06.26.23
At China’s first carbon neutrality expo in Shanghai, global beauty company L’Oréal and ten key suppliers pledged to reduce the industry’s supply-chain emissions of greenhouse gases.
According to South China Morning Post, signers of the declaration include Microsoft China, Chinese multinational technology giant Alibaba Group Holding’s logistics arm Cainiao, and hyaluronic acid producer Bloomage Biotechnology.
The move follows the inking of a partnership between Alibaba Group and L’Oréal in April 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, in Beijing on the sidelines of French President Emmanuel Macron’s visit to China.
China’s cosmetics market was worth $80 billion in 2021, accounting for 17.3% of the global market, just behind the US at 20 per cent, according to data from Euromonitor.
“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.
According to South China Morning Post, signers of the declaration include Microsoft China, Chinese multinational technology giant Alibaba Group Holding’s logistics arm Cainiao, and hyaluronic acid producer Bloomage Biotechnology.
The move follows the inking of a partnership between Alibaba Group and L’Oréal in April 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, in Beijing on the sidelines of French President Emmanuel Macron’s visit to China.
China’s cosmetics market was worth $80 billion in 2021, accounting for 17.3% of the global market, just behind the US at 20 per cent, according to data from Euromonitor.
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.
