The conglomerate’s new venture – which is part of its wider societal, ethical and environmental “Turnaround Plan” – is centred around three major pillars: “The Beauty of our People”,”The Beauty of our Products” and “The Beauty of our Planet”.
The platform sees Coty – the company behind brands such as Covergirl, Rimmel London and Max Factor – set itself multiple targets in relation to each of these pillars.
For example, the company has pledged to improve responsible sourcing and transparency in its supply chains by 2022, including aiming to purchase 100% mass balance certified palm oil.
It is also aiming to include recycled, recyclable, reusable or compostable material in 100% of its packaging for new products by the year 2025.
It also wants to reduce its absolute CO2 emissions across its entire value chain by 30% by the year 2030 (against a 2017 baseline), focus on staff diversity and “broaden the measurement and reduction of gender pay gaps”.
“We want to ensure our business is ready to compete in a more circular economy and to benefit from a more inclusive society,” said Pierre Laubies, Coty CEO, in a statement. “We have seen huge interest and momentum from our associates, consumers and customers in these areas. We believe that by confirming targets, we will inspire action; and these goals will allow us to play a role alongside our peers to deliver meaningful impact in our industry.”
Beauty conglomerates have been honing in on sustainability of late, with Unilever’s Dove brand recently announcing plans to replace its plastic bottles with recycled ones and reduce its virgin plastic use by more than 20,500 tonnes per year.
The L’Occitane Group, meanwhile, has teamed up with the sustainable plastic innovator Loop Industries to incorporate sustainable Loop PET plastic into its product packaging from the year 2022.- AFP
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