Just The Beginning
Luxury is switching on and consolidating its approach
We’re witnessing the luxury fashion industry rallying to take steps forward to improve its environmental impact. 57% of fashion brands now publish time-bound, measurable environmental impact targets while 52% report annual progress in achieving them. These targets and commitments, plus new joint initiatives, suggest a snowball effect is in action.
Source: Fashion Revolution Fashion Transparency Index 2020
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The Fashion Pact
More broadly we joined 60+ companies in becoming a signatory of the Fashion Pact, covering 200 fashion brands that represent a third of the global fashion industry. FARFETCH is also a signatory of the United Nations Charter for Climate Change
The Fashion Pact is a CEO-led coalition leveraging their collective power to drive actions beyond existing initiatives and accelerate positive change across the fashion industry.
Source: The Fashion Pact
Examples of luxury companies included in the Fashion Pact
Kering
Capri Holdings Limited
Burberry
Stella McCartney
Prada S.P.A.
FARFETCH 2030 Goals
FARFETCH has laid out 2030 sustainability goals and we've already made progress towards achieving them
Our overarching objective is to become the platform for good in luxury fashion. The 2030 goals demonstrate the scale of this ambition and we’ll report on our progress against them each year. The goals sit under main headings:
Positively Cleaner: become a climate positive business
In 2020 we cut the carbon emissions in our supply chain by 12% on average and from 1 April we committed to offset the carbon impact of all FARFETCH marketplace and Browns deliveries and returns.
Positively Circular: sell more circular than linear
In 2020 we tripled the number of units that were circular (sold or serviced) YoY, to 1% of total units.
Positively Conscious: sell 100% Conscious products
By the end of 2020, 1 in 10 items available on the FARFETCH marketplace was rated as Conscious.
Positively Inclusive: be a leader in conscious inclusion
By the end of 2020, 50% of our Board members were female while 75% of Chairs of Board Committees were. Our wider team now comprises 85 different nationalities.
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IMPORTANT NOTE:This Consious Luxury Trends report contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this Consious Luxury Trends report that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements regarding our 2030 goals, our business expectations and plans, future and current trends in the luxury fashion industry, the preferences of consumers and luxury sellers concerning sustainability, the environment, animal welfare and fair conditions for workers, demographic trends, the impact of the Covid-19 pandemic, expectations regarding our Conscious and sustainability initiatives, as well as statements that include the words “expect,” “intend,” “plan,” “believe,” “project,” “forecast,” “estimate,” “may,” “should,” “anticipate,” “likely,” “see” and similar statements of a future or forward-looking nature. These forward-looking statements are based on management’s current expectations. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the impact of the Covid-19 pandemic on our business operations and the other important factors discussed under the caption “Risk Factors” in our filings with the U.S. Securities and Exchange Commission, as such factors may be updated from time to time. In addition, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements that we may make. You should not rely upon forward-looking statements as predictions of future events. In addition, the forward-looking statements made in this Consious Luxury Trends report relate only to events or information as of April 22, 2021, the date of this Consious Luxury Trends report. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.