04.12.23
Alibaba Group, the Chinese multinational technology giant, has inked a strategic partnership with global beauty company L’Oréal aimed at promoting a circular economy in China's beauty industry.
The three-year pact was signed by Alibaba's Chairman and CEO, Daniel Zhang, and L'Oréal's Chairman, Jean-Paul Agon, on April 6 in Beijing, on the sidelines of French President Emmanuel Macron’s visit to China, reports alizila.
In his address to a Sino-French business group in Beijing, ahead of the signing ceremony, Zhang stated that “sustainable development has become a consensus and commitment across national borders, and it is also the common pursuit of every company with a sense of social responsibility.”
The memorandum, which will run until 2025, will see the two companies collaborating in several areas:
The partners will work to make the beauty industry's supply chain greener, from warehousing, packaging, distribution, to recycling, as well as advocate for sustainable lifestyles among consumers.
This partnership builds on previous efforts by L’Oréal and Alibaba to promote eco-friendly consumption. In 2018, the two companies signed a deal aimed at using environmentally friendly packaging for all L'Oréal products sold in China.
With this recent partnership, the two companies aim to lead the industry in sustainable and eco-friendly practices, marking a significant stride towards a more sustainable future for China's beauty industry.
“We’re probably one of the only major groups to grow in China, which is a strong sign of the strength of our teams and brands there,” said Nicolas Hieronimus, CEO of L'Oréal, on L’Oréal’s achievements in the country.
The three-year pact was signed by Alibaba's Chairman and CEO, Daniel Zhang, and L'Oréal's Chairman, Jean-Paul Agon, on April 6 in Beijing, on the sidelines of French President Emmanuel Macron’s visit to China, reports alizila.
Commitment to Sustainability
The deal is focused on establishing green and low-carbon standards, developing new products, and creating measurable circular economy solutions in China’s $87 billion beauty and personal care industry.In his address to a Sino-French business group in Beijing, ahead of the signing ceremony, Zhang stated that “sustainable development has become a consensus and commitment across national borders, and it is also the common pursuit of every company with a sense of social responsibility.”
The memorandum, which will run until 2025, will see the two companies collaborating in several areas:
- Low-carbon commodities
- Logistics
- Marketing
- Consumer education
The partners will work to make the beauty industry's supply chain greener, from warehousing, packaging, distribution, to recycling, as well as advocate for sustainable lifestyles among consumers.
This partnership builds on previous efforts by L’Oréal and Alibaba to promote eco-friendly consumption. In 2018, the two companies signed a deal aimed at using environmentally friendly packaging for all L'Oréal products sold in China.
With this recent partnership, the two companies aim to lead the industry in sustainable and eco-friendly practices, marking a significant stride towards a more sustainable future for China's beauty industry.
More L’Oréal China News
L’Oréal grew appreciably in mainland China in 2022, with a double-digit increase in online sales.“We’re probably one of the only major groups to grow in China, which is a strong sign of the strength of our teams and brands there,” said Nicolas Hieronimus, CEO of L'Oréal, on L’Oréal’s achievements in the country.
