Under the theme 'Cooperation in a Fragmented World', the World Economic Forum annual meeting held on 16 January 2023 brought together some 2,700 leaders from 130 countries, including 52 government heads of state, more than 1,500 business leaders and 90 innovators. Christy Lei Sun, CMO of YSG (Yatsen Global) joined the meeting as Global Youth Leader 2022 and one of the 90 innovators in the discussion of key issues.
YSG is a leading player in China's beauty market, with the following colour cosmetics and skincare brands under its belt: Perfect Diary, Little Ondine, Abby's Choice, Galénic, DR.WU (its mainland China business), Eve Lom and Pink Bear.
The company’s participation at Winter Davos this year is connected with sustainability in China’s cosmetic industry. Lei Sun shared the exploration and practice of YSG and its brand Perfect Diary in "New System for Energy, Climate and Nature" and "Consumers Beyond Waste Community" and other sustainability-related sessions. In the latest ESG rating 2022 by the world's largest index company, MSCI, YSG was upgraded to Level A, leading China's cosmetic brands.
According Lei Sun, consumer goods companies connect products and consumers, therefore concrete quality development relies on the sustainable operation and the collaboration between each link on the industry chain. She believes the whole community should stand up facing the challenges together, and all support and efforts count no matter from consumers or partners. "We hope to present the world with more sophisticated and sustainable 'Made in China' and 'Brand China', bringing everyone a new journey of exploring beauty."
Velvet Slim Lipstick: A showcase of sustainable China's beauty
The Velvet Slim Lipstick, as a case of "sustainable fashion", presents the world with sustainable China's beauty. Inspired by stiletto heels that bring female beauty and confidence, Perfect Diary launched an original slim lipstick after 88 times of revision and polishing— "Velvet Slim Lipstick", boasting fashionable and exquisite patented design.
Zhou Xun, Global Youth Leader 2011, performed in its first advertisement video as the global spokesperson of Perfect Diary. The motto "there's no script for my life; I take my path; I shine each step" encourages thousands of women to pursue their own life and live up to their dreams.
The carbon footprint certificate of Velvet Slim Lipstick starts a new chapter for the carbon footprint certification of China's cosmetic industry. In 2021, a third-party authoritative testing agency conducted a product carbon footprint assessment of Perfect Diary's "Velvet Slim Lipstick". According to the certificate, the carbon footprint of one Perfect Diary "Velvet Slim Lipstick" (Shade L02 and L04) is 507g of carbon dioxide equivalent (note: equivalent is the amount of a specific or commonly accepted value).
The first Chinese new consumption cosmetic company to release an ESG report
Although YSG is a young company, it is a pioneer of sustainability exploring and practicing in the new consumption cosmetic industry. In 16 May 2022, YSG released its first 'Environmental Social and Governance Report (ESG report)', unveiling its measures and efforts in in key areas such as product responsibility, social welfare, employee benefits and environmental sustainable development. This is the first ESG report from China's new consumption cosmetic industry.
Rated Grade A
In December 2022, MSCI upgraded YSG rating to A, which is internationally recognised leading level. YSG shows good performance in its "carbon footprint" measures among its peers in the industry, and is an industry leader in the management of packaging material and waste; it has effectively reduced pollution from packaging materials through green packaging, lightweight packaging and recycling, etc.
With the vision of "A health and beauty explorer in the era of new technology", YSG is committed to long-term development and product innovation. In the midst of structural change of China's cosmetic industry, YSG will march on its ESG path with the help of technology, building solid foundation, gaining increase in both social value and commercial value, showing China's charm and beauty to the whole world.
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