Sunday, March 3, 2024

Neiman Marcus Group’s 3rd ESG Report Details Its Ongoing Commitment: ‘Leading With Love In Everything We Do’

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Neiman Marcus Group has released its third Environmental, Social, and Governance report, titled “Our Journey to Revolutionize Impact,” which highlights the company’s significant strides and key milestone achievements well before its 2025 goals.

Achievements highlighted in the report include the extension of the lifespan of over one million luxury items since fiscal year 2021 through various circular services such as alterations, repairs, resale, and donations. Additionally, the company has made notable progress in diversifying its leadership, increasing racial and ethnic representation in roles at the Vice President level and above to twenty-one percent.

The luxury retailer has also been recognized for its efforts in workplace equity, aligning with prominent external standards. It has earned top scores in the Human Rights Campaign’s Corporate Equality Index for two consecutive years, receiving the Equality 100 Award. Furthermore, Disability:IN acknowledged NMG as a leading company for disability inclusion in 2023.

neiman marcus textile exchange
Courtesy Neiman Marcus

Geoffroy van Raemdonck, CEO of NMG, expressed pride in the company’s progress. “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,” he said 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.”

NMG’s ESG strategy focuses on revolutionizing luxury experiences by promoting sustainable products and services, fostering a culture of belonging, and actively participating in community initiatives. The company has committed to the Science-Based Targets Initiative and partnered with Guidehouse’s Supplier Leadership on Climate Transition program, enrolling brand partners and vendors to align with these environmental goals.

“As one of the premier luxury fashion retailers, our deep relationships with the U.S. 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.”

NMG is dedicated to creating an inclusive environment that values diverse backgrounds and experiences. This commitment is evident in its new partnership with the National Minority Supplier Development Council (NMSDC), aimed at supporting diverse-owned brands. The company plans to certify 25 diverse-owned suppliers through this program in the coming year, standardizing recognition for these brands within the fashion industry.

neiman marcus sustainable
Courtesy Neiman Marcus

The company’s unique integrated working philosophy, NMG WOW, has been instrumental in enhancing associate engagement and talent attraction. Eric Severson, Chief People, ESG, and Belonging Officer at NMG, highlighted the importance of this approach: “Our NMG Way of Working (WOW) integrated working philosophy has been a key driver of associate engagement and talent attraction. It also speaks to our commitment to cultivating a culture of Belonging, as research shows that flexible policies can significantly benefit women and people of color. By prioritizing flexibility and a better work-life integration, we also drive team accountability. Since committing to a remote-first hybrid work environment more than three years ago, we have empowered our teams to focus on the business without the distraction of the return to office debate.”

NMG’s engagement in community initiatives is evident in its partnership with the Fashion Scholarship Fund (FSF), where it has created a scholarship for ten students to pursue careers in sustainable and ethical fashion. Peter Arnold, Executive Director of FSF, commented on the partnership: “FSF is pleased to partner with NMG to provide financial support, mentoring, career development, and educational opportunities for our talented NMG x FSF Scholars. Thanks to this partnership, students are embarking on impactful careers within fashion – including opportunities at Neiman Marcus Group. We look forward to watching our partnership grow as we welcome the newest class of 2024 NMG x FSF Scholars later this month.”

In addition to these efforts, NMG’s report showcases its involvement in other initiatives such as the National Retail Federation Foundation’s RISE UP retail career training program and the Boys and Girls Club of America. These partnerships go beyond traditional fundraising and volunteering, playing a crucial role in the company’s talent attraction strategies.

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