PVH Boosts ESG Goals Through Supplier Financing
PVH Corporation, which owns the Tommy Hilfiger and Calvin Klein labels, has joined forces with Standard Chartered Bank to launch a sustainability-linked supplier financing programme. It aims to promote PVH's Environmental, Social, and Governance (ESG) goals throughout the supply chain.
PVH's new sustainability-linked supplier finance programme will involve benchmarking its suppliers' daily operations against the company's environmental and sustainability metrics. Standard Chartered explains that suppliers who meet the standards will be eligible for discounted financing.
PVH's metrics for its sustainability-linked supplier finance programme will not only cover environmental goals but also include social aspects, such as maintaining a healthy and safe work environment and addressing employment concerns like forced labour, child labour, and harassment and abuse.
Rick Relinger, the Chief Sustainability Officer at PVH, has stated that the company's commitment to climate action and human rights is fundamental to its Forward Fashion strategy. Through the new programme, PVH's suppliers will have better access to financing and the ability to invest in their businesses and people, ultimately contributing to PVH's goal of advancing human rights in its supply chain.
Joao Galvao, the Head of Trade Sales Americas at Standard Chartered, said the company was proud to expand its global supplier finance partnership through this initiative and support PVH's ESG commitments.
The supplier finance initiative, which is a component of Standard Chartered's global supplier finance programme, intends to assist companies in adopting more sustainable practices and creating stronger supply chains.
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Source: Just Style