TIDMASC
RNS Number : 9286L
ASOS PLC
16 September 2021
16 September 2021
ASOS Plc
ASOS announces ambitious new 2030 ESG goals
Next phase of Fashion with Integrity builds on a decade of
delivery with plans to achieve Net Zero across the value chain,
along with greater circularity, transparency, and diversity
ASOS is pleased to announce its industry-leading Fashion with
Integrity ("FWI") 2030 programme, laying out a comprehensive plan
to achieve a new set of stretching ESG goals by 2030. Under the
plan, which includes a commitment to achieve Net Zero across the
full value chain by 2030, ASOS will continue its journey towards
becoming a truly global retailer in a responsible and sustainable
way.
Taking into account the most material issues for ASOS, the FWI
2030 programme is focused on minimising ASOS' impact on the planet,
delivering positive benefits for people who work in fashion and
meeting increasing demands from customers for greater choice in
responsible fashion. From that focus, ASOS has set two overarching
pillars, Planet and People, which are underpinned by four key
goals:
-- Be Net Zero : minimising ASOS' impact on the planet through
decarbonisation targets set with the Carbon Trust. ASOS will be
carbon neutral in its direct operations by 2025 and achieve Net
Zero across its value chain by 2030
-- Be More Circular: shifting towards more circular systems,
ensuring 100% of ASOS own-brand products and packaging are made
from more sustainable or recycled materials by 2030, prioritising
circular design, and facilitating product recovery programmes
-- Be Transparent : accelerating transparency and human rights
within its supply chain and the wider industry. ASOS will publish a
detailed human rights strategy and implementation reports annually
from 2023; ensure that third-party brands are signed up to the
Transparency Pledge and the ASOS Ethical Trade policy by 2025; and
provide full public transparency of every ASOS own-brand product by
2030
-- Be Diverse: driving diversity, equity and inclusion across
every aspect of the business, with a focus on leadership
representation. ASOS will ensure at least 50% female representation
and over 15% ethnic minority representation at every leadership
level by 2030
Nick Beighton, CEO, said:
"At ASOS we are proud to work in fashion. Ours is an industry
that brings joy, gives people confidence, and provides millions of
jobs around the world. We are proud that over the last decade we
have been among those leading our industry when it comes to
responsibility and sustainability. Our FWI programme has been a
cornerstone of everything we do and has helped us deliver positive
benefits for people and minimise our impact on the planet.
"Now we are pleased to announce our FWI 2030 programme and
stretching ambitions. Achieving these will make us a Net Zero
business that embraces more circular systems and uses more
sustainable and recycled materials in our products and packaging.
Our progress will be driven by a more diverse team with equity and
inclusion at its heart, leading a business where transparency and
human rights remain central to our approach. And, as we continue
our journey to becoming a Truly Global Retailer, our new goals will
ensure that we do so sustainably and responsibly.
"We cannot do this alone. As we've seen throughout the last
decade, collaboration and engagement with other brands, civil
society organisations and government is critical to driving lasting
change. We will work closely with our brand partners and our
suppliers, and we will forge new relationships and partnerships to
drive progress and build new solutions to enable the achievement of
our FWI 2030 goals.
"The responsibility for a sustainable future lies with all of us
and businesses must lead the way. We will make sure we deliver
products and brands that allow our customers to shop ethically and
responsibly, safe in the knowledge that they are reducing their
impact on the planet and contributing to a fairer world. We
undertake the next step of our FWI journey confident that what we
are doing is right for the planet, right for our people, right for
our customers and will underpin our ambitious growth plans."
Development of the 2030 FWI programme
FWI has guided ASOS' approach to business since it was launched
in 2010 and our achievements include:
-- Building an industry-leading position in tackling modern
slavery throughout our supply chain
-- The co-founding of the Fast Forward auditing programme,
designed to tackle issues in UK manufacturing
-- The launch of the ASOS Design Circular Collection and
training all commercial teams on circular design strategies
-- Using over 80% recycled material across mailing and garment
bags
-- Reducing operational carbon emissions per order by 45%
from FY16 to FY20
The plan announced today was formulated through an extensive and
collaborative process , which included detailed stakeholder
engagement, benchmarking against competitors, reviews of
anticipated regulatory changes and a review of the progress
achieved so far. The plan is also based on extensive consumer
insight which has shown increasing demand for more choice in
sustainable shopping.
ASOS has been effectively managing FWI as part of its business
model for more than a decade. As it shifts the focus to its 2030
Programme, with the increase in projected demand for sustainable
products, ASOS believes that a compelling sustainability approach
is essential for all brands. Whilst progress on sustainability
could lead to modest increases in costs in some areas, ASOS is
confident in its ability to flex its agile model, collaborate with
partners and leverage technological advances to offset any
additional costs.
Four goals and associated KPIs
The full list of KPIs for each of the four key goals are:
Planet:
1. Be Net Zero: ASOS will achieve Net Zero carbon emissions
across its value chain by 2030, driven by emission reduction
targets, and will be carbon neutral in its operations by 2025
-- Reduce Scope 1 and 2 emissions/order by 87% by 2030 vs
2018/19 baseline
-- Reduce own-brand product emissions/GBPprofit by 58% by
2030 vs 2018/19 baseline
-- Reduce transportation emissions/GBPprofit by 58% by 2030
vs 2018/19 baseline
-- Two-thirds of third-party brands (by emissions) signed
up to setting targets in line with SBTi requirements by
2025
2. Be More Circular: By 2030, ASOS will have shifted towards
more circular systems, ensuring 100% of ASOS own-brand products and
packaging are made from more sustainable or recycled materials,
prioritising circular design, and facilitating product recovery
programmes
-- 100% of ASOS own-brand products made from recycled or
more sustainable materials by 2030
-- ASOS commits to defining a public-facing circularity strategy
by 2023 to allow it to embed circular design principles
by 2030
-- 100% of own-brand packaging will be made from recycled
materials and be widely recyclable by 2025
-- Facilitate programmes for recycling and reuse in key markets
by 2030
People:
3. Be Transparent: By 2030, ASOS will have led improvements on
human rights and transparency within its own supply chain and the
wider fashion industry
-- 100% of ASOS own-brand products will have supply chains
mapped to raw material level by 2030, extending its existing
supply chain mapping
-- Customers will be able to easily view and interact with
information on the sustainability credentials of 100%
of ASOS own-brand products by 2030
-- 100% of third-party brands on ASOS will have committed
to the Transparency Pledge and new ASOS Ethical Trading
policy by no later than 2025
-- From 2023, ASOS will publish annual human rights strategy
and implementation reports, focused on freedom of association,
gender empowerment, wages, and modern slavery, for independent
monitoring by existing partners and external campaign
groups
4. Be Diverse: By 2030, ASOS will drive diversity, equity and
inclusion across every aspect of its business, with a focus on
leadership representation and ensuring every ASOSer can be their
authentic self at work
-- At least 50% female and over 15% ethnic minority representation
across its combined leadership team by 2023 and at every
leadership level by 2030
-- Over 40% female representation in Engineering, Product
and Science (Technology) roles by 2030
-- Zero statistically significant differences in engagement
scores and functional attrition rates across all demographics
from 2030, with all ASOSers able to be their authentic
selves at work
-- ASOS will publish a Diversity, Equity and Inclusion strategy
and roadmap for the ASOS platform, its customers, and
its people by 2023
Remuneration and governance
To ensure effective delivery of the 2030 FWI programme, ASOS
will measure progress against the 2030 goals in leadership
objectives and increase its focus on sustainability alongside
business outcomes in reviews. This is already part of the CEO's
incentive arrangements, and from FY22 the wider ASOS executive team
will each be set relevant FWI-linked objectives, which will impact
their remuneration. ASOS has also set up a new ESG Committee,
chaired by Nick Beighton, CEO, reporting to the ASOS Plc Board.
Report and Capital Markets Event
ASOS has this morning published "Fashion with Integrity: Our
2030 Strategy", which can be accessed here l ink. Later today, ASOS
will hold a Capital Markets Event at which full details of the plan
will be outlined. To access the event click here . A full recording
of the Capital Markets Event will be made available on the ASOS
investor website after the event.
For further information:
ASOS plc Tel: 020 7756 1000
Nick Beighton, Chief Executive Officer
Mathew Dunn, Chief Financial Officer
Taryn Rosekilly, Director of Investor Relations
Dan Winter, Director of Corporate Communications
Website: www.asosplc.com/investors
Headland Consultancy Tel: 020 3805 4822
Susanna Voyle / Stephen Malthouse
JPMorgan Cazenove Tel: 020 7742 4000
Bill Hutchings / Mika Niskanen
Numis Securities Tel: 020 7260 1000
Alex Ham / Jonathan Wilcox / Tom Jacob
Background note
ASOS is an online retailer for fashion-loving 20-somethings
around the world, with a purpose to give its customers the
confidence to be whoever they want to be. Through its
market-leading app and mobile/desktop web experience, available in
ten languages and in over 200 markets, ASOS customers can shop a
curated edit of over 85,000 products, sourced from a constantly
evolving mix of more than 850 of the best global and local
third-party brands and its range of fashion-led in-house labels -
ASOS Design, ASOS Edition, ASOS 4505, ASOS Luxe, As You, Collusion,
Reclaimed Vintage, Topshop, Topman, Miss Selfridge and HIIT. ASOS
aims to give all of its customers a truly frictionless experience,
with an ever greater number of different payment methods and
hundreds of local deliveries and returns options, including
Next-Day Delivery and Same-Day Delivery, dispatched from
state-of-the-art fulfilment centres in the UK, US and Germany.
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