12/02/2021 | Press release | Distributed by Public on 12/02/2021 00:12
Last Updated: 2021.12.02
FAST RETAILING CO., LTD.
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Fast Retailing is advancing its LifeWear concept-the ultimate in everyday clothing, designed to make everyone's life better-to create apparel that not only emphasizes quality, design, and price, but also meets the definition of "good clothing" from the standpoint of the environment, people, and society. As part of this philosophy, Fast Retailing has formulated Fiscal 2030 Targets and an Action Plan for core aspects of sustainability. The entire Fast Retailing Group, based on the LifeWear concept, will accelerate its transition to a new business model encompassing both sustainability and business growth.
In conjunction with the objective of the Ariake Project, to make and sell only apparel that customers truly want, Fast Retailing will emphasize care for the environment in all processes, from manufacturing to transport and sales, sharply reducing greenhouse gas emissions and waste to establish a production process with a light environmental impact. Simultaneously, the company will safeguard human rights in all processes, building a supply chain that allows customers to purchase products with trust. Further, Fast Retailing will develop new reuse and recycling services and technologies to extend the life and utility of LifeWear post purchase. In addition, to help find solutions to the increasingly complex problems facing the world, Fast Retailing is extending its worldwide initiatives for social contribution and diversity through the apparel business. Through these initiatives, the company will increase the value of LifeWear and advance its philosophy for sustainability, providing customers with clothing they will appreciate and use for a long time.
Commenting on the plan, Koji Yanai, Group Senior Executive Officer of Fast Retailing, said, "Providing apparel that customers will cherish for a long time has been the aim of our business for many years. With environmental problems and other serious global issues becoming increasingly evident, we have further advanced our philosophy, and are pursuing measures to show the world a completely new way for clothes to be, while contributing to the realization of a sustainable society. By moving forward with broad support and cooperation from customers and partner corporations, Fast Retailing will create the "New Industry" of LifeWear. By making LifeWear available to more customers, we aim to conduct business in a way that improves the lives of people and societies throughout the world."
Fiscal 2030 Sustainability Targets and Action Plan
■ Key Initiatives: Making Good Clothes That Are Better for The Environment
For a more sustainable business, Fast Retailing has established an environmental policy that employs revolutionary technologies to reduce the burden on the global environment.
In accordance with this policy, Fast Retailing positions climate change as one of its most pressing issues, upholding targets set out in the Paris Agreement, and acting to achieve carbon neutrality by 2050. In September this year, the company announced its targets to reduce greenhouse gas emissions by FY2030. These targets have been approved as Science-Based Targets by the SBT initiative (SBTi).
Targets and Actions to Reduce Greenhouse Gas Emissions
Fast Retailing Own-Operations Targets (Stores and Offices):
Reduce greenhouse gas emissions by 90% by FY2030 (compared with FY2019)
Supply Chain Targets:
Reduce greenhouse gas emissions by 20% by FY2030 (compared with FY2019)
Product Targets:
Increase proportion of recycled materials to approximately 50% by FY2030
Waste Reduction Initiatives
Realize "Zero Waste" early by reducing, replacing, re-using, and recycling materials* used in the process of delivering clothes to customers
* Product packaging, cardboard during shipping, plastic bags, hangers etc.
■ Key Initiatives: Making Clothes Good for People and Society
To provide truly good clothing that customers can love and wear for a long time with trust, Fast Retailing is advancing the establishment of work environments where the health, safety and human rights of workers are protected, covering its own employees as well as people working in the supply chain. Aiming to create a better society for and with customers, Fast Retailing also conducts a wide range of global and local social contribution activities.
Establishing Supply Chain Transparency and Traceability
Strengthen transparency and traceability to raw material level; identify and correct human rights, labor environment and environmental issues in the supply chain
Ethical and Responsible Procurement of Raw Materials
Fast Retailing promotes ethical and responsible procurement of raw materials, establishing procurement policies for both plant and animal-derived materials.
Promoting Social Contribution Initiatives Globally
Contribute to the safety and sustainable development of society, expanding social contribution activities on a global scale through the clothing business
Accelerate Diversity and Inclusion Progress
Respect the individuality and diversity of employees and customers, create workplaces where employees can work to the best of their abilities, and facilitate career development