Alibaba and L'Oréal sign an agreement for more circularity in the beauty industry in China
©L'Oreal
Cosmetic products giant L'Oreal signed a contract with China's e-commerce behemoth Alibaba Group to highlight the circular economy and promote sustainable development.
Signed by Daniel Zhang, the CEO of Alibaba Group and Jean-Paul Agon, the chairman of L'Oréal, this memorandum of understanding, which runs until 2025, aims to "establish greener and low-carbon standards, develop new products and create measurable circular economy solutions in China's beauty and hygiene industry," a market that is currently worth $87 billion (€79 billion).
In the past years, the two parties have jointly created many successful practices in terms of high-quality consumer experience. In 2018, L'Oréal and Alibaba had already signed an agreement to make the use of eco-designed packaging widespread for all L'Oréal products sold in China. In the future, they will continue to work together to seize China's unique digital ecology and promote the upgrading and transformation of sustainable consumption in the beauty industry.
