Coty 2022 Sustainability Report: Celebrating new SBTi-approved commitments and gender equity achievements
NEW YORK--(Business Wire / Korea Newswire) November 18, 2022 -- Today, Coty Inc. (NYSE: COTY) releases its Sustainability Report for the 2022 fiscal year. The report outlines the progress made in advancing Coty’s corporate sustainability strategy, Beauty That Lasts, from July 2021 to June 2022.
“Beauty That Lasts is a critical driver of Coty’s ambition to make over the world of beauty. United by fearless kindness, we create forward-thinking products that provide new, innovative, and simply better science-based solutions. We must continue to push the boundaries of what’s comfortable and expected, finding new ways to operate,” shares Coty CEO Sue Y. Nabi.
A complete view of Coty’s sustainability activities in FY22 can be found in the full report. (https://bit.ly/3tzvQYC) Highlights include:
New environmental commitments
· Coty shares new near-term reduction targets for greenhouse gas emissions (GHG), approved by the Science Based Targets initiative (SBTi). Coty commits to:
。Reduce absolute scopes 1 and 2 GHG emissions by 50% by 2030 from a calendar year 2019 base year[*]
。Increase in annual sourcing of renewable electricity from 5% in calendar year 2019 to 100% by 2030
。Reduce absolute scope 3 GHG emissions by 28% within the same timeframe
· Coty has also launched new packaging targets as a key driver in reducing the company’s carbon footprint:
。20% reduction in packaging by 2030[**]
。100% FSC or PEFC-certified folding box boards by 2025
。30% post-consumer recycled materials (PCR) by 2030
In FY22 we reached our goal of sending zero waste to landfill from our factories and distribution centers, and are ahead of schedule to meet our recycling goal, achieving 79.8% against our 80% by 2030 target.
Delivering on gender equity
· Coty is pleased to announce it has achieved its goal to pay equitably for similar roles and performance, regardless of gender, by 2022.
· Coty has launched a new global gender-neutral parental leave policy, providing access to fully paid leave for all associates starting or growing their families.
Coty is also proud to have driven sustainable product innovations across its brands. The new Chloé Naturelle Intense is the first re-fillable fragrance in the Coty portfolio. For the launch of the new Adidas Active Skin & Mind range of shower gels, the company prioritized the use of PCR - the bottle is made from 99.8% PCR and the cap is 48% PCR. The range also features Coty’s first refillable body care solutions and more than an 18% packaging weight reduction vs. the brand's original baseline body care range. Coty has also expanded its cruelty free offering with Rimmel, Manhattan and Risqué recently joining COVERGIRL in achieving Leaping Bunny approval by Cruelty Free International.
Chief Scientific Officer Dr. Shimei Fan says, “This has been an exciting year for Coty’s sustainability journey, and I am so proud of our achievements on gender equity and our new carbon and packaging commitments. Coty is disrupting beauty standards and we are taking the same approach to our sustainability ambitions. I truly believe we will be able to lead the way and create meaningful change in our industry.”
[*]The target boundary includes biogenic emissions and removals from bioenergy feedstocks.
[**] Across Coty, an average of a 20% reduction in packaging gram per milliliter of product manufactured. The target is set against Coty’s 2019 calendar year baseline.
About Coty Inc.
Founded in Paris in 1904, Coty is one of the world’s largest beauty companies with a portfolio of iconic brands across fragrance, color cosmetics, and skin and body care. Coty serves consumers around the world, selling prestige and mass-market products in approximately 125 countries and territories. Coty and its brands empower people to express themselves freely, creating their own visions of beauty, and is committed to making a positive impact on the planet. For additional information about Coty Inc., please visit www.coty.com.
This press release and the related Beauty That Lasts Sustainability Report contain information about Coty’s social impact and sustainability goals, targets, initiatives, commitments, and activities. These efforts involve certain risks and uncertainties, such as changes in Coty’s business (e.g., acquisitions, divestitures, or new manufacturing or distribution locations), the standards by which achievement is measured, the assumptions underlying a particular goal or matter, and our ability to accurately report particular information. Actual results could differ materially from our stated goals or the results we expect. Changing circumstances, including evolving expectations for social impact and sustainability generally or to specific focus areas or changes in standards or the way progress or achievement is measured, may lead to adjustments in, or the discontinuation of, Coty’s pursuit of, certain goals, commitments, or initiatives. Moreover, the standards by which social impact and sustainability efforts and related matters are measured are developing and evolving, and certain areas are based on assumptions. The standards and assumptions could change over time. The selection by management of alternative acceptable measurements could have resulted in materially different amounts or sustainability metrics reported by Coty. In addition, statements made about our company, business, or efforts may not apply to all business units (e.g., ones that were more recently acquired) or joint ventures and strategic partnerships.
This press release and the related Beauty That Lasts Sustainability Report include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding Coty’s social impact and sustainability goals, targets, initiatives, commitments, and activities, as well as our future operations and long-term strategy.
Although Coty believes that its expectations are based on reasonable assumptions within the bounds of its knowledge of its business and operations, Coty cannot assure that actual results or outcomes will not differ materially from any future results or outcomes expressed or implied by such forward-looking statements relating to sustainability. Forward-looking statements relating to sustainability include all statements that do not relate solely to historical or current facts and involve a number of known and unknown risks, uncertainties, and other important factors such as those described under the heading “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Coty’s Annual Report on Form 10-K and other periodic reports Coty has filed and may file with the SEC from time-to-time.
These forward-looking statements relating to sustainability are made only as of the date of this press release, and Coty does not undertake any obligation, other than as may be required by applicable law, to update or revise any forward-looking or cautionary statements to reflect changes in assumptions, the occurrence of events, unanticipated or otherwise, or changes in future operating results over time or otherwise. In addition, Coty assumes no responsibility to update the information contained in its Beauty That Lasts Sustainability Report or to continue to report any information.
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