Germany headquartered personal care company Beiersdorf has announced plans to establish an innovation hub in Seoul, ‘for the next generation of Korean beauty disruptors.’
According to a statement announcing the new initiative, it will be sponsored by Beiersdorf's body-care brand, Nivea.
South Korean start-ups selected by the initiative will receive exclusive access to Beiersdorf’s global market reach and expertise in the skin care industry, the company statement reveals. The selection process will begin in the first quarter of 2019.
“Many companies build accelerators in their home country. We want to be where the future of skin care begins. We are embracing the Korean ecosystem because it is a frontrunner in beauty and digital technologies,” said Ralph Gusko, Beiersdorf Board Member for Brands, Research & Development, and the Asia Pacific region.
In order to facilitate ‘start-up collaboration and acceleration’, Beiersdorf has formed a strategic partnership with WeWork in South Korea, with the innovation hub being located in the WeWork co-working space in the capital’s Hongdae district.
“WeWork is happy to collaborate with Beiersdorf on this exciting project. This partnership will add to our continuous effort in building a creative and innovative community that fosters diverse creators in Korea,” said Matthew Shampine, General Manager of WeWork Korea.
“Based on our mutual belief that innovation originates in strong collaboration, we are excited to provide opportunities and resources to startups in the beauty industry together with Beiersdorf.”