LVMH this week held its LIFE 360 Summit at UNESCO, where it shared the luxury group's achievements and future initiatives under its LIFE 360 program launched in 2021. Attended by prominent figures like chairman Bernard Arnault, Christophe Béchu (French Minister for Ecological Transition and Cohesion of the Territories) and Virginijus Sinkevičius (European Commissioner for the Environment, Oceans and Fisheries), the event marked the culmination of the program's 2023 commitments across various environmental aspects.
One of the most forward thinking plans is a new initiative supporting its suppliers in reducing carbon footprint, water impact, and biodiversity impact. As part of its LIFE 360 Business Partners plan, the program aims to make suppliers true partners in LVMH's environmental transition, fostering collaboration and shared solutions.
In a statement the group said in line with the call for greater collaboration between companies in the luxury sector that Antoine Arnault made last June at the Fashion Summit in Copenhagen, other key changemakers in the industry, in particular Chanel, Pernod Ricard, Martell Mumm, Perrier-Jouët, came together at the LIFE 360 Summit in a panel discussion entitled Joining Forces. "Given the acute urgency of the environmental situation, LVMH believes that we can only overcome the challenges if we work together, uniting the private and public sectors, scientists, NGOs, and peers."
Other highlights from the summit include:
Creative Circularity
LVMH said it met its 2023 target for creative circularity by establishing a repair-and-care task force in several Maisons, exemplified by Louis Vuitton's repair of 600,000 products annually. Additionally, the group introduced LVMH Circularity, fostering partnerships for fabric and leather reuse and recycling.
Biodiversity
Having regenerated 1.37 million hectares by 2022, LVMH aims to reach five million hectares by 2030. Initiatives include regenerative agriculture programs globally and partnerships with NGOs like FAS in Brazil. A water efficiency plan targets a 30 percent reduction in overall water consumption by 2030.
Climate
The group reduced greenhouse gas (GHG) emissions by 11 and 15 percent between 2019 and 2022, decoupling emissions from growth. Achievements result from eco-design, energy efficiency, and transport programs. An exceeded target of 10 percent energy consumption reduction affirms commitment.
Traceability & Transparency
The company said it is on track to achieve its 2023 target of knowing the countries of origin for strategic raw materials, reaching 95-100 percent for diamonds, wool, and leather. The group deploys new traceability tools, and its certification rates have significantly increased over two years.
Strategic Partnerships
LVMH continues its partnership with UNESCO's Man and the Biosphere program, focusing on biodiversity promotion programs and data collection for impact measurement. Collaborative efforts with other luxury stakeholders emphasize shared auditing checklists and schedules.
Acknowledging the challenges ahead, LVMH said it was confident in meeting 2026 and 2030 targets, reinforcing its action plan for virgin fossil-based plastics.
Perhaps the most notable target the group has set is working with other suppliers and businesses to reduce the global environmental impact as collaborative effort. These efforts to engage with suppliers, offer training and sharing solutions mark a significant step forward.
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