Beauty giant L'Oréal has been recognized by the Ethisphere Institute as one of the 2018 World’s Most Ethical Companies. This is the 9th time that L’Oréal has been recognized for “leading with integrity and prioritizing ethical business practices.” What’s more, the company is one of only three in the health and beauty industry to be recognized.
“A company's value is not measured by its sole economic performance. Because L'Oréal has always strived to be a virtuous and responsible company, we have placed ethics at the heart of our strategy and daily practices. It is this approach that is recognized today by Ethisphere, and it is a source of pride for all of us,” said Jean-Paul Agon, chairman and CEO of L'Oréal.
According to Ethisphere, increased financial performance and ethical responsibility go hand-in-hand. Additionally, market research shows that consumers—particularly millennial consumers—will favor brands according to their ethics and commitment to sustainability and social responsibility.
“Companies' culture of ethics and integrity has become a substantial part of their assessment. The currency of ethics is trust and our sustainable development is based on L'Oréal's core Ethical Principles: Integrity, Respect, Courage and Transparency,” said Emmanuel Lulin, senior vice-president and chief ethics officer of L'Oréal.