L’Oréal is set to establish a cutting-edge beauty tech hub in Hyderabad, India, with an initial investment of over 35 billion rupees ($383.4 million), according to a Reuters report. This global hub will focus on AI-driven beauty innovations, create 2,000 tech jobs by 2030, and accelerate advanced AI beauty solutions.
Back in mid-2024, L’Oreal CEO Nicolas Hieronimus sent shares of his company and others downward following comments that the global beauty market would grow at 4.5-5.0% in 2024, compared to a previous forecast of 5.0%. The key culprit was weakness in the Chinese market.
This is created significant interest among brands in the Indian beauty market, which was then anticipated to grow nearly 15% annually through 2026, totaling $28.9 billion by the end of the forecast period.
Not to mention that McKinsey, at the time, noted that India is "expected to emerge as a new hot spot."
