“Our Best Today, Better Tomorrow”
LOS ANGELES--(BUSINESS WIRE)--Jul. 6, 2023-- GUESS released its FY 2022-2023 Environmental, Social and Governance (ESG) Report, “Our Best Today, Better Tomorrow,” highlighting 9 years of meaningful reporting progress and its sustainability commitments for the future. The report details the global fashion brand’s first-ever ‘double materiality assessment,’ which was conducted to identify, update, and prioritize sustainability topics, and refresh GUESS’ ESG strategy.
“For well over a decade, GUESS has embedded environmental, social and governance priorities into all aspects of our business – and we couldn’t be prouder of the progress we have made as a result,” said Carlos Alberini, Chief Executive Officer and Director, GUESS. “Looking ahead, we continue to anticipate a more heavily regulated environment for ESG practices, with an increased focus on transparency, integrity and accuracy in reporting ESG data.”
Established in 1981, GUESS is a lifestyle brand with a full range of denim, apparel, jewelry, fragrance, home goods, and accessories designed and marketed in about 100 countries around the world, employing 12,000 people. In conducting its sustainability assessment, GUESS adopted a double materiality approach to thoughtfully examine the materiality of various topics – enabling the Company to assess their significance in terms of impact on both society and the environment, as well as their financial implications.
The ESG topics featured in the report are rooted in three impact pillars that align with GUESS’ internal values: respect nature, be a good teammate, and get things done.
GUESS’ ESG Report is prepared in accordance with globally recognized frameworks, including the Global Reporting Initiative (GRI) Universal Standards, the Sustainability Accounting Standards Board (SASB), the GHG Protocol, while referencing the United Nations Sustainable Development Goals (SDGs). In addition, to exemplify our commitment to the integrity of the key ESG metrics and disclosures for the FY 2022-2023 reporting periods, GUESS has continued to obtain reasonable assurance from a third-party assurance provider. Upholding these strong accountability practices enables GUESS to continue to effectively measure its impact, identify areas for continued growth, and proactively manage its sustainability journey to contribute to a better tomorrow.
Key highlights and progress detailed in GUESS’ FY 2022-2023 ESG report include:
- Working together with suppliers to reduce Scope 3 emissions (target 30% by 2030);
- Elevating the design portfolio to have 75% of GUESS global apparel materials be environmentally preferred (2030);
- Increasing meaningful partnerships to repair, resell, and upcycle in key markets that drive a circular economy (2025);
- Collaborating with key suppliers to develop training opportunities to promote positive change for women (2025);
- Expanding wellness and mental health programming for all employees (2025);
- Maintaining gender pay parity at all levels and geographic regions (2025); and,
- Continuing to foster a diverse, inclusive, and connected workplace where career growth is equitable for everyone, with mandatory management training on harassment prevention in the workplace (2025).
“Our commitment to sustainability extends beyond our immediate operations. We recognize the immense influence we wield as an established company, and we are resolved to use our platform to inspire positive change,” said Paul Marciano, Co-Founder and Chief Creative Officer, GUESS. “Through innovation and conscious design choices, we strive to create apparel that not only looks good but feels good – both for our customer and the planet we call home.”
GUESS will continue to report and share its sustainability progress, with a commitment to move to annual ESG reporting starting FY2026.
To learn more about GUESS' FY2022-2023 ESG goals and progress, visit https://sustainability.guess.com
About GUESS?, Inc.
Established in 1981, GUESS began as a jeans company and has since successfully grown into a global lifestyle brand. Guess?, Inc. designs, markets, distributes and licenses a lifestyle collection of contemporary apparel, denim, handbags, watches, eyewear, footwear and other related consumer products. Guess? products are distributed through branded Guess? stores as well as better department and specialty stores around the world. As of April 29, 2023, the Company directly operated 1,043 retail stores in the Americas, Europe and Asia. The Company’s partners and distributors operated 545 additional retail stores worldwide. As of April 29, 2023, the Company and its partners and distributors operated in approximately 100 countries worldwide. For more information about the Company, please visit www.guess.com.
Senior Vice President Finance, Investor Relations and Chief Accounting Officer
Source: GUESS?, Inc.