In an interview with Bloomberg, L’Oréal CEO Jean-Paul Agon has elaborated on the challenges faced by the industry as it moves towards a more sustainable business model. “[Consumers] want to buy green but not at a more expensive price so for us the challenge, but also the commitment, is to make sure that every product we make is green but it’s not going to be an advertising claim or greenwashing; they will all be green. We will change everything we do to reduce our carbon emissions and the consumers will not have to pay any more for that.”
Agon agreed that women were more attracted to environmentally friendly products. “Our products are mostly bought by women, women are very committed to sustainability, they realise that we have to change the work, the way we produce, everything.”
However, the head of French beauty giant was keen to quash any suggestion that sustainable practices come at the expense of profit. “We are growing in every region and every division and globally we are gaining market share. There is no contradiction. You can do both. You can gain market share, launch products, grow your business increase your profit and do what it takes to be sustainable. At least in our industry. It doesn’t take that much.