• FASHION & BEAUTY •
By Samar Khouri
Beauty Giants Investing Big In Sustainability Nicolas Hieronimus, Global CEO of L’Oreal, has spent his first six months on the job plowing ahead with a far-reaching sustainability agenda while facing the impact of a global pandemic. As it partners with Dubai’s Expo 2020, the beauty conglomerate is leading the pack.
Nicolas Hieronimus, Global CEO of L’Oreal
W
While international political efforts try to align on goals to tackle global warming, some of the largest companies in the world are playing their own part, pledging to reduce greenhouse gas emissions
F O R B E S M I D D L E E A S T.C O M
and combat climate change. This is also true of the beauty and fashion sectors. For example, at the end of the 2020 fiscal year American skincare and cosmetics company, Estee Lauder, revealed that it had achieved its goal to source 100% of its electricity from renewables. In June 2021, British luxury fashion house Burberry announced its ambitious goal to become climate positive by 2040. In October 2021, Coach said it will stop destroying returned goods and commit to sustainability after a TikTok video showing slashed handbags went viral. And German skincare company Beiersdorf whose brands include Nivea, recently announced that its Berlin plant will be climate-neutral from 2022. L’Oréal is among the biggest beauty brands striving to tackle the industry’s global environmental impact, among other societal issues. The French cosmetics giant has reportedly allocated $115.6 million to impact investing to address key environmental challenges, and $57.8 million to a charitable endowment fund in support of vulnerable women. The group is now using major partnerships to further promote and advance the company’s commitments to positive change, such as by joining Expo 2020 Dubai as the event’s official Beauty Products and Services Partner. “L’Oréal is on a mission to create beauty that moves the world, with sustainability, innovation, and people at its core—a mission that shares many synergies with Expo’s own future-focused themes,” says Global CEO, Nicolas Hieronimus. NOVEMBER 2021
IMAGES FROM L'OREAL
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