Neiman Marcus Group honored Earth Day by announcing its first environmental social governance team.
"Now more than ever, environmental sustainability is top of mind for the fashion and retail industries," said Geoffroy van Raemdonck, CEO, Neiman Marcus Group. "As the preeminent luxury customer platform, it's our responsibility to take action and address sustainability issues for our associates, customers, investors, and the future of our great company."
The new ESG team includes a VP and two managers that report in to the company’s chief people & belonging officer Eric Severson, with quarterly oversight from Neiman’s board. The success of this small team will be in large part due to a “cross-functional governance model ... to engage leaders and taskforces across the company, ensuring that ESG is infused into all parts of NMG's business.”
The group's first task, already underway, is collaborating with independent, third-party consultants to conduct a materiality assessment that highlights the importance of various ESG issues to Neiman’s business and key external stakeholders. The retailer said it use findings from this survey to identify key ESG priorities, set time-bound goals, invest in competitive opportunities, and publish a comprehensive strategy later this year.
Neiman’s also noted ongoing efforts to help the environment. In January 2021, in an effort to streamline its distribution network, the company closed on two offers on its Longview and Las Colinas distribution facilities, which will respectively remain operational through the 2021 holiday season and stay open into fall 2022.
"We intend to use the proceeds from these sales to reinvest in our supply chain, improving our speed to customer and speed of replenishment, adding additional capacity in key markets, and investing in technology that increases both efficiency and sustainability," said van Raemdonck.