LVMH has announced a new partnership with Canopy, an NGO dedicated to forest conservation and the transformation of unsustainable forest product chains. The French luxury group is not only concerned about the environment, but will also set up an emergency fund for its employees.
Protecting the natural heritage
In a press release, LVMH states that more than 3.2 billion trees are cut down every year to produce paper packaging or to make fabrics such as viscose and rayon for clothing. By partnering with Canopy, the luxury group says it can help labels alter supply chains, save forests and make alternative NextGen solutions the norm.
Specifically, LVMH commits to ensuring its paper, paper packaging and fabric supply chains are free of fibres from the ancient and endangered forests of the world by the end of 2022. In addition, the luxury conglomerate will influence its supply chains to protect the remaining forests and endangered wildlife worldwide. Finally, LVMH will also support the development of NextGen solutions, such as the use of agricultural residues, recycled textiles and microbial cellulose for the production of paper, packaging and textiles.
"4.8 billion years of evolution has delivered us all an extraordinary natural inheritance that no one can afford to waste", FashionUnited quotes Nicole Rycroft, executive director of Canopy. "We are thrilled that LVMH and all of their iconic Maisons are now working with Canopy to add conservation of the world’s priceless forests and climate to their legacy."
On top of its environmental efforts, the luxury group has also launched a new global emergency and support fund for its 150,000 employees. The LVMH Heart Fund aims to help staff members who are suddenly faced with a "serious personal situation" by providing them with emergency financial assistance and dedicated social and psychological support. A free, anonymous and confidential helpline is also being set up, FashionUnited reports.
"The success of a company is not only measured by its financial results but also by its contribution to society and the support it’s able to provide to its employees, wherever they are in the world. Commitment is one of our core values, and the launch of the LVMH Heart Fund is yet another example", CEO Bernard Arnault said.