Top cosmetics forum shines spotlight on Oriental Beauty Valley
Executives of world's leading cosmetics brands jointly release an ESG initiative during the 2023 Oriental Beauty Valley International Cosmetics Conference.
The Oriental Beauty Valley in suburban Fengxian District is home to over one-third of cosmetics companies in Shanghai, with the industry worth nearly 100 billion yuan (US$13.72 billion), the district government said at China's top cosmetics meeting on Thursday.
The brand value of the valley, which is the nation's sole "Capital of China's Cosmetics Industry," has reached 33.9 billion yuan, it announced at the 2023 Oriental Beauty Valley International Cosmetics Conference.
The annual event brought together domestic and international cosmetics companies, experts, scholars, and industry leaders to discuss the global trends of the beauty and cosmetics industry.
Shanghai Vice Mayor Chen Jie unveiled the "Oriental Beauty Valley China Special Cosmetics Raw Material Base Alliance" during the conference.
The alliance will collaborate with several domestic herb and plant cultivation bases in southwestern Yunnan and Sichuan provinces, eastern Anhui and Shandong provinces, as well as the northwestern Ningxia Hui Autonomous Region, Gansu Province and Xinjiang Uygur Autonomous Region.
The alliance will apply new technologies to turn these traditional herbs and plants into unique Chinese cosmetics raw materials, according to the valley.
The valley, in collaboration with industry giants such as L'Oréal, Shiseido, Estée Lauder, Clarins, and JALA, also released the "Oriental Beauty Valley ESG (Environmental, Social and Governance) Joint Initiative" during the event.
The initiative calls on all companies in the cosmetics industry to have clear goals, strategies, plans, and effective results in building a better future for sustainable development.
As one of the most influential international events in the global cosmetics industry, the conference has been held for six consecutive years.
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