March 27, 2023
L’ORÉAL FINANCES A BIOTECHNOLOGY VENTURE TO DEVELOP PLANT-BASED INGREDIENTS FOR SUSTAINABLE BEAUTY.
Today, L’Oréal disclosed a fresh investment in a project being run by Geno, a bioengineering firm, to develop sustainable substitutes for vital components in cosmetics. Along with Unilever and Kao, L’Oréal will be a founding partner of the business.
The funding, provided by L’Oréal’s business venture fund BOLD, will aid in the development of novel, environmentally friendly ingredients made from living things. L’Oréal will switch out conventional ingredients with bio-based ones, like those produced from plant-based sugars, thanks to Geno’s expertise in biotechnology. These new components will be used in a variety of L’Oréal products, taking the business one step closer to its objective of 100% eco-designed formulas and components that are 95% derived from abundant or renewable sources.
One of the four L’Oréal Green Sciences fields, biotechnology uses living things as a source of raw materials while respecting natural resources, biodiversity, and aquatic ecosystems. The investment is an important step in realising our L’Oréal for the Future 2030 pledges and will help the beauty industry leave a smaller environmental impact.
“At L’Oréal, we are dedicated to using our expertise to promote positive change in the cosmetics business. We believe that science has the power to make the world a better place. Green Sciences has become the focal point of our study because of this, according to Barbara Lavernos, L’Oréal’s Deputy Chief Executive Officer in charge of study, Innovation, and Technology.”We are excited to collaborate with Geno because of the way that company’s innovative approach to creating biotechnology-based substitutes for ingredients fits in so well with our idea of a more sustainable future.Wherever our combined efforts can have a significant effect, we can leverage our collective resources and experience by collaborating with other players in the beauty industry.
Sanford Browne, President of Research and Innovation for North America at L’Oréal, said that this action “aligns with our objective of delivering responsible and innovative beauty solutions to consumers and also strengthens our innovation ecosystem in North America.” “It’s a clear indication of our willingness to work with partners who share our commitment to sustainability and minimising our environmental impact to produce art that moves the world,” the company said.
“Welcoming L’Oréal to this outstanding group of global brand heavyweights shows how critical and pressing the need for traceable, durable, and sustainable materials is, at scale. By concentrating on massive scale material markets, Geno’s objective to reduce world carbon emissions by over 100 million tonnes in the coming years is accelerated by L’Oréal’s commitment. We’re fired up to support L’Oréal in achieving its ambitious 2030 objectives, which include incorporating 95% bio-based ingredients into formulas and using sustainable and traceable packaging materials, said Christophe Schilling, Chief Executive Officer of Geno. “We have demonstrated that impact at scale is feasible. This business is well-positioned to accelerate the materials transition for the beauty and personal care sector using Geno’s technology, which was created from the ground up to offer sustainable ingredients at scale. This alliance will help our venture’s mission reach the global level needed to satisfy the market’s increasing demand for sustainable goods.
Regarding L’Oréal
L’Oréal, the industry leader in the field of beauty, has dedicated its entire existence to one goal: gratifying the aspirations of customers everywhere in regards to beauty. We define our approach to beauty as inclusive, ethical, generous, and dedicated to social and environmental sustainability in line with our purpose, which is to create the beauty that moves the world. We provide the best in terms of quality, efficacy, safety, sincerity, and responsibility to every person on the planet through our extensive portfolio of 36 international brands and ambitious sustainability commitments in our L’Oréal for the Future program, while also celebrating beauty in its boundless diversity.
In 2022, theGroup produced sales totaling 38.26 billion euros thanks to 87 400 dedicated employees, a balanced geographic footprint, and sales across all distribution networks (e-commerce, mass market, department stores, pharmacies, hair salons, branded and travel retail). L’Oréal is committed to inventing the future of beauty and transforming into a powerhouse in the field of beauty technology. With 20 research centres spread across 11 nations and a devoted team of over 4,000 scientists and 5,500 tech and digital professionals, L’Oréal is doing this.
Visit this website for more details: loreal.com/en/mediaroom
“This news release does not constitute a solicitation of an offer to buy L’Oréal shares or a solicitation of an offer to sell shares. Please refer to the public documents registered in France with the Autorité des Marchés Financiers, which are also accessible in English on our website www.loreal-finance.com, if you want more detailed information about L’Oréal.
There’s a chance that this news release includes forecast data. Although the Company believes that the assumptions underlying these statements are reasonable as of the date this press release was published, they are by their very nature subject to risks and uncertainties that could cause a difference between the actual figures and those suggested or indicated in these statements.
What Geno
Geno (Genomatica, Inc.) is using biology to redesign common items and quicken the switch to sustainable materials. Geno is creating and scaling sustainable materials made from waste or plant-based feedstocks rather than fossil fuels in reaction to the urgent climate crisis. With the help of technology developed by Geno over the past 20 years, sustainable substitutes for frequently used ingredients and materials are now commercialised and scaled across a variety of sectors, including packaging, functional foods and beverages, apparel, automotive, home and personal care, and beauty. Leading global companies like Aquafil, Asahi Kasei, lululemon, Unilever, Kao, and L’Oréal are collaborating with Geno.
June 28, 2022
