According to a press release from Salvatore Ferragamo’s CEO, Micaela le Divelec Lemmi, 32 brands signed The Fashion Pact during a meeting at the Elisee with French President Emmanuel Macron, who will present the initiative at the G7 Summit to be held in Biarritz from August 24th to 26th.
“Thanks to the Fashion Pact, for the first time, major fashion industry players are joining forces to take on the largest environmental challenges of our century,” announced Ferruccio Ferragamo, President of Salvatore Ferragamo. “Meeting today’s needs without preventing future generations from meeting theirs is an immense challenge that we must all resolve together.”
The Fashion Pact team
The Fashion Pact includes designers Chanel, Burberry, Adidas, Galeries Lafayette, Gap Inc., Giorgio Armani, H&M Group, Hermès, Inditex, Karl Lagerfeld, Kering, Matchesfashion.com, Moncler, Nike, Nordstrom, Prada Group, Puma, Ralph Lauren, Salvatore Ferragamo, and Stella McCartney.
The global fashion industry is one of the largest, most dynamic and influential industries on the planet, generating over EUR 1.5 trillion a year in revenues. It is also one of the most impactful to the environment and therefore should play a pivotal role in leading the shift towards a more sustainable future.
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The Fashion Pact details
The details regarding the fashion pact are still in development but we know it has three pillars: Climate, Biodiversity, and Oceans.
The Climate initiative will focus on mitigating & adapting to climate change. The Biodiversity initiative will bend the curve on biodiversity loss within 10 years. And the Oceans initiative addresses the critical loss of ocean functionality due to climate change and pollution.
“In recognition of the United Nations” Sustainable Development Goals (the “UN SDGs”) and the interrelatedness of our global challenges and solutions, we recognize that our living natural capital is in danger and that this needs to be remedied.”
The Fashion Pact commitment
The Fashion Pact is based on the collective agreement of CEOs to commit to sustainability targets to bend the curve on climate, biodiversity and fight against the pollution of our oceans. Multi-sectorial initiatives will be key to get results in order to minimize the environmental impacts.
These initiatives are designed to be collaborative across the fashion sector as well as with other industrial sectors. But each brand has autonomy to develop their own goals within the framework.
Missing are quantitative targets based on science that can track and measure the success of individual companies as well as the industry as a whole. We expect to hear more details this weekend as The Fashion Pact is presented during G7.
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