Group Gives Low Sustainability Scores to Tiffany, PPR, Richemont, Bulgari

London-based WWF, a group that works towards ending environmental and social degradation, rated a number of luxury brands for sustianable practices that go beyond corporate responsibility. WFF released its first report called Deeper Luxury, in which authors examined environmental and social record of top luxury brands, and in particular, asked celebrities to disengage support of the brands that performed poorly. “Luxury companies must do more to justify their value in an increasingly resource-constrained and unequal world,” authors wrote. “Despite strong commercial drivers for greater sustainability, luxury brands have been slow to recognize their responsibilities and opportunities. We call upon the luxury industry to bring to life a new definition of luxury, with deeper values expressed through social and environmental excellence. Their performance and progress on environmental, social and governance issues should be comprehensively measured and reported.” The report ranked brands according to the group’s own sustainability environmental reporting, as well as the way in which the brands have been judged by non governmental organizations and the media. “This is the first time that anyone has conducted such an analysis, and none of these holding companies scored well,” concluded the authors. Data sources were from the Ethical Investment Research Service and Covalence of Geneva. WWF turned this data in numerical scores, to create a total maximum possible score of 100. However they did not break down the score as one might in grade-school. The percentage scores of 100 were actually much worse the grades given. Each company’s score was expressed in grades between A+ (highest) and F (worst.) Grades of C to C+ (60 percent to 69 percent) were given to L’Oreal, Hermes, LVMH, and Coach. WFF graded Ds (50 percent to 59 percent) to Tiffany & Co., PPR, Swatch, and Richemont, and Fs (less than 49 percent) were given to Bulgari and Tods. > Continue.

Publication: Covalence in the News | Country: Global | Company: Tod’s, Bulgari, Swatch, PPR, Richemont, Coach, LVMH, Hermès, L’Oreal, Tiffany | Source: Rapaport News

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