Neiman Marcus Group (NMG), home to luxury and premium retail brands including Neiman Marcus, Bergdorf Goodman, Last Call, and Horchow, announced today the launch of its 2025 ESG strategy, with a broad series of new goals encompassing product and value chain sustainability, diversity and inclusion, and community-focused philanthropy.
The new strategy was launched with the publication of NMG’s inaugural ESG report, ‘Our Journey to Revolutionize Impact,’ detailing the progress of the company’s sustainability efforts to date. For the new strategy, NMG stated that it chose to set 2025 goals in order to move fast and maintain accountability. The strategy also contains 2030 goals in areas including climate and workforce diversity.
Eric Severson, Chief People & Belonging Officer, Neiman Marcus Group, said:
“NMG’s first-ever ESG Report is an opportunity for us to demonstrate the true impact Neiman’s has had on the lives of our customers, associates, brand partners, and the communities in which we do business. Our culture, the NMG|Way, aims to make life extraordinary for everyone in our ecosystem, and we believe this can be achieved by our holistic approach to creating a positive impact.”
In the area of sustainable products and services, NMG’s ESG strategy focuses on goals targeting climate change, sustainable and ethical products, and circular services. Targets in this area include reducing Scope 1 and Scope 2 emissions 50% from a 2019 baseline by 2025, performing a Scope 3 assessment this year in order to chart a path toward a Net Zero goal, procuring 100% renewable energy by 2030 across the business, and eliminating all products containing fur by 2023.
NMG also aims to launch sustainability audits across Neiman Marcus and Bergdorf Goodman in order to identify categories within sustainable and ethical fashion to help shoppers shop in line with their values, aiming to increase revenue from sustainable and ethical products. Additionally, the company has committed to extend the useful life of more than 1 million luxury items through circular services such as mending and alterations, restoration, resale, and donation by 2025.
The company’s diversity and inclusion goals include increasing racial diversity in leadership roles to 21% by 2025 and 28% by 2030, advancing workplace equity, supporting women-founded fashion technology companies, and increasing spending with diverse retail and non-retail suppliers. NMG also announced that it is introducing 16 weeks of paid parental leave, and investing in a new pay equity study during 2022.
On the community and philanthropy front, NMG set goals to partner with customers to raise $3 million for charity through The Heart of Neiman Marcus Foundation, increase associate giving and volunteerism through the company’s All Heart Program, and support disaster preparedness and relief.
Geoffroy van Raemdonck, Chief Executive Officer, Neiman Marcus Group, said:
“As a leader in luxury retail, ESG is an essential part of our growth roadmap, and we’re excited to share our inaugural progress report. ‘Our Journey to Revolutionize Impact’ for our communities is one of our top priorities, and we believe our strategy of advancing sustainable products and services, cultivating a culture of Belonging, and leading with love in our communities will help pave this journey.”
The post Neiman Marcus Launches 2025 ESG Strategy appeared first on ESG Today.