MANILA - Global cosmetics giant L'Oreal wants to add 1 billion customers by practicing a business based on principles, a company official said on Monday.
L'Oreal is one of few companies that employ an ethics expert as part of its management, and its chief ethics officer Emmanuel Lulin said the firm's next 1 billion consumers will come from emerging markets like the Philippines, where issues like human rights and transparency remain "challenges."
"If we want to achieve our business objectives, our economic objectives there is no other way than to participate in tackling those issues and reducing these problems," Lulin said in an interview with ANC's The Boss.
Lulin said the company has been differentiating itself from other cosmetics firms by keeping ethics as part of its brand.
He added that the company's culture is built on ethics, as he himself learned while reading transcripts of company management meetings from half a century ago.
But instead of tackling ethical challenges in emerging markets by simply "giving lessons to anyone" L'Oreal prefers a different approach.
"I think the best way for a corporation to address those issues is simply to lead by example."
Lulin said it was not unusual for a brand that makes cosmetics to put serious effort in ethics because there was a relation between the business making beauty products, and the ethics of doing business.
"L'oreal is the world leader in beauty. But beauty comes from within as well. Ethics is the aesthetics of inside."
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