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Natura
Luiz Seabra · 1969
Natura built a global cosmetics business using direct sales—not digital platforms—and anchored its identity in ethical sourcing and animal-testing bans. It listed on Brazil’s highest-governance stock exchange tier in 2004. But none of its stated commitments include third-party verification, cost impact, or enforcement mechanisms. Its scale—6.6 million consultants in 2018—is real. Its ethics are aspirational.