Neiman Marcus sets out sustainability, social goals for 2025
The Neiman Marcus Group has unveiled its strategy for advancing sustainable products and services.
The luxury retailer outlined the strategy in its first-ever environmental social governance (ESG) report, entitled“Our Journey to Revolutionize Impact." The goals range from procuring 100% renewable energy across the Neiman Marcus enterprise by 2030 to increasing racial diversity in its leadership to supporting women-founded fashion technology companies.
Following are highlights of the retailer’s targets in the areas of sustainability, culture, and community during the next several years.
Sustainability
Using a three-pronged approach of targeting climate change, increasing sustainable and ethical products, and implementing circular services, Neiman Marcus aims to make an impact on environmental issues across its enterprise with goals including:
- Reduce Scope 1 and Scope 2 emissions 50% from a 2019 baseline by 2025, and perform a Scope 3 assessment in 2022 to understand the company's position and chart a path toward a net zero emissions goal.
- Procure 100% renewable energy by 2030 across its enterprise and join the RE100 renewable electricity initiative.
- Eliminate all products containing fur listed in the retailer’s animal welfare policy by 2023.
- Increase revenue from the sale of sustainable and ethical products by 2025.
- Extend the life of over 1 million luxury items through circular services such as mending and alterations, restoration, resale, and donation by 2025, and committing to creating a Fashionphile Selling Studio that authenticates and intakes luxury product from customers inside every Neiman Marcus store.
[Read more: Neiman Marcus acquires stake in one of retail’s fastest-growing sectors]
Cultivating a culture of belonging
Neiman Marcus is setting goals to:
- Increase racial diversity in leadership roles to the VP level and above to 21% by 2025 and 28% by 2030. Neiman Marcus is partnering with groups like McKinsey's Connected Leaders Academy, Prospanica, and Fashion Scholarship Fund to develop and attract top BIPOC talent.
- Advance workplace equity in line with prominent external standards. Using Bloomberg's Gender Equality Index as a guide to implement new benefits and practices for women, Neiman Marcus is also introducing 16 weeks of paid parental leave to cover associates' child bonding, adoption, and surrogacy needs and is investing in a new pay equity study during 2022.
- Support women-founded fashion technology companies like Fashionphile, and the Stylyze. machine learning platform it purchased in 2021.
- Increase spending with diverse retail and non-retail suppliers.
[Read More: Neiman Marcus Group puts more women in senior VP roles]
Leading with love in its communities
Philanthropic goals include:
- Partner with customers to raise $3 million for charity through The Heart of Neiman Marcus Foundation.
- Increase associate giving and volunteerism in the corporate “All Heart” program.
- Support disaster preparedness and relief.
"Neiman Marcus Group’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," said Eric Severson, chief people & belonging officer, Neiman Marcus Group. "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."
Neiman Marcus Group banners include Neiman Marcus, Bergdorf Goodman, Neiman Marcus Last Call, and Horchow.