy Office, are taking a commemorative photo after signing the business agreement. Photo by L'Or?al Korea

[Asia Economy Reporter Moon Hyewon] L'Or?al Korea announced on the 13th that it has signed an open innovation business agreement with the Seoul Metropolitan Government to promote mutual growth through discovering and nurturing promising startup companies in Seoul.

Since 2019, the Seoul Metropolitan Government has been promoting open innovation to discover and match startups with innovative technologies for mutual growth between startups and large and medium-sized enterprises. L'Or?al Korea is the 101st company to participate in Seoul's open innovation platform.

At the 'Seoul Metropolitan Government-L'Or?al Korea Open Innovation Business Agreement Ceremony' held on the 12th at the Seosomun 2nd Office Building of Seoul City Hall, Samuel Dury Retail, CEO of L'Or?al Korea, and Hwang Boyeon, Director of Seoul's Economic Policy Office, attended to explore cooperation plans between L'Or?al Korea and Seoul. L'Or?al Korea plans to collaborate with Seoul to discover competitive companies in various fields such as beauty, digital, and ESG through Seoul's startup support facilities and innovation challenges, and to expand cooperation with startups.

Samuel Dury Retail, CEO of L'Or?al Korea, said, "We are pleased to be the 101st company cooperating with the Seoul Metropolitan Government and look forward to partnerships with domestic startups showcasing innovative technologies based on the latest trends." He added, "We hope this will be an opportunity to discover promising startups in various fields such as beauty, digital, and environment, social, and governance (ESG), and to revitalize the domestic beauty industry."

Hwang Boyeon, Director of Seoul's Economic Policy Office, said, "Since 2019, the Seoul Metropolitan Government has been receiving requests from domestic and international companies wishing to participate in the open innovation platform to support the continuous growth of startups." He added, "Our companies with innovative technologies will strengthen market competitiveness through collaboration with global companies, and ultimately, we will open a new beginning for a private-led startup ecosystem where large and medium-sized enterprises coexist and cooperate."

This content was produced with the assistance of AI translation services.