Cosmetics giant L’Oreal has invested in a biotech company Geno to create sustainable alternatives for key ingredients in its beauty products. The investment was made through L’Oreal’s corporate venture fund BOLD.
The cosmetics company will replace traditional ingredients with bio-based alternatives, such as those made from plant-based sugars. The investment marks a significant leap towards L’Oreal’s goal of 100 percent eco-designed formulas and ingredients that are 95 percent derived from renewable or abundant sources.
Barbara Lavernos, Deputy Chief Executive Officer in-charge of Research, Innovation and Technology, at L’Oreal, said the company believes that science has the power to create a better world, and is committed to using its expertise to drive positive change in the beauty industry. “By working together with other beauty players, we can leverage our collective expertise and resources wherever our combined efforts can have a meaningful impact.”
Sanford Browne, President of Research and Innovation for North America, at L’Oreal, said the investment aligns with the company’s objective of delivering responsible and innovative beauty solutions to consumers. It also strengthens the innovation ecosystem in North America.
Christophe Schilling, CEO Geno, welcomed L’Oreal saying that global brand heavyweights shows how important and urgent the need is for traceable, resilient and sustainable materials at scale. “L’Oreal’s commitment further accelerates Geno’s goal to reduce global carbon emissions by over 100 million tons in the upcoming years by targeting massive scale material markets. Geno’s technology was developed from the start to accelerate the materials transition by delivering sustainable ingredients at scale, and this venture is poised to do just that for the beauty and personal care industry.”
L’Oreal wants to create the beauty that moves the world, defines its approach to beauty as inclusive, ethical, generous and committed to social and environmental sustainability.