PVH Corp. Publishes 2022 CR Report

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by KnowESG,

PVH Corp.

KnowESG_PVH Corp. Publishes 2022 CR Report
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PVH Corp. has unveiled its 2022 Corporate Responsibility (CR) report, showcasing the evolution of its Forward Fashion strategy with a renewed emphasis on three key areas: accelerating climate action, advancing human rights, and championing inclusion and diversity.

These priorities are firmly grounded in the company's existing time-bound commitments.

The Forward Fashion corporate responsibility strategy, a cornerstone of PVH's overarching PVH+ Plan, has gained increased significance. This strategy aligns with the company's vision to transform Calvin Klein and TOMMY HILFIGER into the world's most sought-after lifestyle brands and to elevate PVH as one of the preeminent brand collectives within the apparel sector.

Rick Relinger, Chief Sustainability Officer of PVH Corp., remarked, "Our accomplishments in 2022 in expediting climate action, progressing human rights, and promoting inclusion and diversity are encouraging. Despite the strides we've taken thus far, our focus remains resolute on the demanding journey ahead to fulfill our enduring Forward Fashion strategy."

Highlighted excerpts from the report encompass:

Advancing Climate Action

  • Conducted inaugural climate risk scenario analysis and bolstered carbon accounting capabilities

  • Attained 60% of power utilisation for company-owned facilities through renewable energy sources

  • Teamed up with suppliers to establish bespoke greenhouse gas emissions reduction targets, along with actionable blueprints for goal achievement

  • Introduced PVH's pioneering sustainable supply chain financing initiative, affording suppliers preferential financing rates tied to their sustainability performance

PVH Foundation committed $10 million to the Fashion Climate Fund by the Apparel Impact Institute. This commitment facilitates suppliers' transition to renewable energy, enhancement of energy efficiency, phasing out coal from manufacturing, and expansion of sustainable materials utilisation.

Progressing Human Rights

  • Endorsed the Pakistan Accord, which extends binding agreements between fashion brands and global trade unions dedicated to enhancing workplace safety in the fashion sector

  • Launched a comprehensive five-year, $5 million partnership in Bangladesh. This initiative aims to equip 100,000 women with professional and life skills development, complementing analogous efforts in Tunisia, Vietnam, India, and Sri Lanka

  • Inked the Dindigul Agreement with a local women-led union in southern India. This accord is geared towards eradicating gender-based violence

Championing Inclusion and Diversity

  • Introduced a pioneering global mentorship initiative at PVH—a first-ever programme—tailored for women, ethnically and racially diverse associates, and other historically underrepresented groups. The programme's objective is to elevate retention and foster holistic development

  • Incorporated an Inclusion and Diversity (I&D) leadership goal into the performance and development process for all people managers, fostering a more inclusive organisational culture

The PVH Foundation allocated $1.37 million towards initiatives aimed at addressing awareness gaps and expanding access to fashion industry opportunities for marginalised communities

To delve deeper into the report's insights, kindly access the complete document here.

For more investor-related news

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Source: Business Wire

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