Photo taken on April 11, 2022 shows a view of Pudong New Area in east China's Shanghai. (Xinhua/Chen Jianli)
BEIJING, May 9 (Xinhua) -- Cosmetics giant L'Oréal announced on May 8 the establishment of an investment company in the Fengxian District of Shanghai.
This is L'Oréal's first investment company in China. It is dedicated to investing in disruptive beauty technologies under support provided by the Business Opportunities for L'Oréal Development (BOLD), the corporate venture fund of L'Oréal.
As the epidemic abates in Shanghai, the move to set up the company shows L'Oréal's confidence in the Chinese market, according to Fabrice Megarbane, president of L'Oréal North Asia Zone and CEO of L'Oréal China.
L'Oréal entered the Chinese market in 1997. Last year, it elevated its Shanghai office to be the headquarters of North Asia and one of its three major beauty technology centers in the world. (Edited by Su Dan with Xinhua Silk Road, sudan@xinhua.org)
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