PVH Corp. Chairman and CEO Manny Chirico joined Sonia Syngal, CEO of Gap Inc., Bruno Pavlovsky, President of Chanel, and Paul Polman, Co-Founder and Chair of IMAGINE, on a virtual stage at Copenhagen Fashion Summit (CFS+) on Oct., 11, 2020, to announce the results of the first Fashion Pact progress report via a plenary panel: The Fashion Pact: One Year Later.
The Fashion Pact, a coalition launched in August 2020 and now with over 60 members, spans multiple sectors and 14 countries, representing over 200 brands and one-third of the fashion industry. Collectively, members of the pact have set tangible targets reflecting their commitment to action across three pillars: climate change, biodiversity, and oceans.
'As environmental and social priorities rise to the forefront of industry agendas, initiatives like the Fashion Pact help drive positive change through collaboration. Coming at this from a unified, collective position at this scale shows how serious the fashion industry is about working together,' Chirico said.
To measure progress and drive meaningful action, the Fashion Pact is committed to reporting its progress, and has established a digital dashboard of key performance indicators (KPIs). The Fashion Pact: One Year Later presented an opportunity for CEO representatives of the pact to share and discuss progress to date during CFS+ - a key event on the sustainable fashion calendar.
On behalf of the Fashion Pact, Chirico highlighted three established actions taken with respect to the climate pillar:
Alignment with the existing UN Fashion Charter, which sets the bar for driving corporate actions that are consistent to achieve net-zero emissions by 2050, including implementing science-based targets and reducing emissions by 30%.
Sourcing more sustainable materials, specifically achieving 25% sourcing of low impact raw materials.
Transitioning to renewable energy, with members committing to 50% renewable energy by 2025, and 100% by 2030, across their operations.
Speaking to the value of reporting both successful progress and opportunities for improvement, Chirico observed 'Given my financial and operational background, for me, everything needs to be measured if you're going to have success. It's an essential part of demonstrating we are serious about what we are undertaking and this is not just public relations.' He then added, 'We must set tangible, results orientated targets, and continuously disclose progress using consistent reporting frameworks. The key is transparency.'
Also representing PVH at this year's CFS+, Senior Vice President of Corporate Responsibility Marissa Pagnani McGowan joined a breakout panel 'Redesigning Value: Looking Beyond Shareholder Value.' Pagnani McGowan spoke on the topic of stakeholder capitalism within a fashion context, from investors shifting sustainability to the center of their investment approach, to companies pursuing and accelerating strategies that elevate purpose to the heart of their business strategy. Also participating in the panel were Sally Uren, OBE and CEO at Forum for the Future, and Sakis Kotsantonis, Managing Partner at KKS Advisors and Richmond Global Sciences.