Hermès, LVMH Among Big Fashion Brands That Fail To Meet Green Targets: Report
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India, 26 March 2021 1:46 PM GMT
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Luxury brands like Hermès, LVMH and Richemont averaged lower than high street fashion companies H&M, Inditex, Gap and Levi Strauss in all the six categories - emissions, waste, workers' rights, materials and transparency.
Nearly 15 fashion companies, including high-end brands, are lagging in meeting their environmental, sustainability, and social targets of the Paris climate agreement and US Sustainable Development Goals, revealed a new report by The Business of Fashion.
The report released on Monday, March 22, publicly disclosed information from the five biggest companies by revenue in three categories - luxury, sportswear and high-street fashion. These included Hermès, Moët Hennessy, Louis Vuitton (LVMH), H&M, Adidas etc.
According to The Economic Times, the fashion publication rated companies out of 100 in their attempt towards meeting the 16 targets listed in the UN Sustainable Development Goals and Paris Agreement on emissions, waste, workers' rights, water, and materials.
Twelve sustainability experts advised the online publication on the methodology of the report. The companies were also ranked on their transparency and the amount of information available about a company's practices.
According to the report, the companies were more interested in disclosing information on their targets than concrete actions towards fulfilling them.
"Opaque working practices and fuzzy definitions of what constitutes 'good' progress complicate matters further, creating a woolly picture of where the industry is at and what steps are required for it to clean up its act," the report said.
Luxury goods company, Kering, topped the list with 49 points, while sports equipment company Under Armour ranked the lowest with nine points. The average score was 36 points.
Kering and Nike performed well on transparency, while PVH Corp, Levi Strauss, and VF Corp ranked highest in their efforts to reduce emissions.
Luxury brands like Hermès, LVMH and Richemont scored lower than high street fashion companies H&M, Inditex, Gap and Levi Strauss in all the six categories - emissions, waste, workers' rights, materials and transparency.
Retail companies, including Fast Retailing, Richmount, also ranked the lowest in all categories along with Under Armour, except it scored well in workers' rights.
According to the report, companies, on average, performed the worst on waste and workers' rights.
While other companies have not responded to the report, Adidas said that it worked closely with its partners to attain climate neutrality by 2025 and throughout its supply chain by 2050.
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