Luxury group Kering has laid out its new sustainability strategy, setting a series of targets and milestones that it hopes to meet by 2025, reports international news site Leatherbiz.
The new strategy builds on the progress it made towards its 2016 Sustainability Targets, which were first defined in 2012. The group said it will leverage the lessons learned during this first phase, to ensure it meets its new goals.
Kering explained that it is committed to reducing the environmental impact of its operations, fighting for social welfare both inside and outside the company, and creating “innovative, game-changing platforms”. It added that the strategy is aligned with the Sustainable Development Goals of the UN. It aims to “help shape the future of luxury as sustainable”.
The strategy is divided into three key areas: care for the planet, collaboration with people, and the creation of new business models.
Kering is targeting a 50% reduction in carbon emissions by 2025. It also wants to reduce its water use, water and air pollution, and waste production. It will also work to ensure that all of its suppliers match the required standards of traceability, animal welfare, chemical use and social welfare. It will implement sustainable design processes and attempt to minimise the environmental impact of its products.
Its collaborative efforts will include supporting the survival of craftsmanship and the communities connected to these skills. It intends to extend these efforts to the areas from which it sources its raw materials. Kering also wants to deepen its partnerships with leading universities in order to develop sustainability solutions. It will also continue its work towards achieving gender parity across its entire business.
Work towards the creation of new business models will include investment in “disruptive innovations” to transform and influence the luxury industry. It also plans to develop more sustainable solutions for sourcing raw materials, as well as promoting a more circular economy.
“More than ever, I am convinced that sustainability can redefine business value and drive future growth. As business leaders, we all have a crucial role to play and I worked with the CEOs of our luxury Maisons to embed sustainability across our activities while developing this next important phase of our sustainability strategy,” said François-Henri Pinault, chairman and CEO of Kering.