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Published on : Feb 10, 2015

L’oreal has made it to the “50 Most Innovative Companies in the World” list of companies for the year 2015. The rankings published by the website annually feature the most creative businesses from the world that exemplify the best in innovation and business. This year, L’Oreal is the only company from the consumer goods sector to have made it into the list, owing to pioneering legacy showcased by the company in the field of scientific innovation, states the website. 

Frederic Roze, CEO and president of L’Oreal USA, said about L’Oreal making it into the list that a strong spirit of innovation has driven L’Oreal and its success for more than 100 years since the company was formed. 

He added that the company is proud of the achievement as it has worked hard to evolve rapidly with today’s digitally connected world and consumer, and to explore new frontiers of technology.

In 2012, L’Oreal has opened a business division within company's research arm that is entirely dedicated to technological innovation. The Connected Beauty Incubator, as the business unit is called, unvieled its first project in June last year - Makeup Genius, a virtual reality makeup experience that the company developd with L'Oréal Paris brand.

The app was very well received by fans around the globe and it observed millions of downloads on an international level in less than a year. 

Guive Balooch, the Global vice president of L'Oreal's Connected Beauty Incubator stated that L'Oréal is a company that is committed to offer beauty for its customers through the use of cutting edge technologies, new experiences that add more value to our customers, and cross-industry partneships that would compliment company's scientific expertise.

He added that L'Oréal's vision for the for the incubator unit is to fuse the newness of the startup with resources of an established company and help change the notion of what a beauty company is capable of doing.