The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
On Wednesday, the sportswear company announced that for the first time it will tie executive compensation to progress in diversity and sustainability targets. The news came as part of the release of its 2020 impact report, which provided updates on company targets as well as strategy plans for the future.
Its new 2025 targets include seeing women in 45 percent and racial minorities in 35 percent of leadership roles, reducing greenhouse gas emissions by 70 percent in Nike-owned facilities and multiplying the amount of product waste recycled or donated, among other goals.
Nike provided several updates on its sustainability and diversity targets, including the use of 100 percent renewable energy in facilities in the US and Canada, as well as nearly 50 percent representation of women across the country globally. John Donahoe, president and CEO at Nike, stated “We’re proud of the successes we’ve seen, but we know the work is still just beginning.”
The impact report has claimed to have seen progress throughout the supply chain through enhancing renewable energy and diverting manufacturing waste from landfill. Nike also met the FY20 target by reducing freshwater use in textile dyeing and finishing suppliers by 30 percent.
The rental platform saw its stock soar last week after predicting it would hit a key profitability metric this year. A new marketing push and more robust inventory are the key to unlocking elusive growth, CEO Jenn Hyman tells BoF.
Nordstrom, Tod’s and L’Occitane are all pushing for privatisation. Ultimately, their fate will not be determined by whether they are under the scrutiny of public investors.
The company is in talks with potential investors after filing for insolvency in Europe and closing its US stores. Insiders say efforts to restore the brand to its 1980s heyday clashed with its owners’ desire to quickly juice sales in order to attract a buyer.
The humble trainer, once the reserve of football fans, Britpop kids and the odd skateboarder, has become as ubiquitous as battered Converse All Stars in the 00s indie sleaze years.