US-based luxury retailer Neiman Marcus Group (NMG) has advanced its Environmental, Social and Governance (ESG) strategy, known as ‘Our Journey To Revolutionise Impact’, to include new commitments.
The retailer has committed to the Science-Based Targets initiative (SBTi) and backed the Supplier Leadership on Climate Transition (Supplier LOCT) programme.
NMG aims to cut scope 3 emissions through supplier engagement and selected Supplier LOCT as the catalyst for this endeavour.
Over the six months, the retailer will sponsor suppliers’ enrolment in instructional seminars that will help them measure emissions, set science-based targets and implement abatement plans.
NMG claims to be the only luxury retailer sponsoring the Supplier LOCT programme.
So far, the retailer has supported the enrolment of 35 suppliers, including brand partners such as Golden Goose, Eileen Fisher, Ulla Johnson, 7 for All Mankind, alice + olivia, Vince and Canada Goose.
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NMG chief people, ESG and belonging officer Eric Severson said: “As a relationship business with the world’s most desirable brands, NMG is in a unique position to influence positive change in the industry.
“While we are still in the early stages of our climate journey, I’m encouraged by our progress and excited to accelerate it through collective action partnerships like Supplier LOCT.”
The announcement builds on the company’s second annual ESG report, released in June last year.
In its report, NMG procured 19.9% renewable electricity in fiscal year 2022, with the aim of reaching 100% by 2030.
Emissions from Purchased Goods and services accounted for 87% of its total greenhouse gas footprint, the company in its first Scope 3 emissions screening revealed.
Earlier this year, NMG revealed plans to cut 5% of its workforce as part of a strategic realignment.