L’Oréal Groupe, Beiersdorf, Givaudan, IFF, Kiko Milano, Ancorotti Cosmetics have joined forces to highlight the importance of the beauty industry value chain in Europe. The Value of Beauty Alliance launched last week in Brussels with Albéa and Puig committed to join the six founding members.
In a report entitled What is the Value of Beauty? How beauty & personal care shape our economy, society and wellbeing, the six founding members highlight that the European beauty market generates 74.1 billion euros per year and that 80 percent of consumers, within the European Union, consider beauty products as an essential part of their daily lives. The sector is also a cradle of scientific advancement, investing EUR 2.35 billion in R&D and nurturing over 30,040 scientists in diverse fields. The cosmetics industry also strives to improve its environment footprint, from green energy usage to eco-friendly packaging. In 2022 five out of the thirteen companies that globally achieved a ‘Triple A’ CDP Rating for their sustainability efforts were in the beauty and personal care sector.
“The aim of the Alliance is to highlight the role and importance of the cosmetics industry, particularly among lawmakers. The six founding members represent the different facets of our sector,” L’Oréal Groupe CEO, Nicolas Hieronimus, told Premium Beauty News.
“We want to put the value chain of the cosmetic industry and its main players under the spotlights. European lawmakers have little knowledge about the cosmetics industry, the weight of which is nevertheless very important in the trade balance of many countries, including Germany,” added Vincent Warnery, CEO of Beiersdorf.
The coalition is open to all actors contributing to the cosmetics value chain in Europe, keen to help providing a better understanding of the economic and social contributions of the ecosystem. Albéa and Puig already have committed to join this collective effort.
View online : www.valueofbeauty.com
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