Capri Holdings Ltd, the parent company of renowned brands such as Michael Kors, Jimmy Choo, and Versace, has recently released its Corporate Social Responsibility (CSR) progress report. The report highlights the company’s achievements in various areas including environmental sustainability, human rights, diversity and inclusion, and philanthropy. The report covers the efforts made by Capri Holdings during Fiscal Year 2021 and the first half of Fiscal Year 2022.
Capri Holdings has always shown a strong commitment to making a positive impact on both people and the planet through its CSR strategy. John D. Idol, the chairman and CEO of Capri Holdings, expressed his pride in the organization’s dedication to bettering the world. He stated, “I am incredibly proud of our entire organization for demonstrating how business can truly be a force for good.”
One of the key highlights of the CSR report is Capri Holdings’ commitment to the Science Based Targets initiative Business Ambition for 1.5°C. By joining this initiative, the company has pledged to set science-based targets aimed at reducing its environmental impact and contributing to the goal of keeping global warming below 1.5°C. Capri Holdings has also become a member of RE100, a global initiative focused on achieving 100% renewable energy usage worldwide.
The company has made significant progress in sourcing sustainable materials, particularly in the area of leather. Capri Holdings aims to source at least 95% of its leather from tanneries with comparable certifications by 2025. In Fiscal Year 2021, 85% of the company’s leather was sourced from suppliers meeting these standards. Additionally, Capri Holdings has invested in Desserto, an innovative cactus-based material that offers a sustainable and low-impact alternative for accessories and footwear.
Capri Holdings’s commitment to diversity and inclusion in the fashion industry is evident in its CSR efforts. The company has established the Capri Holdings Foundation for the Advancement of Diversity in Fashion and has pledged $20 million to support initiatives in this field. Furthermore, Capri Holdings has launched its first employee resource group called ‘Pride@Capri,’ which focuses on the LGBTQ+ community and its allies. The company has also joined the Black and Fashion Council’s pledge to increase the representation of Black employees in both executive and junior-level positions.
In terms of philanthropy, Capri Holdings has demonstrated its support for causes both locally and internationally. The company has contributed $3 million to organizations providing relief during the Covid-19 pandemic. Additionally, it has donated $35 million worth of Michael Kors products to Delivering Good, a nonprofit organization that focuses on poverty and disaster relief. Through its partnership with the United Nations World Food Programme, Capri Holdings has successfully delivered over 24 million school meals as part of the Michael Kors Watch Hunger Stop campaign.
Capri Holdings also actively supports organizations that empower women. The company collaborates with Women for Women International through The Jimmy Choo Foundation and partners with the Born This Way Foundation, which focuses on the well-being of young people, through Versace’s Pride 2021 programming.
The 2021 CSR report builds on Capri Holdings’ global sustainability strategy that was initially introduced in April 2020. The company remains committed to driving meaningful progress in its CSR goals and aims to continue making a positive impact on society and the environment.
For more information about Capri Holdings’ CSR progress, you can visit their official website [link1] and access their CSR report [link2].
[link1]: https://www.capriholdings.com/[link2]: CSR Report
