The US fashion retailer outlined its new goals in its fourth sustainability report covering fiscal years 2020 and 2021, written in accordance with the Global Reporting Initiative (GRI) and Sustainable Accounting Standard Board (SASB) standards.
The sustainability report shares the company’s significant progress on Environmental, Social, and Governance (ESG) topics since its first sustainability plan was announced in 2016, and outlines its vision for sustainability going forward.
Sustainability targets announced in the new Vision Guess plan include replacing virgin polyester with recycled materials, increasing sustainable denim offerings to 75% within three years, reducing corporate greenhouse gas emissions by 50%, and supply chain emissions by 30% by 2030. Guess’ ambitious greenhouse gas targets have been approved by the Science Based Targets Initiative, an industry group of over 1,000 businesses leading the way to a zero-carbon economy.
By 2023, the fashion brand says 30% of its global materials portfolio will be more sustainable, and circular product design will be available for every major category. By the same year, it plans for 100% of accessories and footwear, and 50% of e-commerce shipments will be recycled or use recyclable packaging, while by 2025, all of its product packaging will be recycled or recyclable.
The report also highlights the company’s new ‘Guess Sustainability Assurance Framework’, a robust process to collect, review and test sustainability data to ensure the consistency and comparability of nearly 100 ESG-related metrics, before sending to its external assurance provider.
“At Guess, we remain highly committed to our three main goals of our sustainability strategy: 1. Operating with Integrity, 2. Empowering our People, and 3. Protecting the Environment. Our report this year highlights our higher standards and our expanded ESG strategy for the future. We are treating ESG reporting with a rigor typically reserved for financial reporting and we are focused on developing the right system, testing and controls to ensure proper comparability, consistency and accountability,” says Carlos Alberini, CEO for Guess, Inc.
“In our company, every decision we make and action we take, are with the long term in mind.”
Among Guess’ sustainability achievements since its first targets were announced are increasing its eco Smart Guess denim product offerings by 18%; increasing its global, certified sustainable materials across brands; and achieving gender pay parity for both its US Corporate headquarters and U.S. Retail operations.
Guess widened its GAAP net loss in the first quarter of fiscal 2021 to U$157.7m from $21.4m a year ago. Total net revenue for the three months to 2 May, meanwhile, tumbled 51.5% to $260.3m from $536.7m in the same prior-year quarter.
Click here for more information about Guess’ Sustainability Report.