Neiman Marcus Group plans to overhaul its environmental, social, and governance commitments by 2025, setting expansive goals in a new ESG report, “Our Journey to Revolutionize Impact.”
Key areas include climate change and workforce diversity. Neiman Marcus chief executive officer Geoffroy van Raemdonck said the company believes in advancing sustainable products and services, cultivating a culture of belonging, and leading with love.
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To inform its strategy, Neiman Marcus analyzed data from ESG ratings and rankings, reports from industry media outlets and trade associations, and frameworks like the Global Reporting Initiative and the Sustainability Accounting Standards Board. The company also tapped disclosures from its peers.
Neiman Marcus is looking to implement sustainability efforts across the value chain using a three-pronged approach. By 2025, the company hopes to reduce Scope 1 and Scope 2 emissions by 50% from a 2019 baseline — moving toward net-zero emissions. Additionally, the company looks to procure 100% renewable energy by 2030 across the entire business.
By 2023, Neiman Marcus hopes to eliminate all products containing fur listed in its animal welfare policy. Additionally, the company looks to increase revenue from the sale of sustainable and ethical products by 2025, launching an initiative that will help consumers make informed purchasing decisions with ethics and sustainability in mind.
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Lastly, the company hopes to extend the life of over 1 million luxury items through mending, alteration, and restoration programs, partnering with FASHIONPHILE Selling Studio — a shopping experience that will authenticate luxury products from consumers inside Neiman Marcus stores.
Within the report, Neiman Marcus commits to expanding its diversity and inclusion efforts, reporting it is already a woman-co-founded, women-majority organization and has one of corporate America’s few openly gay CEOs.
The company looks to increase racial diversity in leadership roles, from the VP level up, by 21% by 2025 and by 28% by 2030. Neiman Marcus is partnering with McKinsey’s Connected Leaders Academy, Prospanica, and the Fashion Scholarship Fund in order to attract and develop BIPOC talent.
Additionally, using Bloomberg’s Gender Equality Index as a guide, the company will be implementing new benefits and practices for women, and will also be including 16 weeks of paid parental leave to cover child bonding, adoption, and surrogacy needs.
Neiman Marcus also stated it will support women-founded fashion tech companies like FASHIONPHILE and Stylyze, championing inclusive marketplaces by increasing spending with diverse suppliers.
The company hopes to expand on the initiatives of its charitable arm, The Heart of Neiman Marcus Foundation, and its internal All Heart program. Goals include partnering with consumers to raise $3 million for charity through the foundation, increasing associate giving and volunteering through the internal program, and supporting disaster preparedness and relief.
Eric Severson, chief people and belonging officer at Neiman Marcus Group, stated the company's ESG report is an opportunity to demonstrate the impact Neimna’s has had on the lives of its consumers, associates, and brand partners.
"We are proud that our first report aligns with external frameworks from SASB, GRI, and TCFD and provides investors with comparable and decision-useful information about the company’s ESG performance,” said Pamela Edwards, board of directors Member and audit committee chair, Neiman Marcus Group.