On May 10, luxury group LVMH published a first-ever consolidated report of its social and environmental commitments and initiatives, reports Leatherbiz
The report includes details of a new programme called LIFE 360, through which it said it hoped to “forge a new alliance between nature and creativity”.
It has identified opportunities for progress in product circularity, regeneration of biodiversity and reduction of scope-three carbon emissions.
Scope-one emissions are direct emissions from company-owned and -controlled resources. Scope two covers indirect emissions from the energy an organisation consumes in its own facilities. Scope three expands this to indirect emissions from upstream and downstream supply-chain partners.
LVMH said its efforts to measure its carbon footprint precisely and impact on water and diversity have already helped it identify key challenges. This has led to LIFE 360, which identifies targets for 2023, 2026 and 2030.
“This programme will push us further to ensure every employee plays their part in facilitating a responsible value-creation model that gives back what it borrows from nature, adapts to environmental concerns and harnesses the circular economy as a new source of inspiration and creativity,” the group said.
It added that one of the principal characteristics of luxury products is that “they should last for ever”. Repair services, upcycling, reuse of raw materials will all feed into the circular-economy strategy it is putting in place as part of LIFE 360. By 2030, it said all new LVMH products will result from what it called “ecodesign” and have a minimal environmental footprint.