NEW YORK--(BUSINESS WIRE)--Nov 28, 2023--
Today, Coty Inc. (NYSE: COTY) announces a significant expansion of its global gender-neutral parental leave policy in its 2023 Sustainability Report (reported as July 2022 to June 2023). Grounded in Coty’s Beauty That Lasts sustainability framework, the company continues to set new benchmarks, exceeding targets across its three pillars: Product, Planet, and People.
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Beauty That Lasts, Coty's sustainability framework (Photo: Business Wire)
As part of its dedication to its People pillar, Coty expands its gender-neutral parental leave policy, established in 2022. The company sets a global minimum of 14 fully paid weeks for all employees, regardless of gender. This standard will be phased in, with all countries offering the new global minimum by the end of Coty’s FY24. Guided by local regulations, Coty’s parental leave policy champions gender equality in pay and workplace advancement worldwide.
Coty CEO Sue Nabi shares, "Aligned with our broader sustainability goals across Product, Planet, and People, our expanded gender-neutral parental leave policy underscores our holistic approach to sustainability for long-term success. It is a point of pride for all of us at Coty."
Additional highlights from Coty’s FY23 Sustainability Report include:
- Coty exceeds its SBTi 1 -approved Scope 1 and 2 emissions reduction targets, achieving an impressive 82% reduction, significantly overachieving the 50% target.
- Coty surpasses its energy reduction target, achieving a 23% energy reduction compared with its target of 20%.
- Coty factories and distribution centers also achieve their goals of zero waste to landfill and an 80% recycling rate ahead of 2030 schedule.
- Looking beyond 2030, Coty has committed to the SBTi to set long-term emissions reduction targets in line with science-based net-zero 2.
- Coty drives sustainable actions across its portfolio by integrating innovative biotechnology into product formulas, launching new products crafted with 100% carbon-captured alcohol, and expanding its list of cruelty-free brands with philosophy and Monange achieving Leaping Bunny approval by Cruelty Free International.
- Coty introduces global sustainability training for all associates and restructures its corporate Sustainability Office with new leadership.
Please refer to Coty’s Sustainability Report for more on Coty’s FY23 sustainability milestones and its ESG Index for a comprehensive overview of Coty’s ESG data and policies.
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, ESG Index, 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.
AVAILABILITY OF INFORMATION
We use our website as a channel for routine distribution of important information, including news releases, presentations, and financial information. We have also posted on our website our: (i) Principles of Corporate Governance; (ii) Code of Conduct (and any amendments or waivers); (iii) Code of Conduct for Business Partners; (iv) Charters for the Audit and Finance Committee and Remuneration and Nomination Committee; and (v) sustainability information, including information on our sustainability strategy, Beauty That Lasts, our diversity, equity and inclusion strategy, and certain Company policies. The information on our website is not, and will not be deemed to be, a part of or incorporated into this Beauty That Lasts Sustainability Report.
1 Science Based Targets initiative.
2 Per the SBTi target setting process, Coty will set net zero-aligned targets by November 2025.
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CONTACT: MEDIA INQUIRIES:
Coty Press Team
press@cotyinc.comINVESTOR RELATIONS:
Olga Levinzon
Olga_Levinzon@cotyinc.com
KEYWORD: EUROPE UNITED STATES NORTH AMERICA FRANCE NEW YORK
INDUSTRY KEYWORD: ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) OTHER RETAIL COSMETICS RETAIL PROFESSIONAL SERVICES
SOURCE: Coty
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PUB: 11/28/2023 02:00 AM/DISC: 11/28/2023 02:00 AM
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