It’s been a week of beauty companies forming alliances in Europe and last night in Brussels L'Oréal Groupe, Beiersdorf, Givaudan, IFF, KIKO Milano and Ancorotti Cosmetics – joined to launch the Value of Beauty Alliance and highlight the beauty and personal care industry’s impact on the European economy and beyond.
The members of the Alliance have presented a new report, named: ‘What is the Value of Beauty', to key stakeholders from the European Union institutions.
The report shares data and insights into the industry's diverse value chain and its major economic and societal contributions. The alliance stated that the industry is worth €74.1bn in Europe alone and resonates deeply with 80% of EU consumers who see beauty products as integral to their daily lives.
Albéa and PUIG have already committed to join The Value of Beauty Alliance and the alliance is now open to all companies that contribute to the cosmetics value chain in Europe.
Vast and diverse ecosystem that stretches across Europe
Of the movement, CEO of L'Oréal Groupe Nicolas Hieronimus stated that “Together we will amplify our voices and demonstrate the socio-economic significance of our industry for Europe.”
Meanwhile, CEO of Beiersdorf, Vincent Warnery noted how “this vast and diverse ecosystem stretches across Europe, contributing to our economy, supporting our health and well-being, and shaping our society and culture,”
Value of Beauty Alliance report highlights the importance of the beauty and personal care industry in Europe with a focus on three pillars: Economy and innovation; Health and wellbeing; and Society and culture.
It shared key statistics including:
- The industry directly supports over three million people employed within the entire value chain across the EU.
- It’s evaluated at €74.1bn total sales and forecast to pass €100bn in annual value by 2027.
- It’s a “cradle of scientific advancement”, with €2.35bn invested in R&D and nurturing 30,040 scientists.
- Sustainability is a key priority at all points of the value chain. In 2022, five out of the 13 companies that globally achieved a ‘Triple A’ CDP Rating for their sustainability efforts were in the beauty and personal care sector.
- A vast majority of Europe’s 448 million consumers use a variety of beauty and personal care products to enhance their wellbeing, reflecting the region's deep appreciation for high quality and innovative beauty and personal care products.
- The beauty industry is an integral part of European culture and society, safeguarding, and nurturing skills. For examples like those related to perfume in the Pays de Grasse region of France, which have been inscribed in UNESCO’s Representative List of the Intangible Cultural Heritage of Humanity.