YNAP joins The Prince of Wales’s Sustainable Markets Initiative
21 May 2021
Yoox Net-a-Porter (YNAP) has become the first luxury fashion retailer to join The Prince of Wales’s Sustainable Markets Initiative and its ‘Terra Carta’ - a call-to-action charter “that puts sustainability at the heart of the private sector”.
Launched by the Sustainable Markets Initiative in 2011, Terra Carta is a sustainable roadmap to 2030 “that puts nature, people and planet at the heart of global value creation”. It sets out 12 measurable commitments, all of which are connected to United Nations Sustainable Development Goals.
YNAP said by committing to Terra Carta it will support the action articles and targets set out in Infinity to help drive the fashion industry towards circularity.
Fashion brands urged to follow suit
The Prince of Wales said he was “delighted” by the support from YNAP, and urged other companies to join the initiative, saying the fashion industry “has a vital role to play in our transition towards a sustainable future”.
YNAP has been building on its circular efforts in recent years. In December, it began piloting Digital IDs which shoppers can scan to access unique information such as authenticity, provenance, design information, and ‘future services’ such as care and repair, re-commerce and recycling.
The company also previously announced goals for its private label collections to be fully designed for sustainability and circularity by 2025 and to reach 100 percent renewable energy across all owned operations by 2030.
“Today, we’re thrilled to sign the Terra Carta, an ambitious charter that importantly includes a focus on investment in technology and STEM to catalyse our transition to a sustainable and circular era,” said YNAP founder and chairman Federico Marchetti.
“HRH’s commitment to championing sustainability has always been ahead of its time, but now time is running out, and I urge more of the fashion industry to join us.”