We know that the success of our company is directly linked to the sustainability of the world around us. We are committed to incorporating environmentally responsible practices throughout our operations with the goal of lowering our own impact on the planet and promoting industry-wide environmental change.
Our environmental priorities include acting on climate change, sourcing lower-impact materials, preserving biodiversity and avoiding deforestation, reducing and appropriately managing waste, embracing circularity, and responsibly using water and chemicals – within our direct operations and throughout our value chain, including during the production and transportation of our products. We expect our teams and business partners to act with environmental responsibility in mind, including in compliance with our Codes of Conduct and all applicable laws and regulations.
We manage our environmental priorities through policies and procedures, employee and key business partner trainings, and quantifiable, public targets that are aimed at addressing the most material risks and opportunities for Capri and its stakeholders. We also believe responsible business practices start from the top and embed environmental sustainability throughout our company and within our governance practices. Our sustainability governance model includes a multi-level structure to ensure our teams are aligned on the most important ESG risks and opportunities for Capri. The Governance, Nominating and Corporate Social Responsibility Committee of our Board of Directors oversees our environmental sustainability priorities, and our Chief Sustainability Officer is responsible for partnering with relevant business leaders across our brands and regions to implement our sustainability practices.
More information on our environmental sustainability governance model can be found in our more recent CSR report. We are focused on continuously improving the environmental performance of our company, including in furtherance of our related targets. Continued stakeholder engagement around sustainability is one of the ways we assess the environment-related challenges and opportunities facing our business, and regular engagement is critical to ensuring our environmental strategy remains relevant, meaningful and impactful. We are committed to publicly reporting on our environmental impacts, risks and opportunities and on the progress we are making toward our related goals, including in our annual CSR report.
ACTING ON CLIMATE CHANGE
Climate change affects us all and we are committed to doing our part to foster a more resilient planet. To combat the impacts of climate change, mitigate climate-related risks and operate our business more sustainably, we are focused on reducing our greenhouse gas (GHG) emissions and increasing our investment in renewable energy. Learn more about our climate journey to date and our forward-looking strategy in our 2022 CSR report.
BETTER LEATHER
We have developed a comprehensive strategy to ensure that our company goes further, faster in lowering the impact of leather – a key raw material used in our two largest product categories, accessories and footwear. When developing our strategy, we considered all stages of the raw material’s lifecycle, while taking a holistic approach to determining what Better Leather means to us. Learn more about our better leather strategy in our 2022 CSR report.
LOWER-IMPACT MATERIALS
Versace, Jimmy Choo and Michael Kors design and develop luxury products taking into account the principles of quality and longevity, while seeking to offer more products that incorporate lower-impact materials and processing methods. Our brands approach responsible sourcing in a holistic way – by considering the entire lifecycle of raw materials and striving to source those that have lower carbon footprints, use less water, create less waste and support our efforts to protect biodiversity. Learn more about the steps our brands are taking to reduce the impact of their products and to increase transparency around their sourcing in our 2022 CSR report.
BIODIVERSITY & DEFORESTATION
Protecting the climate and preserving biodiversity are strongly linked. We seek to reduce our company’s impact on natural resources, paying particular attention to avoid deforestation and forest degradation risks associated with leather and packaging supply chains. We continue to increase our procurement of recycled paper and paper certified from sustainably managed forests and are engaging with our leather suppliers to avoid sourcing hides from countries with a high risk of deforestation. We believe the work we are doing today will provide a strong foundation for a strategy that includes science-based goals aimed at protecting biodiversity. Learn more about our approach to protecting biodiversity and avoiding deforestation in our 2022 CSR report.
LOWER-IMPACT PACKAGING
We know how important sustainable packaging is to our customers and the planet, and we are proud of the progress we are making to source lower-impact packaging materials. We are focused on eliminating plastic from our packaging where feasible and are committed to exploring alternative, non-plastic packaging materials as new innovative solutions are introduced to the market. Learn more about our sustainable packaging initiatives in our 2022 CSR report.
OUR CIRCULAR JOURNEY
Our work on circularity begins with circular design. Versace, Jimmy Choo and Michael Kors products are designed with high-quality, exceptional materials, including recycled and upcycled textiles. We are committed to providing our design and production teams with the tools they need to positively impact the longevity, reuse and recyclability of our products. We continue to embrace circularity in our raw material sourcing decisions and strive to include recycled textiles in our products. We also offer repair services, care products and resale opportunities to keep our luxury products looking glamorous and loved. As part of our circularity efforts, we are committed to reducing packaging ad product waste throughout our organization. Learn more about our circular journey in our 2022 CSR report.
WATER USE & CHEMICAL MANAGEMENT
We use water at every stage in our supply chain and we are committed to ensuring it remains free from hazardous chemicals and available to water-stressed sourcing communities. Our company works strategically to use water more efficiently in our products through thoughtful raw materials and product decisions, and we continue to map our value chain further upstream to better understand the impact of our products on water. We also take our commitment to protect the safety of supply chain workers, customers and local manufacturing communities seriously. Our goal is to approach responsible chemical management in a holistic way and to eliminate hazardous chemicals from our supply chain. Learn more about our approach to responsible water use and chemical management in our 2022 CSR report.
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Non-GAAP Information
In addition to reporting financial results in accordance with generally accepted accounting principles (GAAP), the Company provides non-GAAP financial measures. These amounts are not in accordance with, or an alternative to, GAAP. The Company uses non-GAAP financial measures to, among other things, evaluate its operating performance and in order to represent the manner in which the Company conducts and views its business. Please see the Company’s SEC filings for more information concerning the Company’s use of non-GAAP financial measures.