Neiman Marcus Group ahead of several targets according to third ESG report

Neiman Marcus Group (NMG) announced it had reached several key milestones ahead of its 2025 targets in its latest Environmental, Social, and Governance (ESG) report.

In the third ESG report from the US retail group, the company outlined the progress it made in fiscal year 2023 while highlighting how it aims to continue to revolutionize the luxury shopping experience. While establishing its initial ESG strategy three years ago, the NMG set several goals for 2025, including "advancing sustainable products and services, cultivating a culture of Belonging, and leading with love in its communities."

Since setting these goals, NMG has extended the useful life of over one million luxury items through services such as alterations, repair, and donation since fiscal year 2021. At the same time, the company also increased racial and ethnic representation in leadership positions (Vice President and higher) by 21 percent by applying proven methods to eradicate bias throughout the associate experience, encompassing recruitment, development, and retention.

In addition, NMG announced its ongoing dedication to workplace equity in line with key external standards. This includes receiving a perfect score of 100 on the Human Rights Campaign's Corporate Equality Index for the second year in a row and gaining recognition from Disability: IN's Disability Equality Index as a top company for disability inclusion in 2023.

"I am proud of the meaningful progress we've made in the areas of sustainability and advancing workplace equity as we continue Our Journey to Revolutionize Impact," said Geoffroy van Raemdonck, CEO of NMG, in a statement. "These achievements are a direct result of leading with love in everything we do to Make Life Extraordinary for our customers, associates, brand partners, and communities."

The report's findings come not long after NMG announced its commitment to the Science-Based Targets Initiative, and its partnership with Guidehouse's Supplier Leadership on Climate Transition program to aid its brand partners and business vendors with setting their own targets. NMG noted that it enrolled several brand partners and vendors in the program in FY23 and will continue to enroll more throughout FY24.

"As one of the premier luxury fashion retailers, our deep relationships with the US luxury customer and the world's most desired brands allow us to further influence positive change on the industry," added van Raemdonck. "We know that empowering others to join us in our efforts amplifies our collective impact."

In the report, NMG also announced that it had signed a new partnership with the National Minority Supplier Development Council (NMSDC) to further cultivate a culture that celebrates diverse backgrounds and experiences. Through the partnership, qualified businesses will receive increased access to buyers and category managers, training and development opportunities, and dedicated meetings to review supplier success metrics.

Over the coming year, NMG is set to certify 25 diverse-owned suppliers via the program, thereby establishing and promoting a standard of recognition for diverse-owned fashion brands.

Neiman Marcus Group also outlined its ongoing commitment to nurturing future industry leaders. In FY23, the company collaborated with the Fashion Scholarship Fund (FSF) to grant a named scholarship to ten students, supporting their ambitions in sustainable and ethical fashion through financial aid, executive mentorship, and access to exclusive store events and industry gatherings. NMG anticipates welcoming its second batch of scholars in FY24.

FSF's Executive Director, Peter Arnold, praised the partnership with NMG for providing financial aid, mentorship, and career opportunities, noting the significant career paths it opens in fashion, including at Neiman Marcus Group.

One of the leading multi-brand luxury retailers across the US, the Neiman Marcus Group consists of flagship store chains Neiman Marcus and Bergdorf Goodman.