April 14, 2024
Value of Beauty Alliance hosts launch event

Brussels – More than 250 guests came to Brussels’ luxurious art and history museum to help launch the Value of Beauty Alliance.

Among those present on Wednesday evening were members of the European Parliament and the European Commission – the new alliance aims to touch those hearts and minds in particular, as the alliance was formed to underline the importance of Europe’s beauty value chain. I went.

The event was attended by beauty executives and journalists, who heard keynote speeches from Nicolas Hieronymus, CEO of L’Oréal, and Vincent Warnery, CEO of Beiersdorf, as well as people from the EU’s governing bodies.

The alliance is the brainchild of Hieronymus and Warnery, and includes four other founding corporate members – Givaudan, IFF, Kiko Milan and Ancorotti Cosmetics – whose top executives are expected to help produce a report titled “What is Beauty Worth?” was present.

It aims to clarify the role of the beauty value chain for the EU economy and innovation; Society and culture, and health and well-being.

In his speech, Hieronymus called the alliance “a very important milestone for the European beauty and personal care industry.”

“In an increasingly complex and uncertain world, the beauty and personal care industry is a very important contributor and channel of growth for economies across the EU, with value chains firmly rooted in Europe,” she said. “We are a powerhouse of science and innovation, a proud exporter of European cultural heritage and a leader in sustainability.

“And, of course, it is also an industry that brings well-being, happiness and confidence to countless millions of people around the world, but of course, also in Europe,” Hieronymus continued. “However, despite this, our industry is often misunderstood and underestimated – considered vain and superficial. I have heard this many times. As a result, we sometimes face increased challenges and complexities, including when it comes to regulations.

“So the Value of Beauty Alliance aims to change this narrative,” he said. “We aim to highlight the beauty of our industry across our entire value chain, celebrate the positive impact of beauty and personal care and unveil the ‘Value of Beauty’ report.”

Nicolas Hieronymus of L’Oréal. ProFirst International

Hieronymus said: “Tonight is the beginning of this journey. Our industry has a very sophisticated value chain, including farmers and research scientists, manufacturing, packaging suppliers and distribution.

She explained that the founding members of the alliance represent diverse aspects of the beauty sector.

“I would like to welcome all members of our broad value chain, industry and associations to join hands with this Value of Beauty Alliance,” the executive said. “Together, we will raise our voices and demonstrate the socio-economic importance of our industry in Europe.”

The beauty and personal care industry is a major contributor to European economic value and an important engine of growth, Hieronymus added. The EU beauty market was worth 74 billion euros in 2022, which is equivalent to generating 200 million euros per day.

“This reflects the high regard EU consumers have for beauty, with 80 percent believing it is very important to their lives,” he said.

Europe is a major market and a major exporter of “high quality and highly desirable commodities around the world,” Hieronymus added. “When we go to China, the United States, ‘Made in Europe,’ ‘Made in France,’ ‘Made in Italy’ are really making a huge difference in terms of sales.”

In terms of sales, the EU’s beauty market is second only to the US and ahead of China, despite having only one-third of its population.

EU beauty exports expected to generate around €24 billion in 2022. “France is the world’s leading exporter of beauty and personal care products,” Hieronymus said.

In 2023, the sector was the third largest contributor to the country’s positive foreign trade balance, after aeronautics and wine and spirits.

It is estimated that beauty and personal care together bring at least 29 billion euros of added value to the European economy annually.

“The sector also supports the livelihoods of millions of Europeans, who are either self-employed or working in companies as diverse as SMEs or large multinational corporations such as L’Oréal,” Hieronymus points out. “In fact, across the EU, the sector is projected to employ more than 3 million people in 2022. So the beauty and personal care industry is [a cornerstone] A staunch supporter and beneficiary of the European economy, of the single market, and the millions of European citizens it supports.

He told how this area is the cradle of scientific progress. Hieronymus said, “Innovation can not only provide consumers with a broader range of products, enhance product performance and improve the environmental footprint of our industry, but can also help ensure that economic prosperity By combining innovation with scientific ingenuity, the EU remains at the forefront of the competition.” , “In addition to driving business results, all companies now have a responsibility to consider their impact on society and the environment.”

She said the beauty industry has long been committed to protecting the planet and its people, working on sustainable solutions across its value chain.

Hieronymus reported that the efforts have been recognized, and in 2022, five beauty companies were among 13 companies to receive a triple-A rating from CPD out of 15,000 contenders.

Hieronymus added, “We are also conscious that we have a responsibility for human rights across our diverse ecosystem, which includes working with suppliers that promote ethical and responsible practices and fair working conditions.” Let’s advocate.”

“The beauty and personal care industry is embedded in the everyday lives of our consumers like almost no other industry,” Warnery added.

Vincent Warnery of Beiersdorf. ProFirst International

He cited a survey showing that the average European consumer uses more than seven beauty and personal care products daily and about 13 different products on a weekly basis.

Today approximately 2 billion people globally experience skin problems such as acne, eczema and skin cancer and their incidence is continuously increasing. In Europe, up to 90 percent of the population claims some degree of skin sensitivity.

According to Warnery, the beauty and personal care industry plays an important role in mitigating conditions that can affect the emotional well-being of victims.

For example, sunscreen helps fight melanoma. Cases are rising and it is taking a toll on Europe’s health care system, which cost an estimated 2.7 billion euros in treatment costs in 2020 alone.

Beauty and personal care products play a role in not only physical health, but also emotional well-being.

“The beauty industry also plays a role in connecting European citizens to their shared cultural heritage,” Warnery said, citing the example of fine fragrances. “The beauty and personal care industry helps to export the various skills of European knowledge, culture and heritage around the world.”

He said the industry is also helping to foster a more diverse and inclusive society.

“The beauty and personal care industry is a dynamic, ever-evolving sector driven by the constant pursuit of innovation. This vast and diverse ecosystem with a strong focus on sustainability is spread across Europe,” said Warnery.

He invited new companies and associations working in the value chain to join forces. “It’s an open forum,” Warnery said.

Starting next week, the Coalition will launch its positioning campaign and will provide regular updates on its work and progress throughout the year.

“Symbolically, it is important to be here in Brussels today, because this alliance is part of the solution to achieving even better coordination between key actors, including European decision makers,” Warnery said. “The future of our industry looks bright. The key categories of fragrance, hair care, skin care and makeup are projected to grow by about 4 to 6 percent annually, adding billions of dollars to the European economy.

“With the support of all stakeholders, we need to ensure that we are not left behind, but also continue to enhance our competitiveness globally, so that we can realize the full potential of our industry,” he said.

Source: wwd.com

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