Alibaba and L'Oréal sign an agreement for more circularity in the beauty industry in China
On April 6, the Chinese e-commerce giant Alibaba and the French group L'Oréal, signed a partnership to promote the circular economy in the beauty industry in the Middle Kingdom, according to a statement issued by Alibaba Group.
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 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.
According to Alibaba, more than 5,000 French brands are sold via its various e-commerce platforms. These labels generate around 14.5 billion dollars in sales.
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