“Innovation Begins When You Press “ESC’ on Existing Indicators”… Global CEO Talk by CEO of L’Oréal Korea 

On May 12th, Korea University Business School (Dean= Sang Yong Kim) hosted the Global CEO Talk in Room #303, Hyundai Motor Hall. The speaker for the lecture was Mr. Vishal Sharma, CEO of L’Oréal Korea’s Korea Innovation Center (hererin after referred to as KIC). Founded in 1909 and dedicated to beauty for over 100 years, L’Oréal is a global beauty company with 87,400 employees worldwide. As of 2022, it achieved approximately 38.2 billion euros in sales. L’Oréal operates in 150 countries and utilizes various distribution channels, including marketplaces, department stores, hospital pharmacies, hair salons, duty-free shops, brand shops, and e-commerce. Currently, L’Oréal Korea employs about 1,800 employees and is engaged in collaborative projects with 16 other brands. 

The lecture encompassed three main topis: △CEO Vishal Sharma’s career introduction △the innovation spirit in different countries, and △a piece of advice regarding an innovation mindset. 

To start, Mr. Vishal Sharma holds the position of responsiblity for innovation, organizational culture and management, and strategy establishment at KIC, a Korean beauty trend analysis agency that was founded by L’Oréal Korea in 2017. CEO Sharma emphasized that he acquired his innovative mindset for innovation by working in the IT and beauty technology fields in various countries such as India, Indonesia, Japan, China, and Korea. He introduced his definition of innovation and stressed that “Innovation comes from ‘Jugaad’ (a Hindi word for solving problems with limited resources) and excellent adaptability,” CEO Sharma highlighted that Indians value the spirit of demonstrating remarkable adaptability in complex situations and deriving solutions with limited resources. He further stated, “It is more crucial to possess the attitude of challenging oneself in developing solutions rather than solely focusing on achieving perfection.” 

Furthermore, CEO Sharma proceeded to introduce the values of “calmness” and “cooperation” that are highly emphasized in Indonesia. He also highlighted Japan’s management concepts of “Kaizen”, which focuses on continuous improvement of organizational functions and goals, and “Ikigai,” which encompasses and individual’s passion, skills, and contribution to their livelihood and society. CEO Sharma expressed his belief that Japan’s management vision is centered around the idea of not prioritizing speed but striving to be the best. He suggested that this perspective could serve as a valuable reference for cultivating an innovative mindset.” 

In addition, CEO Sharma introduced the “spirit of pioneers” exhibited by Korean companies. He exemplified this spirit by mentioning the development of pharmaceutical-inspired beauty products and the rapid delivery speed. He explained that Korean companies excel in implementing innovation rapidly due to the combination of knowledge and a fast-paced work-processing culture.” 

Towards the end of the session, CEO Sharma provided two tips to the students who aspire to lead innovation in the world. Firstly, he emphasized the importance of working abroad or in an unfamiliar industry. He expressed that although living abroad might not give an immediate sense of progress or be as glamorous as one imagines, he firmly stated that trying and potentially failing is not an issue. He encouraged the students to venture into areas they have not yet experienced. 

Additionally, CEO Sharma provided advice on unleashing one’s maximum freedom within the confines of a given plan. He advised the audience, “If you desire to innovate, dare to take the audacious step of pressing the ‘ESC’ key in the KPI (Key Performance Indicator) after considering the risks to some extent and establishing a backup plan.”