A huge market and growing innovation capacity have offered great business and development opportunities for French cosmetics giant L'Oreal, CEO Nicolas Hieronimus said, describing China as the group's second-biggest market globally and a source of ideas and technologies that now travel to every corner of its worldwide operations.
In a recent exclusive interview with China Global Television Network (CGTN) in Shanghai, Hieronimus said China's importance to the French group keeps growing, with L'Oreal steadily strengthening its foothold in a market where it already reigns as the leading beauty company.
"China has already brought a lot of value to L'Oreal. Today, it's our second market worldwide. It's growing. We are gaining share. We are the No.1 beauty company in this country," he said.
Beyond the sheer scale of the market, Hieronimus said L'Oreal has benefited from partnerships with local biotech companies, research and development facilities and Chinese-developed, globally popular social platforms.
"There are so many things we learn from China. I come here to learn, and then we export to the world. We export innovations, technologies. We have invested in some Chinese biotech companies like PAM2L. We also have a partnership with other Chinese biotechs like Veminsyn. And some of the ingredients that we are putting in our new formulas in L'Oreal, in Lancome, that will be launched all over the world, come from China. That's why we have these big labs in Pudong. It's also where we experiment with many things in our distribution center, which is probably the most modern and automated and it is an example for every L'Oreal operation in the world. This is also the country where many of the social networks have developed: Douyin has been spreading around the world under the name of TikTok. And that's here [where] we learn [how] to master this new playground and share it with the teams around the world," he said.
Pointing to his own company's trajectory in China as living proof, Hieronimus made the case for a deeper China-Europe partnership that, in his telling, generates jobs, investment and a two-way flow of innovation, a relationship in which everyone involved comes out ahead.
"Both China and Europe have a lot to gain by having very strong partnerships that are making every partner happy. And L'Oreal is a good example of that. L'Oreal is a French, European company that is creating jobs and investing in China. It's developing here, but is also developing in the rest of the world. So we take some of the Chinese innovations, we bring [them] to the rest of the L'Oreal world, and we bring some of the best innovations from our labs in Paris or elsewhere, and we bring them [here] to the satisfaction of the Chinese [consumers]," he said.
The interview came as Shanghai hosted the ninth China International Import Expo (CIIE), which opened Thursday and brought together more than 4,100 overseas exhibitors, underscoring the city's role as a showcase for global business in China.
L'Oreal CEO hails China's huge market, innovative technologies
Icelandic Foreign Minister Thorgerdur Katrin Gunnarsdottir has hailed the launch of the new direct air service between China and Iceland as a "milestone" in bilateral relations, saying the route opens up vast new opportunities in trade, business and tourism.
The new passenger service began on Oct. 26, with the flight operated by Air China three times per week and taking approximately 15 hours from Beijing to the Keflavik International Airport nearby the Icelandic capital Reykjavík, after a brief stopover in Denmark's Copenhagen.
Coinciding with the launch of the new route, Gunnarsdottir recently wrapped up a five-day visit to China from Oct 26 to 31, durign which she held talks with Chinese Foreign Minister Wang Yi.
In an interview with China Central Television (CCTV) during her stay in Beijing, Gunnarsdottir noted how the new flight comes as the two sides are celebrating the 55th anniversary of the establishment diplomatic ties.
"Now,when we are facing this new flight from China to Iceland and vice versa, there are huge opportunities for trade, for business, for tourism. I know myself a lot of Chinese tourists are now already in Iceland and it's so marvelous to follow how they are experiencing Icelandic culture, Icelandic nature. It's again a kind of milestone in our cooperation and relationship between our two countries. So, I'm very optimistic and looking forward to take this flight back home," she said.
Reflecting on the developments which have taken place in recent decades, the Icelandic foreign minister noted the remarkable progress both countries have achieved and sees considerable room for further growth.
"If you think about it, Iceland was back in 1975 described as a developing country. Since then, since Iceland and China made these diplomatic relations official 55 years ago, we can see and notice how, both China and Iceland, our countries have developed due to [improved] economic terms, (better) quality of life and prosperity. What I take with me is that we can collaborate. We are different in many ways, but we also share similar interests. And that's why I [have] hope and I will strive for that," she said.
Looking ahead, Gunnarsdottir said Iceland aims to further facilitate trade and business with China and is looking to upgrade the bilateral Free Trade Agreement (FTA) while exploring cooperation across multiple sectors.
"We are going to facilitate more when it comes to trade and business. We are looking into our FTA. We are going to look into many other aspects. But not least, I see us collaborating in enhancing and supporting the multilateral system. We have to be aware that all nations should respect international law, use our voices in that regard and that's why I see a lot of opportunities to cooperate with China in various fields. And, of course yes, again the flight gives us a lot of opportunities, but [having more] conversations, reaching out between politicians but also between the people of our countries -- there are also enormous possibilities," she said.
Launch of direct flight to bring new opportunities to Iceland-China bilateral ties: Icelandic FM
