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Origin Materials and LVMH Moët Hennessy Louis Vuitton Form Strategic Partnership to Bring Carbon Negative Materials to Perfumes and Cosmetics Industry
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Positive)
Tags
partnership
Rhea-AI Summary
Origin Materials has formed a strategic partnership with LVMH Beauty, signing a multi-year capacity reservation agreement for sustainable carbon-negative PET materials aimed at the perfumes and cosmetics industry. Origin's PET, made from sustainable wood residues, significantly reduces carbon footprints while maintaining recyclability similar to traditional petroleum-based PET. The collaboration aims to aid LVMH's sustainability goals and enhance product offerings. Origin, a leader in carbon-negative materials, sees this partnership as instrumental in promoting eco-friendly packaging across various luxury brands.
Positive
Strategic partnership with LVMH Beauty enhances brand credibility.
Long-term agreement ensures stable revenue from sustainable PET materials.
Alignment with LVMH's sustainability initiatives enhances market positioning.
Negative
Dependence on LVMH could pose risks if the partnership does not meet expectations.
LVMH signed a multi-year capacity reservation agreement to purchase sustainable carbon-negative materials from Origin Materials
WEST SACRAMENTO, Calif. & PARIS--(BUSINESS WIRE)--
Origin Materials, Inc. (“Origin” or “Origin Materials”) (NASDAQ: ORGN, ORGNW), the world’s leading carbon negative materials company, and LVMH Beauty, a division of LVMH Moët Hennessy Louis Vuitton, the global leader in luxury products, today announced a strategic partnership to develop sustainable low-carbon footprint packaging for the perfumes and cosmetics industry.
As part of the strategic partnership, LVMH has signed a multi-year capacity reservation agreement with Origin Materials to purchase sustainable, carbon-negative PET (polyethylene terephthalate) for use in packaging for perfumes and cosmetics.
PET produced using Origin technology is functionally identical to petroleum-based PET, but with a dramatically lower carbon footprint since it is made from sustainable wood residues which capture carbon. Additionally, Origin PET is equally recyclable to fossil-based PET within the existing infrastructure, which is critical to creating a circular economy with a significantly reduced carbon footprint.
Origin aims to continue to work with LVMH Beauty on sustainable packaging solutions across its family of renowned brands, which includes Parfums Christian Dior, Parfums Givenchy, Guerlain and others. Origin’s technology can help LVMH Beauty Maisons reduce the carbon impact of their products while maintaining the premium aesthetics and zero-compromise performance that luxury customers expect.
“At LVMH, with our Life 360 program, we made the decision that our packaging will contain zero plastic from virgin fossil resources in a near future. Origin’s bioplastic technologies are playing a crucial role in helping LVMH achieve our sustainability targets without any compromise on quality. LVMH Beauty is happy to collaborate with Origin, supporting innovative technologies,” said Claude Martinez, Executive President & Managing Director LVMH Beauty.
“LVMH is a powerhouse of luxury brands, with a high standard of excellence for the environmental performance of its products,” said Origin Materials Co-CEO Rich Riley. “Our mission of enabling the world’s transition to sustainable materials as fast as possible is completely aligned with LVMH’s ambitious environmental initiatives. We look forward to helping LVMH reduce its carbon footprint and achieve its sustainability goals while continuing to deliver superior product experiences to its customers.”
About Origin Materials Headquartered in West Sacramento, Origin Materials is the world's leading carbon negative materials company. Origin’s mission is to enable the world’s transition to sustainable materials. For over a decade, Origin has developed a platform for turning the carbon found in inexpensive, plentiful, non-food biomass such as sustainable wood residues into useful materials while capturing carbon in the process. Origin’s patented technology platform can help revolutionize the production of a wide range of end products, including clothing, textiles, plastics, packaging, car parts, tires, carpeting, toys, and more with a ~$1 trillion addressable market. In addition, Origin’s technology platform is expected to provide stable pricing largely decoupled from the petroleum supply chain, which is exposed to more volatility than supply chains based on sustainable wood residues. Origin’s patented drop-in core technology, economics and carbon impact are supported by a growing list of major global customers and investors.
LVMH Beauty is the Perfumes & Cosmetics division of LVMH group, a major player in the perfumes, make-up and skincare markets, which groups together historic Maisons as well as younger ones with strong potential: Parfums Christian Dior, Givenchy Parfums, Guerlain, Fresh, Acqua Di Parma, Benefit Cosmetics, Kenzo Parfums, Make Up For Ever, Officine Universelle Buly, Fenty beauty by Rihanna, Bite Beauty, Ole Henriksen, Marc Jacobs beauty, Maison Francis Kurkdjian, Cha Ling, KVD Vegan beauty, Perfumes Loewe. All are driven by the same values: a quest for excellence, creativity, innovation, and perfect mastery of their image.
Cautionary Note on Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of the federal securities laws. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding Origin Materials’ business strategy and estimated total addressable market. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of the management of Origin Materials and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on as, a guarantee, an assurance, a prediction, or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Origin Materials. These forward-looking statements are subject to a number of risks and uncertainties, including that Origin Materials may be unable to successfully commercialize its products; the effects of competition on Origin Materials’ business; disruptions and other impacts to Origin Materials’ business as a result of the COVID-19 pandemic and other global health or economic crises; changes in customer demand; and those factors discussed in the Annual Report on Form 10-K filed with the SEC on March 1, 2022 under the heading “Risk Factors,” and other documents Origin Materials has filed, or will file, with the SEC. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that Origin Materials presently does not know, or that Origin Materials currently believes are immaterial, that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Origin Materials’ expectations, plans, or forecasts of future events and views as of the date of this press release. Origin Materials anticipates that subsequent events and developments will cause its assessments to change. However, while Origin Materials may elect to update these forward-looking statements at some point in the future, Origin Materials specifically disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing Origin Materials’ assessments of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.
What is the significance of the partnership between Origin Materials and LVMH?
The partnership aims to develop sustainable, carbon-negative PET materials for LVMH's packaging needs, enhancing both companies' sustainability profiles.
How does Origin Materials’ technology benefit LVMH Beauty?
Origin's PET is produced from sustainable wood residues, significantly reducing carbon footprints and maintaining recyclability, aligning with LVMH's eco-friendly goals.
When was the partnership between Origin Materials and LVMH announced?
The partnership was announced in April 2022, involving a multi-year capacity reservation agreement.
What are the stock symbols for Origin Materials?
The stock symbols for Origin Materials are ORGN and ORGNW.
