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How sustainable is Versace?
This screening has been done by Fairify on July 25th 2020
Versace is an Italian luxury fashion brand. It’s owned by Capri Holdings, a multinational luxury fashion group that owns Versace, Jimmy Choo and Michael Kors. Capri Holdings reports as a mother company for all brands in one sustainability report.
The company doesn’t report on its supply chain emissions and origin of its materials. This is particularly important for luxury fashion brands because they generally use more rare materials that often originate from animals. Since the company doesn’t report on material usage and origins, there is a risk that animals are being harmed to create its products. The company states that it wants to reach 95% traceability by 2030.
The company has started to take steps to improve its carbon emissions, but most of it is made up of targets and there’s very little being done today. It wants to achieve carbon neutrality in its own operations by 2025. Besides that, Capri Holdings has joined the Zero Discharge of Hazardous Chemicals Programme, which helps to reduce hazardous chemicals from its manufacturing and it has adopted a target for 10% water reduction by 2025. Waste has to be reduced by 25% by 2025 as well. The company currently doesn’t have an absolute carbon reduction target, but it mentions that it wants to set Science Based Targets by 2021.
The company’s Code of Conduct doesn’t include strict labor standards. Even though it states that it does engage with third-party auditors to improve labor rights in its supply chain, only 26.7% of its factories were audited by third parties. Capri Holdings doesn’t specify which organizations conducted these audits, and doesn’t report audit results.
