Time to take stock. 2030, the year the European Council has committed to cut emissions by 40% and increase the use of renewable sources by 27%, is getting closer and the question arises: Is fashion doing enough for the climate? Brand initiatives for the environment have multiplied in recent years, but there is always the risk of greenwashing. Index promoted fashion business helps to understand if e how fashion brands have become more sustainable. Opened last year BoF stability index studied publicly available information from 15 major fashion players and compared it to actual progress made towards the 2030 climate agenda. The results showed a significant gap between major brand commitments and significant and measurable actions taken.
This year, the Index expanded its view of performance Top 30 public fashion companiesexamining his work in three market segments: luxury goods, sportswear and high street. The rating is based on 200 indicators in six main impact categories: transparency, emissions, water and chemicals, waste, materials and workers’ rights.. With only eight years left to reach the targets, the data speaks for itself: five of the six impact categories have worsened as progress made in 2021 by the 15 companies surveyed was overshadowed by the inaction of the other half of the brands. First of all, this is due to limited liability within the sector, poor data quality and lack of investment, which hinder the possibility of real change.
Companies valued at BoF Sustainability Index 2022 are: Abercrombie & Fitch Co., Adidas, American Eagle Outfitters, Anta Sports, Asics, Burberry Group, Capri Holdings, Fast Retailing, Fila Holdings Corp., Gap Inc., H&M Group, Hermès, HLA Group Corp., Inditex, Kering . , Levi Strauss & Co., Lululemon Athletica, LVMH, Next PLC, Nike Inc., Prada Group, Puma, PVH Corp., Ralph Lauren Corp., Richemont, Skechers USA, Tapestry, Under Armor, Urban Outfitters Inc. and VF Corp. With few exceptions, it can be said that progress, if any, is too slow: the overall average score for 30 companies was only 28 out of 100.. Puma performed best with 49 points out of 100, followed by Kering (47), Levi Strauss (44), H&M Group (42). In fifth place is Burberry, the only new product to enter the top 10 with a total score of 41, on par with Vf, Pvh and Nike. Inditex and Adidas also performed well, with 40 and 37 respectively.
Another interesting fact concerns the decline in productivity: adding 15 new companies to the valuation lowered the average performance level in all categories. Of all the brands, Fast Retailing improved the most since last year, up 11 points to rank 17. with a score of 30. Some of the industry’s largest players, including Urbn, Skechers, Fila Holdings, Anta and HLA Group, have provided little to no public information about plans to reduce environmental and social impacts. In the ranking, none of them overcame the psychological threshold of 10 points. Unless improvements are effective and substantial over the next few years, these fashion brands are doomed to remain at the rear of the fashion system.
Source: Elle