BRUSSELS – Greater than 250 guests streamed into Brussels’ stately Art and History Museum to assist kick off the Value of Beauty Alliance.

Amongst attendees there on Wednesday evening were members of the European Parliament and European Commission — the hearts and minds the brand new alliance especially goals to the touch because the alliance was formed to underline the importance of Europe’s beauty value chain.

On the event were beauty executives and journalists, who listened to keynote speeches by Nicolas Hieronimus, chief executive officer of L’Oréal, and Vincent Warnery, CEO of Beiersdorf, in addition to people from the EU governing bodies.

The alliance is the brainchild of Hieronimus and Warnery, and includes 4 other founding corporate members — Givaudan, IFF, Kiko Milan and Ancorotti Cosmetics — whose top executives were in attendance to assist present a report titled “What Is the Value of Beauty.” 

That is supposed to crystalize the role the wonder value chain holds for the European Union’s economy and innovation; society and culture, and health and well-being.

In his talk, Hieronimus called the alliance “an important milestone for the European beauty and private care industry.”

“In an increasingly complex and unsure world, the wonder and private care industry is an important contributor and channel of growth for economies across the EU, with a worth chain that’s firmly rooted in Europe,” he said. “We’re a powerhouse of science and innovation, a proud exporter of European cultural heritage and a trailblazer by way of sustainability.

“And, in fact, it’s also an industry that brings well-being, happiness and self-confidence to countless tens of millions of individuals around the globe but, in fact, also in Europe,” continued Hieronimus. “Nevertheless, despite this, our industry is usually misunderstood and underestimated — perceived as futile and superficial. I’ve heard that persistently. In consequence, we’re sometimes faced with increased challenges and complexities, including relating to regulations.

“So the Value of Beauty Alliance goals to shift this narrative,” he said. “Our objective is to disclose the great thing about our industry across our entire value chain, have a good time the positive impact of beauty and private care, and the disclosing of the ‘Value of Beauty’ report.”

Hieronimus said: “Tonight marks the start of this journey. Our industry has a really sophisticated value chain, including farmers and research scientists, manufacturing, packaging suppliers and distribution.”

He explained the alliance’s founding members represent different facets of the wonder sector. 

“I would really like to welcome all members of our extensive value chain, industry and associations to hitch hands with this Value of Beauty Alliance,” the manager said. “Together, we’ll amplify our voices and display the socio-economic significance of our industry in Europe.”

The sweetness and private care industry is a serious contributor to European economic value and a vital engine of growth, Hieronimus continued. The EU beauty market was price 74 billion euros in 2022, equal to generating 200 million euros a day.

“This reflects the high regard that EU consumers have for beauty, with 80 percent considering that it is rather essential to their lives,” he said.  

Europe is a flagship marketplace for and a serious exporter of “high-quality and highly desirable goods across the globe,” continued Hieronimus. “Once we go to China, to the USA, the ‘made in Europe,’ ‘made in France,’ ‘made in Italy’ is basically making an enormous difference by way of sales.”

Sales-wise, the EU beauty market ranks second, behind the U.S. and ahead of China, despite only having one-third of its population. 

EU beauty exports generated almost 24 billion euros in 2022. “France is the world’s leading exporter of beauty and private care products,” said Hieronimus. 

In 2023, the sector was the third-largest contributor to the country’s positive foreign trade balance, behind aeronautics and wines and spirits.

It’s estimated beauty and private care together bring not less than 29 billion euros in added value to the European economy yearly.

“The sector also supports the livelihood of tens of millions of Europeans, either self-employed or working in corporations as diverse as SMEs or big multinational corporations, similar to L’Oréal,” explained Hieronimus. “In reality, across the EU, the sector employed over 3 million people in 2022. So the wonder and private care industry is [a cornerstone] of the European economy, a firm supporter and beneficiary of a single market, and it supports tens of millions of European residents.”

He described how the sector is a cradle of scientific advancements. “Not only can innovation offer consumers a broad range of products, increase product performance and improve the environmental footprint of our industry, it might also help be sure that the EU stays on the forefront of competitiveness by combining economic prosperity with scientific ingenuity,” said Hieronimus. “Along with driving business results, all corporations now have a responsibility to think about their impact on society and the environment.”

He said the wonder industry has long been committed to protecting the planet and its people, working on sustainable solutions across its value chain.

Hieronimus identified the efforts have been recognized, and in 2022, five beauty corporations were among the many 13 receiving a triple-A rating from the CPD, out of 15,000 contenders.

“We’re also conscious that we have now a responsibility for human rights across our diverse ecosystem, including working with suppliers that promote ethical and responsible practices and advocate fair working conditions,” said Hieronimus.

“The sweetness and private care industry is embedded into the on a regular basis lives of our consumers like almost no other industry,” continued Warnery.

He cited a survey saying the common European consumer uses greater than seven beauty and private care products day by day, and nearly 13 different products on a weekly basis.

Today almost 2 billion people globally experience skin conditions similar to pimples, eczema and skin cancer, and the incidence of those continues to extend. In Europe, as much as 90 percent of the population claims to have some extent of skin sensitivity.

The sweetness and private care industry plays an important role in helping alleviate such conditions, which may affect victims’ emotional well-being, in response to Warnery.

Sunscreen, as an example, helps fight against melanoma. Cases of which are rising and impacts Europe’s health care system, which in 2020 needed to pay an estimated 2.7 billion euros in treatment costs alone.

Beauty and private care products not only play a component in physical health, but in addition emotional well-being.

“The sweetness industry also plays the role in connecting European residents to their shared cultural heritage,” said Warnery, citing the instance of effective fragrances. “The sweetness and private care industry helps to export the varied skills of European know-how, culture and heritage the world over.”

He said the industry can also be helping to foster a more diverse and inclusive society.

“The sweetness and private care industry is a dynamic, ever-evolving sector fueled by the relentless pursuit of innovation. With a powerful concentrate on sustainability this vast and diverse ecosystem stretches across Europe,” said Warnery.

He prolonged the alliance’s invitation to recent corporations and associations working in the worth chain. “That is an open platform,” said Warnery.

Starting next week, the alliance will start its positioning campaign and is to offer updates frequently on its actions and progress all year long.

“Symbolically, it can be crucial to be here in Brussels today, because this alliance is an element of the answer to get even higher synergies between major actors, including European decision-makers,” said Warnery. “The longer term looks brilliant for our industry. The important thing categories of fragrances, hair care, skincare and makeup are all projected to grow annually around 4 to six percent, adding billions to the European economy. 

“With the support of all stakeholders, we’d like to make certain we don’t fall behind, but proceed to boost our competitiveness also on the worldwide level, in order that we are able to leverage the total potential of our industry,” he said.