Neiman Marcus publishes first ESG report, reveals upcoming investments

Luxury retail group Neiman Marcus has announced its first Environmental, Social and Governance (ESG) Report to share its ongoing progress and upcoming investments in the area, as well as its 2025 ESG strategy.

In a release, Geoffroy van Raemdonck, the group’s CEO, said ESG was “an essential part” of the company’s growth roadmap and has become one of its top priorities for its community.

Raemdonck added: “We believe our strategy of advancing sustainable products and services, cultivating a culture of belonging and leading with love in our communities will help pave this journey.”

Entitled ‘Our Journey to Revolutionise Impact’, the report utilised data from the likes of ESG ratings, industry research and relevant reporting frameworks, including Global Reporting Initiative (GRI) and Sustainability Accounting Standards Board (SASB) to inform on the strategy.

As part of the report, the group has outlined a set of 2025 goals in order to drive and maintain accountability, with additional 2030 goals set for key areas such as climate change and workforce diversity.

A three-pronged approach: environment, diversity, community

Many of the goals for the luxury retail group are centred around the advancement of sustainable products and services, with a particular emphasis on using 100 percent renewable energy by 2030, and reducing scope one and two emissions by 50 percent. Plans by the retailer also include eliminating products using fur and extending the life span of over one million luxury products by 2025, which it will do through circular services.

As a women-majority organisation, Neiman Marcus will also be focusing on diversity in its workplace, a field it has said it already prides itself on. Goals for this area include increasing racial diversity in executive roles to 21 percent by 2025, and a further 28 percent by 2030. To achieve these goals, the company will be partnering with organisations such as Prospanica and the Fashion Scholarship Fund to attract top BIPOC talent.

Additionally, the group has said it will be supporting “women-founded fashion technology companies like Fashionphile and SaaS platform Stylyze”, while promoting inclusive marketplaces through increased spending with diverse retail suppliers.

A critical part of its report comes with aligning its corporate-giving strategy with the ESG scheme, to ensure its values run throughout the company. In this division, Neiman Marcus hopes to raise three million dollars for charity through The Heart of Neiman Marcus Foundation, as well as increasing associate volunteering and donation opportunities and supporting disaster relief funds.

“NMG’s first-ever ESG report is an opportunity for us to demonstrate the true impact Neiman’s has had on the lives of our customers, associates, brand partners and the communities in which we do business,” said Eric Severson, chief people and belonging officer. “Our culture, the NMG Way, aims to make life extraordinary for everyone in our ecosystem, and we believe this can be achieved by our holistic approach to creating a positive impact.”