THE WHAT? Coty has announced its updated sustainability platform, Beauty That Lasts. The goals set by the US beauty behemoth center around three pillars: The Beauty of our People, The Beauty of our Products and The Beauty of our Planet.
THE DETAILS The sustainability platform is part of the company’s Turnaround Plan to build a better business while making a positive contribution towards societal and environmental change in the industry.
On the Product side, Coty is aiming to drive product innovation with sustainability in mind. To that end, it’s ushered in a sustainability index to help brands and designers make informed choices throughout the NPD process. It has also pledged to purchase 100 percent mass balance certified palm oil by 2022, and only responsibly sourced mica as well as ensuring that packaging includes recycled material or is recyclable, reusable or compostable by 2025.
Under the Planet banner, the company has committed to reducing absolute CO2 emissions by 30 percent across its entire value chain and switch to 100 percent renewable energy by 2030.
Meanwhile, when it comes to People, Coty will accelerate inclusivity training, and is committed to gender balance in Grades 1 to 5 of its leadership by 2025.
THE WHY? “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. “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.”