Maekyung Buyers Guide conducted a personal interview with lululab’s CEO Choe Yongjoon who outlined the active expansion of the company in global markets.
Please tell us about your company and your main engines for growth
lululab was formerly known as C-Lab, an in-house venture company for Samsung Electronics. Based on a concept developed by Choe Yongjoon, CEO of lululab, a team of highly qualified R&D personnel from Samsung Electronics has launched Lumini. lululab’s biggest driving force is that all its staff work in unison with a clear vision to interconnect the beauty market with skin data.
Give us some details about your main products
Lumini is a skin care solution that analyzes the entire face in a single shot to select and recommend a product most suitable for the user’s skin type based on artificial intelligence (AI). The most outstanding feature of Lumini is the application of a self-developed AI technology for all three steps-taking a photo, skin analysis, and product recommendation.
The real-time facial recognition technology produces optimized images for analysis and the deep-learning algorithm steadily enhances analysis accuracy. In order to recommend data, it analyzes the user’s review data as well as basic product data through natural language-processing to find a product suitable for each user’s skin
The purpose of product planning
Lumini was created based on the ideas of how the beauty market will grow in size over time, whereas there is no IT solution or data-based service for it. Besides our vision to collect data on skin types and interconnect the beauty market with Lumini, we have a long-term ambition to expand the skin data into the healthcare sector, and thus to contribute to improvement of the quality of human life.
Competitive edge over other global counterparts
Lumini is distinguished by the fact that this small device can analyze and digitize the entire skin in a single shot by using AI technology, making it a new solution that overcomes the limitations of the existing large machines or small touch-input devices.
Current marketing progress and future outlook
We have participated in the world’s top IT exhibitions including ITU, CES, and Cosmoprof as part of our efforts to advance into the global market. Afterwards, we signed MOUs with major partners worldwide and consultations are under way regarding the initial market launch.
What are your major export markets and emerging markets?
Concerning the utilization of Lumini technology, the most active discussion is centered on the export markets leading the global beauty industry including the USA and France. We are committed to working with the advanced companies that are open to new technologies and leading new trends. In addition, we are mounting a big push into China and Vietnam where K-Beauty has a high awareness and preference and rapid growth is being experienced.
Do you have a particular management philosophy as a CEO?
“Do what can to contribute to improvement of the quality of human life.” That is my management philosophy. Studying bioengineering in the United States, I researched into early detection of various diseases through DNA. As average human life expectancy is increasing, I personally felt dedicated to improving people’s quality of life while minimizing the extended but bedridden period.
Thus, we have focused primarily on the beauty care aspect of Lumini, but in the long run, we are looking to expand it into healthcare. My sincere aspiration is to provide a service to detect diseases early based on the vast skin data accumulated by using Lumini.
In terms of managing the company, as a budding start-up company, we are paying close attention to allowing each staff member to demonstrate their abilities to the fullest. It is my utmost goal as a CEO to share the joy of realizing our common objectives all together.
Do you have any future plan and one last message for your foreign buyers and customers?
We have a vision to interconnect all the units in the skin care market by collecting data on skin types through Lumini solutions. The biggest advantage of Lumini is the adoption of AI technology-the most talked-about issue in many fields lately-for the first time in the beauty industry, allowing consumers to use it easily and conveniently. Starting from this spring, we are providing this AI skincare service that can be applied within ten seconds to our customers worldwide. By offering solutions to suit the skin data, we look forward to fundamental changes in the beauty market.
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