Kering is ushering in a new environmentally-friendly path for its luxury brands.
The global luxury group implemented its next generation sustainability strategy Wednesday, which is expected to improve its operations and supply chain over the next 10 years. Kering’s latest sustainability strategy will be guided by the UN Sustainable Development Goals (SDGs) and incorporate quantifiable 2025 targets under three themes. The company’s efforts, in addition to the updated sustainability strategy, will contribute to a more low-carbon economy and foster “planetary boundaries,” a concept proposed by a group of scientists in 2009 that promotes a safer operating space for sustainable development.
“Our strategy outlines how we will redesign our business to continue to thrive and prosper sustainably into the future, while at the same time helping to transform the luxury sector and contributing to meet the significant social and environmental challenges of our generation,” said Kering CEO François-Henri Pinault.
Kering’s sustainability strategy will be monitored based on those SDGs and three themes, care, collaborate and create. Caring for the planet will enable Kering to minimize carbon emissions from its business activities by 50 percent, reduce Kering’s Environmental Profit and Loss account by at least 40 percent, and establish a Supplier Index of Sustainability to foster animal welfare and traceability among Kering suppliers.
By collaborating with key people, Kering will support the continuation of craftsmanship traditions and improve community livelihoods where raw materials are originally sourced. Lastly, creating new business models will allow Kering to invest in disruptive innovations and promote a more circular economy with reusable textiles.
“Rethinking luxury is a necessity to adapt to our changing world while responding to the concerns of new generations of luxury clients,” Kering chief sustainability officer Marie-Claire Daveu said. “We have already made significant progress over the last years and we will continue to strive for the highest environmental and social standards.”