Kering awarded the Global Leadership Award in Sustainable Apparel (GLASA)
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Yesterday evening Keringwas awarded the Global Leadership Award inSustainable Apparel (GLASA) for the developmentof the Environmental Profit and Loss account (EP&L) and its decision to implement this in its Luxury and Sport & Lifestyle brands. Kering’s E P&Lis a pioneering natural capital accounting andreporting system that places a monetary value onthe environmental impacts that result from abusiness’s activities not only within its ownoperations but along the entire supply chain.
The motivation
When Kering and its brand PUMA developed andpublished the first-ever Environmental Profit and Lossaccount in 2011 for PUMA’s 2010 results, the companiesplaced natural capital valuation on the agenda for theapparel industry and put forth a bold andinspiring vision for the sector. Kering has since refinedand improved the E P&L methodology and is currentlyimplementing E P&L’s in its 22 Luxury and sport &lifestyle brands, which means that the E P&L has evolvedinto a concrete management framework and financialtool that will be a benchmark for the entire industry. Thejury awarded the 2014 GLASA to Kering in recognition ofthe group’s continuing bold and visionary leadership,and most importantly, for its long-term commitment tofollowing through on what it has started.
“We are honoured to receive the GLASA Award forour E P&L and the work we are doing to promoteNatural Capital accounting for businesses,” saidMarie-Claire Daveu, Chief Sustainability Officer andHead of international institutional affairs, Kering.“We developed the E P&L so that we could have adeep understanding of our own impacts anddependencies on natural capital, but we alsoconsider it essential for businesses more broadly tobe accountable for their use of natural capital. Thisknowledge serves not only to minimize risks andimpacts, but even more importantly to seizeopportunities to create positive outcomes forbusiness, environment and society.”
The GLASA is a sustainability and leadershipaward. Launched in 2013, it aims to inspire boldand courageous leadership in the apparel sectorand to mobilize key stakeholders aroundpromising ideas or practices that can substantiallyimprove sustainability performance in the apparelindustry. The theme for the 2014 award isNatural Capital Accounting.
GLASA is an initiative from The SustainableFashion Academy (SFA) and it is supported byorganizations like The Antonia Ax:son JohnsonFoundation for Sustainable Development,Association of Swedish Fashion Brands (ASFB),and the Prince of Wales InternationalSustainability Unit.
“Until we begin to assign monetary values toenvironmental and social externalities, marketdynamics will continue to devalue nature and socialwelfare. But if we use the language and tools thatmarkets and financial actors understand, wesignificantly increase our ability to demonstratewhere real value lies. This is crucial for the apparelindustry, which relies on naturaland human resources for its continued success,” saysMichael Schragger, initiator of GLASA and Director ofSFA.
GLASA Advisory Board
The advisory board consists of renowned leadersworking with the global apparel industry. Theadvisory board acts as a jury when deciding uponthe award winner.
Kajsa Guterstam, Deputy General Secretary, ASFB
Carolina Sachs, General Secretary, The Ax:son JohnsonFoundation for Sustainable Development
Helena Helmersson, Head of Sustainability, H&M
Anette Andersson, Investment Management, SEB
Alan AtKisson, CEO, AtKisson Group, Member,President's Science and Technology Advisory Council(PSTAC), European Commission
Sanna Due-Sjöström, Chairman, Nordic Waste Group &Senior Advisor, The Swedish EPA
Jonas Eder-Hansen, Vice President, Danish FashionInstitute
Jason Kibbey, Executive Director, The SustainableApparel Coalition
Cary Krosinsky, Executive Director, Network forSustainable Financial Markets
Sarah Nolleth, Director, The Prince's Accounting forSustainability Project
Laura Partridge, The Prince's Charities' InternationalSustainability Unit
Liesl Truscott, Director Europe & Farm EngagementTextile Exchange
Pat Nie-Woo, Director, Central textiles & Chairman ofthe Sustainable Fashion Business Consortium (SFBC)
The Environmental Profit and Loss account
The E P&L provides a full analysis of a company’sfootprint in the key areas of water use and waterpollution, waste, greenhouse gas, other airemissions and land use and places a monetaryvalue on it, which then offers a clearerunderstanding of the relationship between thebusiness and natural capital. Kering and its brandPUMA developed and published the first-ever EP&L in 2011 for PUMA’s 2010 accounting year andKering is currently implementing E P&L’s in its 22 Luxury and Sport & lifestyle brands to consolidatea Group E P&L in 2016.
Press contact
Carl von Wachenfeldt +46 (0)70-43 75 682 carl.von.wachenfeldt@patrikssonpr.com