Neiman Marcus Group is attaining ESG goals.
Neiman Marcus Group is a year ahead of schedule on several environmental, sustainability and governance (ESG) goals.
In its newly released third annual ESG report, “Our Journey to Revolutionize Impact,” Neiman Marcus Group (which is reportedly in merger talks with Saks) said that less than three years into launching its ESG initiative, milestones it has achieved ahead of its 2025 aspirations include:
- Extending the useful life of more than one million luxury items through circular services such as alterations, repair, resale, and donation since fiscak year 2021.
- Neiman Marcus Group in leadership roles VP level and above to 21% by implementing evidence-based practices to eliminate bias across the associate experience, including hiring, development, and retention.
Other Neiman Marcus ESG achievements include:
- Obtaining the maximum score of 100 for the second year in a row in the Human Rights Campaign’s Corporate Equality Index, earning the Equality 100 Award designation.
- Recognition as a top company for disability inclusion in 2023 by Disability:IN’s Disability Equality Index.
Sustainable products & services
- Committing to the Science-Based Targets Initiative, and its partnership with Guidehouse’s Supplier Leadership on Climate Transition program to help its brand partners and business vendors do the same.
Culture of belonging
- A new partnership with the National Minority Supplier Development Council (NMSDC) enables qualified businesses to receive increased access to buyers and category managers, training and development opportunities, and dedicated meetings to review supplier success metrics. Throughout the next year, the retailer aims to certify 25 diverse-owned suppliers through the program, standardizing and advancing recognition for diverse-owned brands within the fashion industry.
- NMG WOW, an integrated working philosophy that empowers associates to work wherever, whenever and however they want. According to Neiman Marcus, this commitment enabled it to increase retention 4% and improve time to hire by 10% during fiscal year 2023 from the prior year period.
Leading with love
- In fiscal year 2023, the company partnered with the Fashion Scholarship Fund (FSF) to award the new NMG x Fashion Scholarship Fund scholarship to 10 students, designed to support their pursuit of careers in sustainable and ethical fashion through financial support, executive mentorship, and exclusive access to store programming and industry events. The second cohort of NMG x Fashion Scholarship Fund scholarship recipients will be named in FY24.
- Neiman Marcus also partnered with the National Retail Federation Foundation’s RISE UP retail career training program and Boys and Girls Club of America.
“I am proud of the meaningful progress we’ve made in the areas of sustainability and advancing workplace equity, as we continue Our Journey to Revolutionize Impact,” said Geoffroy van Raemdonck, CEO, Neiman Marcus Group. “These achievements are a direct result of leading with love in everything we do to make life extraordinary for our customers, associates, brand partners, and communities.”