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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