Kering [KER:FP], the French company that owns luxury brands like Gucci and Yves Saint Laurent, has made a promise to decrease its greenhouse gas emissions by 40% by 2035 compared to 2021 levels, in response to growing concerns among consumers about environmental issues, as reported by Reuters on March 17. Chairman and CEO Francois-Henri Pinault stated that sustainable companies must focus on reducing their impact in absolute terms while creating value. Kering has positioned itself as a leader in environmental sustainability and regularly reports its environmental profit and loss. In 2019, Pinault led numerous international labels to sign the Fashion Pact, which includes commitments to reducing emissions and plastic usage. The announcement of its target was made during an event in New York, and Kering plans to release its sustainability progress report for 2020-2023 next Wednesday.

Continuing on Kering’s commitment to sustainability, it’s worth noting that the fashion industry as a whole has been struggling to reduce its carbon footprint. According to a recent report by environmental non-profit Stand.earth, major fashion brands have increased their greenhouse gas emissions by 17% since 2018, indicating a lack of progress towards meeting sustainability targets. The report analyzed the environmental impact of 47 major fashion brands, including Kering, and found that only a few companies had made significant progress in reducing their carbon emissions. The findings highlight the urgent need for the fashion industry to take more concrete actions towards sustainability. 

Sources: 

https://www.reuters.com/business/environment/gucci-ysl-owner-kering-pledges-cut-greenhouse-gas-emissions-by-40-by-2035-2023-03-17/

https://stand.earth/press-releases/major-fashion-brands-increase-emissions-in-2022/