According to a Tuesday (April 19), LVMH Beauty, a luxury retailer that is a division LVMH Mot Hennessy Louis Vuitton’s, and Origin Materials, a carbon negative materials company, have teamed-up to produce sustainable, low-carbon packaging for the perfume and cosmetics industries. Press release.
LVMH signed a multiyear capacity reservations agreement with Origin Materials in order to purchase sustainable, low-carbon PET (polyethylene terephthalate), for packaging perfumes and cosmetics. Origin technology reduces PETs carbon footprint by being made from sustainable wood residues which capture carbon.
LVMH Beauty Executive President and Managing director Claude Martinez said that the packaging for our Life 360 program will not contain any plastic from virgin fossil resources. Origins bioplastic technologies play a critical role in helping LVMH reach its sustainability targets without compromising on quality.
The release states that Origin PET is equally recyclable to fossil-based PET within existing infrastructure. This is crucial for creating a circular economy that has a significantly reduced carbon footprint. The new packaging will be used by LVMH across its brands, including Christian Dior and Givenchy, Guerlain, and others.
Origin Materials Co-CEO said that LVMH is a luxury brand powerhouse with a high standard for environmental performance. Rich RileyThe release. Our mission to enable the world’s transition to sustainable materials as quickly as possible aligns with LVMH’s ambitious environmental initiatives. We look forward to working with LVMH to reduce its carbon footprint and reach its sustainability goals while still delivering superior customer experiences.
Last week, LVMH Mot Hennessy Louis Vuitton reported a 29% rise in its 2022 First-Quarter Revenue, reaching 18 billion euros (about 19.5 billion) for three months. Only the Wines and Spirits section of the business saw double-digit growth in Q1. This was due to supply chain constraints that continue to hinder this sector.
Continue reading:LVMH Obtains Double-Digit Growth for Most Groups and Regions
The company experienced 23% organic growth during the quarter. LVMH’s Fashion and Leather Goods business unit led the charge with 30% organic revenue growth in Q1. Watches and Jewelry was next at 19%, Selective Retailing at 24%, and Perfumes and Cosmetics, at 17% and 17% respectively. Wines and Spirits were at 2%.