YNAP publishes major new sustainability strategy
The Richemont-owned luxury e-tailer said it aims to deliver “lasting luxury fashion, working towards a more sustainable and inclusive circular fashion system for the industry”.
It’s a 10-year vision underpinned by “measurable commitments that connect to the UN Sustainable Development Goals, along with tangible projects that will start to facilitate positive change today”.
It mean the group will dive deep into circular design and care and repair initiatives, run carbon emissions-reduction programmes and become climate positive.
The company operates across 180 countries and has 4.3 million, as well as hundreds of brand partners, which means it has the power to make an impact.
So what exactly are its measurable commitments and projects? Some of them are about “circular business” and include trialling new pilots and initiatives to “embed circularity across the group, through innovation, new services and circular design”. It will ensure all of its private label products are designed in line with new circularity guidelines by 2025 and will share them with brand partners to amplify their use. There’s also its promise to offer “care and repair solutions in collaboration with local tailors, craftsmen, social entrepreneurs and start-ups, across all four online stores” by 2023.
Another group of commitments is around “circular culture” and involves “increasing the availability, desirability and transparency of sustainable and circular luxury and fashion”. It will increase its spending on the amount of sustainable products available every year, “upweighting editorial content on sustainable and circular luxury fashion to inspire and inform, and introducing innovative online solutions by 2022 to help customers to buy more consciously and make informed choices”.
Then there’s the “planet positive” group that will see it “operating in line with science to mitigate environmental impact and invest in environmental restoration”. That includes becoming climate positive by 2030 and delivering CO2e reductions in line with a Science Based Target, switching to 100% of renewable power as part of RE100 by the end of 2020, and becoming a zero-waste business by 2023.
And being “people positive” will see it championing a positive culture for the industry “by empowering the next generation, breaking down barriers to entry, and creating a sustainable talent pipeline”.
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