ESG news and archive

ThredUp published third annual impact report as it hits 322 million USD in revenue

Online fashion resale platform ThredUp has published its third annual impact report, which offers a broad view of the company’s environmental, social, and governance (ESG) strategy. In its latest report, ThredUp highlights its progress on its corporate ESG initiatives for 2023, focusing on 12 key areas where it can make the most impact, based on...

Business

Harrods releases first ESG report, outlines future goals

British department store retailer Harrods has released its first environmental, social and governance (ESG) report, in which it has outlined both its achievements and its future goals as part of an ongoing “sustainability journey”. Through what has been dubbed ‘The Harrods Path to a Sustainable Future’, the luxury retailer set about detailing...

Background

Comprehensive reporting on sustainability is or will become mandatory: Here's what you need to know about the Corporate Sustainability Reporting Directive (CSRD)

“Traditionally, financial reports have been the main focus of corporate reporting,” explains fashion professional Melissa Wijngaarden. Many companies compile annual reports that recount their activities over the last year. An integral part of this report is the financial statements, which summarize the company's financial situation. This allows...

Business

Asos reportedly scraps diversity bonuses for directors

E-commerce giant Asos is understood to have shelved diversity targets as part of its directors bonus scheme as pressure to hit financial ambitions mounts amid an ongoing sales slump. It is this mission that the annual executive bonus will now be primarily based around, according to The Telegraph, which initially reported the news, as well as...

ResearchPress Release

Fashion Minority Alliance partners with Blurred on DE&I Survey

Fashion Minority Alliance, a Vogue Business 100 Innovator Class of 2023 Next-Gen Agitator, has appointed Blurred, a leading strategic and creative advisory firm, to conduct in-depth research into the state of diversity, equity and inclusion in the face of ESG reporting requirements in the fashion industry. The research will assess the efforts of...

Business

AEO secures ESG goals, expands on commitments

American Eagle Outfitters (AEO) has published an update on its environmental and governance performance in what is its second report on the topic, through which it is striving towards its ‘Build a Better World’ strategy. Among the achievements noted in the report, AEO said that it had reduced water usage per pair of jeans produced by 38 percent...

BusinessFeatured

Decathlon, the financial implications of its Transition Plan

Decathlon, the French sports and leisure multinational retailer, is carrying out an in-depth overhaul of its operations. Its ambitious ‘Transition Plan’ aims to ensure a "more profitable, more digital, more environmental" approach. The Group has significantly revised its positioning by streamlining its product portfolio. It plans to remove...

BusinessFeatured

Gap, Levi Strauss, Victoria’s Secret among brands failing to tie exec pay with sustainability

New research by financial think tank Planet Tracker reveals that many of the world's largest textile companies are failing to link executive pay to environmental, social, and governance (ESG) performance, a key driver of credible action. Planet Tracker's Textiles Compensation report analysed 30 top textile brands and finds that over half of...

BusinessPartner Content

The new set of global ESG rules to future-proof your business

European consumption of textiles has the fourth highest impact on the environment and climate change, after food, housing and mobility. It is one of the top three pressures on water and land use, and the top five in terms of raw material use and greenhouse gas emissions. The average European throws away 11kg of textiles every year. Around the...

Business

How transparency can mitigate environmental and human rights risks

Blockchain start-up Retraced was founded with the aim to make global production processes more transparent, also for the textile and garment industry. The company recently shared highlights of the year 2022, among them closing its second funding round and raising 6.5 million euros, winning three awards, expanding its team and having its platform...

Business

Vestiaire Collective secures 75-million-euro sustainability-linked revolving credit facility

Luxury fashion resale platform Vestiaire Collective has signed a 75-million-euro sustainability-linked revolving credit facility (RCF) from Crédit Agricole CIB, Société Générale, HSBC Continental Europe, Bank of America and Goldman Sachs. The facility has an initial term of three years, which can be extended by two years. While Crédit Agricole...

RetailFeatured

According to the IADS, department stores must strengthen their environmental commitments

As they become more aware of climate issues, fashion retailers have undertaken a series of initiatives in recent years to help improve the situation. These are part of their Corporate Social Responsibility (CSR) commitments. While the efforts are to be welcomed, the International Association of Department Stores (IADS) now believes that...