L'Oréal to invest Cathay Innovation.

L'Oréal will invest in Cathay Innovation, a global venture capital fund created in affiliation with Cathay Capital to support entrepreneurs engaged in the sustainable transformation of the world through technology. Financial terms were not disclosed. With this transaction, L'Oréal strengthens its connection to the beauty tech startup ecosystem, particularly in China, the group's second-largest market and a pioneer in digital innovation. "We are thrilled to welcome L'Oréal as an investor in our ecosystem and believe that we will develop together a partnership of exceptional quality. China is a breeding ground for innovation in the new uses of disruptive technology, and in particular in the world of beauty. We will work to identify new emerging trends and collaborate with the most promising startups. Together with L'Oréal teams and visionary Chinese entrepreneurs, we will develop new innovations for consumers in China and the world at large,” Mingpo Cai, Cathay Capital Founder and President.