(Yicai Global) Nov. 6 -- The Chinese market is inspiring innovation and transformation for traditional beauty products suppliers, according to Jean-Paul Agon, chairman and CEO of L'Oréal Group.

In a statement issued during the ongoing 2nd China International Import Expo in Shanghai yesterday, the head of the French beauty products giant said that the Chinese market, besides being a global benchmark for product and formula innovation, is an important engine for the strategic transformation of L'Oréal's beauty tech.

Chinese consumers are smart and tech savvy, in terms of their use and acceptance of digital tools, Agon pointed out. This is greatly helping L'Oréal to transform from a traditional beauty products provider to a global beauty-tech leader, he added.

Meanwhile, amid dramatic improvement in people's life quality over the past decades, Agon observed that the Chinese market would continue to provide ample opportunities for L'Oréal to grow further. For the L'Oréal boss China is really a country of opportunities.

L'Oréal has become the No. 1 beauty group in China, and the country is its second-largest market in the world. Last year, L'Oréal China recorded a growth of 33 percent, the highest in 14 years. This gain in China has helped make Asia Pacific L'Oréal's largest regional market in the world.