We’re pleased to introduce our first ever Environmental Social Governance Report, Our Journey to Revolutionize Impact, outlining our 2025 ESG strategy, sharing our progress to date, and celebrating recent and upcoming investments.
In creating our strategy and report, we performed a materiality assessment that analyzed data from multiple sources, including ESG ratings and rankings, research reports from industry media outlets and trade associations, disclosures from NMG’s best-in-class peers, and ESG reporting frameworks like Global Reporting Initiative (GRI) and Sustainability Accounting Standards Board (SASB) standards.
In our commitment to making ESG a cornerstone of our transformation, we intentionally chose to set 2025 goals in order to continue moving fast and maintain accountability on this journey. The following is merely the beginning. In the coming years, we plan to increase the precision and ambition of our goals and expand the scope of our efforts.
NMG’s 2025 ESG STRATEGY WILL REVOLUTIONIZE LUXURY EXPERIENCES BY:
Sustainable Products & Services
a Culture of Belonging
with Love in our Communities
Our Environmental, Social, and Governance (ESG) strategy demonstrates our commitment to helping people and planet while driving luxury retail toward a more sustainable and equitable future.
The results of our materiality assessment informed the creation of our 2025 ESG strategy. We’ve intentionally chosen to set 2025 goals (instead of 2030 or 2050 goals) because we’re deeply committed to making ESG an important part of our transformation—quickly. We’re moving fast and holding ourselves accountable as we learn and continue to innovate. In the process, we’re working with credible partners (including industry and nonprofits) to achieve our goals. Our progress against our 2025 ESG strategy and goals will be reviewed quarterly to manage risk and pursue opportunity.
In FY21, we established a dedicated ESG team to lead this work, as well as a cross-functional Steering Committee that is accountable for driving progress, and incorporated ESG oversight into our Board’s Audit Committee Charter. See Governance section for more.
And all of this is just the beginning. In the coming years, we plan to increase the precision and ambition of our goals and expand the scope of our efforts.
ON THE HUMAN RIGHTS CAMPAIGN FOUNDATION'S CORPORATE EQUALITY INDEX
LUXURY ITEMS THROUGH CIRCULAR SERVICES
57% FEMALE BOARD
68% FEMALE WORKFORCE
AND ADDED NEW PAID PARENTAL AND CAREGIVER LEAVE POLICIES
TO 58,612 MTCO2e BETWEEN 2019 AND 2020
OF AUDIT COMMITTEE DIRECTORS ON ESG OVERSIGHT
NEW EDITS FOR SUSTAINABLE AND ETHICAL PRODUCTS AT NEIMAN MARCUS AND BERGDORF GOODMAN
In the fall of 2020, our new owners—several of whom are signatories of UNPRI, the UN-supported network of investors working to implement Principles for Responsible Investment—brought a strong vision and commitment to investing in ESG, making it a central part of NMG’s transformation. They began by constituting a new Parent Board with a diverse set of new Directors, each of whom brings a unique point of view to our mission and operations. The Board’s Audit Committee, chaired by Pamela Edwards, oversees the company’s ESG risks, opportunities, and reporting.
“Every day we lead with love and are inspired to make life extraordinary for our customers, associates, brand partners, and communities.”
GEOFFROY VAN RAEMDONCK
CHIEF EXECUTIVE OFFICER
NEIMAN MARCUS GROUP
“These commitments enable us to hold Neiman Marcus Group to public company standards while moving with the speed and agility of a private company.”
CHAIR, AUDIT COMMITTEE
BOARD OF DIRECTORS