US' Capri Holdings reports progress in environmental sustainability

Capri Holdings disclosed ambitious goals toward fostering more resilient environment, the company said in a press release.

Capri Holdings conducted refreshed environmental, social, and corporate governance (ESG) materiality assessment and announced 10 per cent of leadership’s annual incentive compensation will be tied to individualised ESG goals beginning in 2023.

The company received approval of greenhouse gas (GHG) emissions reduction targets by the Science Based Targets initiative (SBTi). Scope 1 and 2 target was confirmed to align with the 1.5 degrees Celsius pathway and scope 3 target was confirmed to exceed the minimum ambition for the 2 degrees Celsius pathway and is therefore considered ambitious.

Capri Holdings achieved a 38 per cent reduction in Scope 1 and Scope 2 GHG emissions from fiscal 2019 baseline. The company reaffirmed commitment to renewables through The Fashion Pact collective virtual power purchase agreement (CVPPA). Furthermore, the company sourced 91 per cent of leather from tanneries certified to the highest environmental standards and embraced circulatory through repair and re-commerce initiatives.

“Capri Holdings is a company deep with purpose. Whether it’s doing our part to foster a more resilient environment, promote diversity and inclusion, or give back to those in need, Capri cares about the planet and its people. It is that purpose that drives us forward as we pursue our CSR goals with even more intention,” said John D Idol, chairman and CEO of Capri Holdings. “We are pleased with the progress we have made over the past year and look forward to continuing to share the work our Capri community is doing to care for the world around us.”

Fibre2Fashion News Desk (DP)