Dallas-based luxury retailer, Neiman Marcus Group (NMG), announces the release of its first-ever Environmental Social Governance Report, titled "Our Journey to Revolutionize Impact," detailing the company's efforts to date, current, and planned initiatives, and its ESG strategy for 2025.
Geoffroy van Raemdonck, Chief Executive Officer, Neiman Marcus Group, said that as a pioneer in luxury retail, ESG is an important aspect of their growth strategy, and they're thrilled to present their first progress report. One of their top goals is 'Our Journey to Revolutionize Impact' for their communities, and they believe that their approach of advancing sustainable products and services, cultivating a culture of Belonging, and leading with love in their communities will help pave the way.
To inform its strategy, NMG examined data from a variety of sources, including ESG ratings and rankings, research reports from industry media outlets and trade associations, disclosures from NMG's best-in-class peers, and ESG reporting frameworks such as the Global Reporting Initiative (GRI) and Sustainability Accounting Standards Board (SASB).
Pamela Edwards, Board of Directors Member and Audit Committee Chair, Neiman Marcus Group, said that they’re happy that their first report conforms with external standards such as SASB, GRI, and TCFD and offers investors comparable and decision-useful information about the company's ESG performance. They believe that by doing so, investors and other important stakeholders will share the Board's confidence in the firm's strength and future as they strive to meet public company standards while moving with the speed and agility of a private company.
In order to keep moving forward and retain responsibility on this road, the firm set 2025 goals as part of its commitment to make ESG a cornerstone of its growth and transformation. Additional 2030 targets are also included in key areas such as Climate Change and Workforce Diversity. NMG intends to make an influence on environmental challenges across the entire value chain by using a three-pronged approach of addressing climate change, expanding sustainable and ethical products, and adopting circular services.
Many of the luxury retail group's objectives revolve around the development of sustainable products and services, with a specific focus on using 100% renewable energy by 2030 and cutting scope one and two emissions by half. The retailer's plans also include phasing out fur products and employing circular services to extend the lifespan of over one million luxury products by 2025.
Neiman Marcus will also be emphasizing diversity in the workplace, which it already prides itself on as a women-majority company. In this sector, the goal is to increase ethnic diversity in executive positions to 21% by 2025, and to 28% by 2030. To meet these objectives, the company will collaborate with organizations like Prospanica and the Fashion Scholarship Fund to recruit top BIPOC talent.
In addition, the group has stated that it will support "women-founded fashion technology firms like Fashionphile and SaaS platform Stylyze," as well as promote inclusive marketplaces by increasing spending with a variety of retailers.
Aligning its corporate-giving strategy with the ESG scheme is a vital element of its report, as it ensures the company's values are carried across the organization. Through The Heart of Neiman Marcus Foundation, Neiman Marcus wants to generate $3 million for charity, as well as increase associate volunteering and donation opportunities and support disaster relief funds.
Eric Severson, chief people, and belonging officer, said that with NMG's first-ever ESG report, they can show the genuine impact Neiman's has had on the lives of their customers, employees, brand partners, and the communities where they do business. The NMG Way, their culture, aspires to make life special for everyone in the ecosystem, and they think that this can be accomplished through their comprehensive approach.
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