MADARA Cosmetics has been certified as a B Corp by the international non-profit organisation B Lab, becoming part of a responsible business community and ranking among global brands such as Patagonia, Danone, Aesop, as well as joining Kalve Coffee from Latvia. This certificate confirms the company's core values, which since its foundation have been based on responsibility for the environment, people and governance, and also opens up wider international recognition opportunities for the MÁDARA brand.
Unlike most other organisations, B Lab takes a holistic view of business and includes five key categories in its impact assessment: governance, employees, community, environment and customers. To be certified as a B Corp, a company must score at least 80 on the B Impact Assessment. In addition, companies are required to recertify every three years, which means continuously striving for higher and higher results.
"Although sustainability has been a core value of MADARA Cosmetics since its beginning, the B Corp certification process took two years and it was important for us not only to formalise our existing sustainability practices, but also to gain a new perspective on our operations - including a thorough assessment of our business partners. We were pleased to see that they were aligned with our values," says Gunta Šulte, CEO of MADARA Cosmetics.
"The B Corp certification is recognised in major export countries for MÁDARA brand cosmetics, such as the Netherlands, France and Germany, where both customers and sellers see the company's compliance with this standard as an important added value," explains Gunta Šulte. "Consumers in these markets are increasingly looking for products that not only deliver high quality, but also meet rigorous social and environmental criteria - and the B Corp certification mark is proof of this."
Liene Dubava, CEO of Nasdaq Riga, also highlights: “Investors value transparency, and increasingly, beyond the traditional financial indicators, they assess a company’s ESG strategy, environmental impact, and forward-looking management when making investment decisions. MADARA Cosmetics is an excellent example of a company demonstrating unwavering commitment to sustainability, being the first in the Baltics to provide investors with an ESG report in preparation for its launch on the First North market.”
Gunta Šulte highlights the upcoming initiatives: "This year we have set two key sustainability priorities: supporting society and protecting the environment. Throughout the year, we help the MARTA Centre by providing a safe haven for those in crisis. At the same time, we have taken on the protection of a particularly valuable natural area in Latvia - Ozolleju Meadows - to promote the preservation of natural diversity. We believe that sustainability is a continuous process of development, and we will shortly carry out a double materiality assessment to further focus on the issues that matter most."
Additional information:
About MADARA Cosmetics:
MADARA Cosmetics, the largest local capital company in the Baltics, became the third B Corp certified company in Latvia, scoring 80.7 points in the impact assessment, with the highest scores in the employee, community and environment categories.
In the employee category, where safety, health and effective performance evaluation are a priority, the score was 26.1. In the Community category, economic impact at local level and sustainable supply chain management contributed to performance with 20.1 points. And in the environmental category, MADARA Cosmetics scored 22.7 points due to the company's low carbon intensity.
About B Lab:
B Lab is an international organisation that drives change in the economic system to positively impact people, communities and the planet. The organisation develops standards, tools and programmes for companies that want to make a positive impact and certifies companies that meet high standards of social and environmental impact, responsibility and transparency.
Today, the B Lab community includes more than 9 500 certified B Corp companies from over 80 countries, and its impact assessment tool is used by more than 300 000 companies worldwide. For more information: https://bcorporation.eu/.
The shares of AS Madara Cosmetics are admitted to trading on Nasdaq Baltic First North Market.
The Certified Adviser for AS Madara Cosmetics is ZAB Eversheds Sutherland Bitāns SIA.
AS MADARA Cosmetics was founded in 2006 and has become one of the leading cosmetics manufacturers in Northern Europe and a leader in Latvia. The company' s brand MÁDARA is a pioneer in the natural skincare and make-up segment in Latvia. Since November 2017, the company's shares have been listed on the Nasdaq Baltic alternative market First North. For more information, visit investors.madaracosmetics.com.