Beiersdorf has invested an undisclosed amount, described as a "significant stake," in K-beauty skin care tech startup LYCL Inc., which is part of the Nivea Accelerator in Hamburg and Seoul.
Special report: K-beauty and J-beauty Innovation
LYCL reportedly has access to more than 1.2 million consumers, driven by its data-driven product innovation process that powers the startup's unpa.Cosmetics brand.
“We see great potential in LYCL’s disruptive business model and its high degree of digital consumer connection,” said Dessi Temperley, CFO of Beiersdorf. “The digital innovation capabilities and strong consumer centricity of LYCL have resulted in triple-digit growth rates over recent years, and we believe the business model is geographically scalable."
Endrik Hasemann, general manager of Beiersdorf South Korea, noted, “The decision to launch the Nivea accelerator in Korea as part of our global venturing activities was made based on the belief that the Korean ecosystem is a frontrunner regarding beauty and tech trends. We strongly believe in the future success of LYCL, and we are looking forward to driving excellent consumer experiences and skin care innovations to the next level together.”
