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Farfetch publishes 2021 ESG report

By Rachel Douglass

1 Jul 2022

Business

Image: Farfetch

British-Portuguese retailer Farfetch has published its new 2021 environmental, social and corporate governance (ESG) report, detailing everything from its logistics emissions to its ongoing efforts within its inclusivity initiatives.

As part of the 2021 report, the company said it decided to refresh its materiality assessment for this edition, ensuring that it had a renewed focus on the right ESG topics that present both material risks and opportunities for the business. Each topic was validated through engagement with its stakeholders and investors, which were presented with the final list in early 2022.

Topics include ‘Positively Cleaner’, focusing on climate change and operational impact, ‘Positively Conscious’, covering product transparency and quality, and ‘Positively Circular’, detailing product durability and circularity.

For its ‘Positively Inclusive’ section, highlighting its steps in meeting the needs of its community, Farfetch said that it had found a total of 84 percent of its ‘Farfetchers’ reported feeling included within the business. It also touched on the launch of its counselling service for employees, as well as noting a 32 percent YoY increase in the number of Black designer brands available on its Marketplace.

Additionally, for its ‘Governance and Engagement’ topic, surrounding business ethics and sustainability culture, Farfetch emphasised its commitment to the Business Ethics Leadership Alliance (BELA), which it joined in November 2021, and its continued efforts within its supplier due diligence programme with EcoVadis, for which it said it would look to support suppliers to increase their scores through an action plan.

“We’ve set our 2030 goals and I believe we’re making good progress towards them,” said the platform’s founder, chairman and CEO, José Neves, in an interview published as part of the report. “But what makes me most excited for the future are the capabilities we have as a platform to enable everyone within our community (the boutiques, brands, and customers) to make better decisions in terms of the products and services they bring to market and as consumers what they choose to buy.”

ESG
FARFETCH