Coty surpasses Scope 1 and 2 emissions reduction targets and achieves a significant 65% reduction in Scope 3 air freight emissions.
Establishes ambitious new targets for sustainable packaging and water use.
Rejoins the Ellen MacArthur Foundation as a Network Member to implement and scale circular design.
Achieves gender balance in leadership target ahead of 2025 commitment.
NEW YORK, November 04, 2024--(BUSINESS WIRE)--Today, Coty (NYSE: COTY) releases its FY24 Sustainability Report, showcasing its significant progress across environmental goals, reaffirming its commitment to a more sustainable beauty industry, and exceeding certain key targets set for 2030 well ahead of schedule. As the beauty powerhouse celebrates its 120th year, Coty continues to advance sustainability in the industry, with bold commitments that reinforce its Beauty that Lasts strategy.
Coty CEO Sue Nabi comments, "As we mark our 120th anniversary, we are immensely proud of our achievements in sustainability and innovation. In FY24, Coty made extraordinary progress toward our ESG goals, from achieving gender balance in leadership to setting ambitious new targets on packaging and water use. Sustainability remains central to Coty’s success as we continue to make progress in areas critical to the future of beauty."
Key highlights include:
Coty surpasses its 2030 Scope 1 and 2 emissions targets, achieving an 82% reduction since 2019.
Coty reports a 65% reduction in air freight emissions (compared to 2019) due to optimized logistics.
Coty rejoins the Ellen MacArthur Foundation as a Network Member, pledging to cut virgin plastic use by 60% by 2030 (vs. 2019) and enhancing packaging transparency.
Coty introduces its first water target to reduce water withdrawal by 25% by 2030 (vs. 2019) and new commitment for 90% certification of all fiber-based materials by 2030.
Coty-owned factories and distribution centers are powered by 100% renewable electricity, and eight sites (including factories, labs, and offices) are carbon neutral for Scope 1 and 2 emissions.*
Coty recycles 85% of factory and distribution center waste, continuing to surpass its 80% goal.
Coty uses 100% RSPO-sourced palm oil in production sites.**
Coty updates heritage product packaging like CoverGirl Clean Invisible Foundation and Max Factor Facefinity Compact with more sustainable packaging profiles*** and launches Infiniment Coty Paris—our first full collection manufactured with 100% alcohol from recycled carbon emissions.
Coty achieves gender balance in leadership ahead of its 2025 goal (Senior Director, VP, and above), and shares that the majority of named Coty patent inventors are women.
Coty is recognized for DE&I leadership, with Coty US achieving a perfect score on the HRC’s Corporate Equality Index, and Coty UK&I named among Stonewall’s Top 100 Employers as well as receiving Disability Confident Committed certification.
Coty completes its preliminary double materiality assessment and releases a summary of its Climate Risks and Opportunities Assessment, aligned with the TCFD framework.
Coty’s FY24 Sustainability Report reflects its commitment to driving progress and advancing sustainable innovation. The full Fiscal Year 2024 Sustainability Report is now available on Coty.com within the company’s new ESG Reporting Hub.
* This excludes third-party distribution centers and third-party manufacturers. For further details, please refer to the definitions and the disclosures on methodologies and standards in the full report.
**96% RSPO Mass Balance and 4% Independent Smallholder Credits.
***The new CoverGirl Clean Invisible foundation comes in a squeezable tube made of 30% PCR plastic, representing a 94% reduced weight compared to previous bottle. The Max Factor Facefinity Compact is now available in a refillable format.
ABOUT COTY
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.
CAUTIONARY NOTE REGARDING DIVERSITY AND SUSTAINABILITY INFORMATION
This Beauty that Lasts Sustainability Report and our website "Coty.com" contain information about our social impact and sustainability goals, targets, initiatives, commitments, and activities. These efforts involve certain risks and uncertainties, such as changes in our 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, our 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 the Company. 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.
Our disclosure concerning these matters, including this Beauty that Lasts Sustainability Report and other disclosures on these topics, may use certain terms that third parties refer to as "material" in connection with certain social impact and sustainability matters. Used in the context of our disclosure and our Beauty that Lasts Sustainability Report, however, these terms are distinct from, and should not be confused with, the terms "material" and "materiality" as defined by, or construed in accordance with, securities or other laws and regulations. Therefore, matters considered to be material for purposes of our Beauty that Lasts Sustainability Report may not be considered material in the context of our financial statements, reports with the U.S. Securities and Exchange Commission ("SEC"), or our other public statements, and the inclusion of information on our website or in our Beauty that Lasts Sustainability Report is not an indication that such information is necessarily material to the Company in those contexts.
Our disclosure concerning these matters, including our Beauty that Lasts Sustainability Report, includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our social impact and sustainability goals, targets, initiatives, commitments, and activities, as well as our future operations and long-term strategy.
Although we believe that our expectations are based on reasonable assumptions within the bounds of our knowledge of our business and operations, we 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 our Annual Report on Form 10-K and other periodic reports we have 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 document, and we do 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, we assume no responsibility to update the information contained on our website or in our Beauty that Lasts Sustainability Report or to continue to report any information.
