GEP, a leading provider of supply chain software and services to Fortune 500 and Global 2000 enterprises worldwide, announced that it has won Asia’s prestigious Best Initiative for Building Diverse Supplier Base Award in support of L’Oréal China’s ambitions in accelerating the impact of this initiative, at the CIPS Asia Excellence in Procurement Awards held recently at the annual ProcureCon Asia event in Singapore.
L’Oréal China, a subsidiary of the L’Oréal Group, the Fortune Global 500 beauty and cosmetics company, partnered with GEP to create and implement a successful sustainable sourcing initiative in China, which is a part of its global sustainability program. L’Oréal China wanted to enable people from underprivileged communities to be a part of its supplier network, and set a target of providing 500 FTE employees in China in 2021. GEP supported L’Oréal China by developing a strategic approach and operating model and implementing process flows and best practices. The program resulted in exceeding the 2021 goal of 500 FTE by 27%.
“This award is an important acknowledgement of L’Oréal’s leadership to use its purchasing influence to provide better accessibility to underprivileged communities across China,” said Michael Seitz, vice president, GEP Consulting, China. “L’Oréal is showing how a procurement function contributes to make positive social and societal impact. We’re very proud to support L’Oréal’s deliberate program enabling minorities and underprivileged communities to become suppliers, and are very excited about the second and third year of this program.”
GEP is a global consulting firm that provides end-to-end procurement and supply chain strategy, managed services and technology solutions under one umbrella. That makes GEP the one-handshake solution for most of its clients’ requirements. GEP manages approximately $200 billion in spend across 300+ direct and indirect categories for its clients worldwide.
The CIPS Asia Excellence in Procurement Awards, presented in partnership with ProcureCon Asia, are respected as a benchmark for excellence. Winning is the most prestigious recognition an organisation or individual in the procurement and supply chain profession can receive in Asia.
