Versace

How sustainable is Versace?

This screening has been done by Fairify on July 25^th 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.

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