In 2022, we collectively navigated various geopolitical and economic challenges. But we at PVH remain committed. Committed to achieving our Forward Fashion targets by working collaboratively with our partners, across PVH and beyond, to leverage our global scale. This collaboration allowed us to accelerate our efforts to deliver on our commitments for the business, industry and our planet. We are grateful for the engagement from every partner that makes it possible to move toward achieving our targets, and we are dedicated to continually providing our stakeholders with transparent updates backed by data.
Here is a snapshot of the global progress we made in 2022 toward our Corporate Responsibility priorities:
Delivering sustainable products to our consumers
To advance the sustainability of our Calvin Klein and TOMMY HILFIGER products, PVH trained over 800 associates to design and develop products with more sustainable materials and packaging.
As part of our strategic priority to innovate for circularity, PVH Europe launched partnerships with circular fashion technology group Infinited Fiber Company, and with thredUP, an online consignment and thrift store. Through these partnerships, we raised the percentage of sustainable style offerings across Calvin Klein and TOMMY HILFIGER; upcycled excess stock into a unique collection sold in Asia flagship stores; launched a clothing takeback and resell program for customers and updated our shopping bags to communicate post-use recyclability.
Advancing climate action and human rights across our value chain
For the first time, most of our energy consumption came from the use and support of renewable sources, allowing us to achieve our interim target of 50% renewable energy usage three years ahead of schedule.
The PVH Foundation also became a lead funder for the Fashion Climate Fund, that unites fashion industry leaders to invest in programs to decarbonize the supply chain. Additionally, along with three key banking partners, PVH announced the first sustainable supply chain finance program that rewards high-performing suppliers with better financing rates based on their sustainability performance.
Continuing our progress toward human rights in the supply chain, we launched a five-year, $5 million partnership with USAID in Bangladesh called Project Thrive. This enables us to reach over 100,000 women with career training and resources, and to scale training programs focused on building women’s life and professional skills in factories and communities across the PVH supply chain.
PVH also recently signed the Dindigul Agreement – a groundbreaking joint commitment between apparel brands, worker representative organizations and suppliers to eradicate discrimination based on gender, caste, or migration status in the garment factory setting, and to instead develop a culture of mutual respect. The program will be championed by the Tamil Nadu Textile and Common Labor Union in India, a women-led independent trade union of textile workers.
Increasing transparency to our consumers and stakeholders
Transparency is important to us and our stakeholders and for the first time, in our 14th annual Corporate Responsibility Report, we reported measurable progress toward our Forward Fashion targets – a critical step toward credibility and accountability in delivering on our commitments.
We have a responsibility to provide accurate information on the sustainability of our products so that our consumers can make informed choices. In 2022, PVH Europe achieved brand certification that provides one of the highest levels of on-product transparency in the industry, to our customers and consumers.
To gain a deeper understanding of how climate change may impact our business over time, we conducted a climate risk scenario analysis in alignment with guidelines from the Task Force on Climate-Related Financial Disclosures (TCFD). This work will help focus our efforts to address climate risk as a company and strengthen our climate-related reporting. We aim to share these findings in 2023.
Acknowledging our achievements and looking forward
In 2022, PVH ranked No. 5 on the Business of Fashion Sustainability Index, No. 5 on Barron's 100 Most Sustainable Companies list, and received recognition as an Industry Leader in Environmental Performance by JUST Capital. These recognitions validate our work to date, but we recognize there’s much more work to be done to achieve our commitments.
We’re inspired to continue striving toward our goals in 2023 while upholding our values of accountability and transparency. On behalf of all our stakeholders, we aim to build upon our momentum to keep driving fashion forward for good.
For more information about our Forward Fashion strategy, visit pvh.com/responsibility.