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The company reports its infant nutrition products were the “largest growth contributor” out of any other category in 2023, contributing to its $11.2 net profits.
The paper said this assessment applied to about half of Nestle's overall portfolio because categories like medical nutrition, pet food, coffee and infant formula were excluded from the analysis.
Nestlé owns 23.29% of L'Oréal, the world's largest cosmetics and beauty company, whose brands include Garnier, Maybelline, Lancôme and Urban Decay. Nestlé owned 100% of Alcon in 1978. In 2002 Nestlé sold 23.2% of its Alcon shares on the New York Stock Exchange.
Nestle stated that it had already "halted all non-essential imports and exports to and from Russia". [97] In February 2024, it was announced Nestle is expanding manufacturing capacity in India and increasing investments — the company will invest between ₹60-65 billion ($723–783 million) from 2020 to 2025. [98]
Concern about Nestlé's "aggressive marketing" of their breast milk substitutes, particularly in developing countries, first arose in the 1970s. [2] Critics have accused Nestlé of discouraging mothers from breastfeeding and suggesting that their baby formula is healthier than breastfeeding through marketing campaigns which suggested the formula was used by health professionals.
The company reports its infant nutrition products were the “largest growth contributor” out of any other category in 2023, contributing to its $11.2 net profits.
A boycott was launched in the United States on July 4, 1977, against the Swiss-based multinational food and drink processing corporation Nestlé.The boycott expanded into Europe in the early 1980s and was prompted by concerns about Nestlé's aggressive marketing of infant formulas (i.e., substitutes for breast milk), particularly in underdeveloped countries.
The report calls out Nestlé's “double standard" for adding sugar to baby food products in developing countries.