The French cosmetics giant, L’Oreal said on Monday (25/01/2017) that it intends to invest in five beauty products startup along with its business partner, Founders Factory. In May 2016, L’Oreal had invested in Founders Factory, a digital incubator, co-founded by Brent Hoberman, former chief executive and co – founder of lastminute.com. L’Oreal and Founders Factory have decided to fund and incubate InsitU, Preemadonna, Tailify, Veleza and Cosmose beauty products startups, using their incubator fund, to help these startups mature and grow. All the above mentioned beauty products startups use mobile and internet technology to advertise and market their beauty products. Among those five startups, Veleza and Cosmose were founded by Lithuanian and Polish entrepreneurs respectively. Read more on Investments
Online sales had contributed more than 5% of L’Oreal’s revenue in 2015. Its digital marketing team was only 150 people strong in 2010 but now, its strength has improved to over one thousand employees! Nearly ten times as much as it was in 2010! Thousands of new digital marketing employees were hired in the year 2016. In 2015, L’Oreal had spent 25.5% of its advertising budget on digital marketing. That percentage is expected to drastically increase in the near future because more and more people in the Middle East are using the internet for beauty tips and products purchases. Read more on Startup News
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