Abstract
The article presents an analysis of the theoretical basis for sustainable development and practical experience of introducing innovative products in the cosmetics industry on the example of a company in the cosmetics industry. The literature on sustainable development has rarely explored the practical aspect of making sustainable development work by depicting it in practical case-based research. This paper attempts to fill in this gap by undertaking case-based research. The facts of sustainable development of the company goes from annual reports for the last five years. The complex of sustainable activities and innovation products has brought the company to the position of an absolute world-class leader in the cosmetics industry. There were presented some results of environmental activities of companies and work with customers who consume the innovative products and also become a participant in the implementation of the sustainable development strategy are presented. The participants in the value chain activities of L’Oréal are motivated to take up actions to meet sustainable development goals as this is an important criterion in supplier selection. It has been established that the key to the effectiveness of the sustainable development strategy is an innovative product that permeates not only the products as such, but also the company's operational processes, including the decision-making process. Developing sustainable initiatives requires a focus on the economic and social dimensions. L’Oréal aims to include its internal and external stakeholders in its growth and development. It is recommended to use the example of L'Oréal in the development of other large enterprises, since focusing on the social and environmental aspects of sustainable development has an economic effect that becomes a reward for social responsibility to all stakeholders. The paper provides a practical approach for taking up research on sustainable development forward and suggests that future research must incorporate business cases as a method to discuss the implementation of sustainable development activities.
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