Startup competition focuses on beauty and tech
The Big Bang Beauty Tech Startup Challenge 2021 is launched at the Nine Trees Future Art Center.
A startup tech competition in the beauty and cosmetics sector was launched in Shanghai's Oriental Beauty Valley on Tuesday.
The Big Bang Beauty Tech Startup Challenge 2021, said to be China's first technological entrepreneurship contest for the beauty industry, was launched at the Nine Trees Future Art Center in Fengxian District.
Winners will receive funding, resources and training as well as incubation services from the valley, China’s largest cosmetics and health industrial hub with more than 3,000 domestic and international brands.
The competition is also collaborating with Business France to launch international cooperation in technologies, professionals and other innovation elements.
The first Big Bang competition last year attracted over 500 startups. Ten projects were selected and incubated with support from L'Oreal China, one of the event’s organizers.
ArchiFiction, one of the winners, opened a super lab based on the 3D and virtual reality technologies in cooperation with L'Oreal in February that allows consumers to "visit" offline cosmetics stores without going there.
SkinRun, a tech firm, developed a smart skin detector for domestic brand YueSai along with the research and innovation center of L'Oreal China.
The opening ceremony of the Big Bang Beauty Tech Startup Challenge 2021.
This year’s competition will focus on customer experience, supply chain operation and future products.
L'Oreal China said it will integrate its departments and brands to expand development space for winning companies. The top 10 winners will have the opportunity to take part in its experimental projects as well as receive investment.
China’s sales of cosmetics increased by 9.5 percent in 2020, despite sales of consumer goods dropping by 3.9 percent due to COVID-19.
Livestreaming, cloud shopping, cooking and exercises are expected to further drive consumer demand in the post-pandemic era, according to a report released on the launch of the competition.
Chinese consumers are focusing more on health and environmental protection, personal beauty and outstanding experiences as well as smart technology when choosing cosmetics products, the report said.
The market scale of the cosmetics sector empowered by science and technology is expected to reach a trillion yuan (US$156 billion) by 2025, according to the report.
The valley has more than 400 cosmetics companies, accounting for a quarter of the city’s total. It aims to be on par with France’s Cosmetic Valley in Eure-et-Loir and Loiret, and Japan’s Saito Life Science Park in Osaka.
Some 135 leading cosmetics brands, including as Jala, Pechoin, Chicmax and Marie Dalgar have opened manufacturing centers or marketing headquarters in the valley since it was launched six years ago.
The Nine Trees Future Art Center.
