Six beauty companies have formed the Value of Beauty, an alliance that aims to highlight the socio-economic significance of the beauty industry for Europe.
The six companies are: L’Oréal Groupe, Beiersdorf, Givaudan, IFF, Kiko Milano and Ancorotti Cosmetics. Executives from the companies gathered at an event in Brussels last night to launch the alliance.
For the launch, the alliance’s members presented a report called What is the Value of Beauty‘ outlining figures on the industry and its economic and societal contributions to stakeholders from the European Union’s institutions. The report centers on three pillars: Economy and innovation; health and wellbeing, and society and culture.
The report aims to highlight the role of the beauty value chain for the EU economy and society and thereby provide a better understanding of its economic and social contributions. It states that the beauty market is worth €74.1bn in Europe and is forecast to surpass €100bn in annual value by 2027. It adds that 80% of EU consumers see beauty products as integral to their daily lives.
“With six founding members, the alliance represents different facets of our sector. I would like to welcome all members of our extensive value chain, industry and associations, to join hands with the Value of Beauty Alliance. Together we will amplify our voices and demonstrate the socio-economic significance of our industry for Europe,” commented Nicolas Hieronimus, CEO of L’Oréal Groupe.
The Value of Beauty Alliance is open to all players that contribute to the cosmetics value chain in Europe.
Packaging company Albéa and Spanish beauty company Puig have have also committed to join the alliance.
Other data presented in the Value of Beauty Alliance report included:
- The European cosmetics and personal care industry directly supports more than three million people employed within the value chain across the EU;
- The sector invests €2.35bn in R&D;
- A majority of Europe’s 448 million consumers use beauty and personal care products to enhance their wellbeing;
- In Europe, nearly seven out of 10 women (68%) see perfumes as ‘important’ or ‘very important’.