Mumbai, July 12th, 2022: Leading player in the consumer cosmetic and personal care market globally announced their collaboration with NASSCOM CoE (IoT & AI) to Co-develop and adopt technology, tapping the vibrant technology & start-up ecosystems of India. CoE (Center of Excellence) known for its technology enablement has successfully accelerated the innovation needs of large and mid-size companies in the areas of healthcare & wellbeing, process, manufacturing etc.
This joint initiative will help address the potential application of emerging technologies like AI, ML, IoT, AR / VR / MR etc in cosmetic/dermatological product development, consumer evaluations, personalization and process optimization for accelerating/augmenting the L’Oreal R&I teams. There is a vast pool of innovative companies through CoE that specialize in data-based predictive approaches and solutions capable of addressing specific questions related to the consumers in real-time.
Dr. Yogesh Suradkar, VP Research and Innovation, SAPMENA Zone, L’oreal “We are delighted to have entered this alliance which will enable us to co-create and co-innovate new-age, technology-backed solutions. Over the few years, there has been a paradigm shift in the field of beauty, with technology being at the helm of this adaptation. CoE is our preferred partner for their ecosystem and expertise in India, which will help us to address the critical needs and create opportunities in the technology space in our endeavour to augment our efforts in digital transformation. We believe this will bring in new value propositions to the holistic beauty and well-being solutions that we deliver to our diverse consumers.”
Sanjeev Malhotra, CEO, NASSCOM CoE said, “Innovation has to address customer needs of today as well as the future. The partnership will help realize new scientific cutting-edge technologies that will lead a novel generation of ideas & innovation. We work towards strengthening innovation ecosystem that includes enterprises, start-ups & academia to take forward the agenda of digitalisation and generating valuable insights that will benefit the industry and their consumers”
The launch meeting was attended by the L’oreal leaders from India, France, Japan & other countries and CoE team from Bangalore. The two teams committed to executing to an agenda that will address the global needs and jointly work on roadmap for future technology areas.
For over 110 years, L’Oréal, the world’s leading beauty player, has devoted itself to one thing only: fulfilling the beauty aspirations of consumers around the world. Our purpose, to create the beauty that moves the world, defines our approach to beauty as inclusive, ethical, generous, and committed to social and environmental sustainability. With our broad portfolio of 35 international brands and ambitious sustainability commitments in our L’Oréal for the Future programme, we offer each person around the world the best in terms of quality, efficacy, safety, sincerity and responsibility, while celebrating beauty in its infinite plurality. With 85,400 committed employees, a balanced geographical footprint, and sales across all distribution networks (e-commerce, mass market, department stores, pharmacies, hair salons, branded and travel retail), in 2021 the Group generated sales amounting to 32.28 billion euros. With 20 research centers across 11 countries around the world 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.
About NASSCOM CoE for IoT & AI
The Centre of Excellence for IoT & AI was announced by the Hon’ble Prime Minister Narendra Modi in July 2015 as a part of Digital India Initiative to jump start the IOT & AI ecosystem taking advantage of India’s IT strengths and help the country attain a leadership role in the convergent area of hardware and software. The Center of Excellence is the largest deep tech innovation ecosystem in India comprising of start-ups, innovators, enterprises and the government. The platform focusses on solving real-world challenges utilising technologies like IoT, AI AR/VR, robotics and through extensive academic research. The main objective of the Centre is to create innovative applications and domain capability by harnessing the innovative nature of start-up community and leveraging the experience of corporate players.