Puig Joining the Sustainable Markets Initiative Task Force

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PARIS —  Puig is joining the Sustainable Markets Initiative Task Force, a private-sector coalition aimed at accelerating the transition toward a more sustainable future. The SMI’s Fashion Task Force focuses on sustainable solutions in the global fashion, textile and apparel sector.

Manuel Puig, vice chairman and chief sustainability officer at Puig, said in a statement released Thursday that the move is in keeping with the group’s philosophy of creating long-term value for business and for society.

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“Today’s announcement is entirely aligned to our principles, and in joining the Sustainable Markets Initiatives Task Force, Puig is supporting the wider social and environmental progress that such initiatives can advance,” he said.

“Businesses like Puig have a vital role to play in helping address climate change and advance a sustainable future for the fashion and beauty industries,” he continued.

The Spanish group’s stated ambition is to be among the most respected companies in the beauty and fashion industry on environmental, social and governance issues. Its ESG commitments align with the goals of the Paris Climate Agreement, which sets out to limit global temperatures to 1.5 degrees Celsius by 2030 and achieve net zero by 2050.

To help attain its sustainability goals, Puig’s roadmap includes promoting circular economy and end-of-life principles for packaging, enhancing traceability and upping the amount of certified raw materials used in product formulas.

Puig has attained Gold Medal certification from EcoVadis and an A-minus from the Carbon Disclosure Project — or CDP — Climate. The group also participated in the 2022 COP27 in Sharm El-Sheikh, Egypt.

“The conscious exercise of environmental responsibility has been at the core of Puig’s corporate commitments for three generations of family leadership and is now enshrined in our 2030 ESG agenda with challenging and ambitious targets,” said Marc Puig, chairman and chief executive officer of Puig.

“But we will only be able to succeed through collective action, which is why we are excited to unite with other industry leaders under the same global banner, to magnify and accelerate our impact under the stewardship of SMI,” he added.

The SMI was launched by the-then Prince Charles during the World Economic Forum in Davos, Switzerland, in 2002. Its Fashion Task Force, which counts other members such as the Aura Blockchain Consortium, Brunello Cucinelli, Burberry, Chloé, Gabriela Hearst, Giorgio Armani, Moda Operandi and Zalando, is chaired by former Yoox Net-a-porter chief executive officer Federico Marchetti.

“To kick off this collaboration, [Puig’s] brand Dries Van Noten will join our members in our common commitment to roll out the Digital Passport within their collections,” said Marchetti, referring to the SMI’s plan — unveiled at the G20 in Rome in October 2021 — to roll out a digital ID across all its brands’ products by 2025. The commitment marked a significant turning point in the industry’s pursuit of traceability and circularity.

“I have always believed that innovation will be instrumental to building a more sustainable future by driving transparency into industry business models and changing customer behavior,” said Marchetti.

Puig’s portfolio includes fashion brands Carolina Herrera, Paco Rabanne, Jean Paul Gaultier and Nina Ricci, alongside Dries Van Noten. The group in 2022 posted sales of 3.62 billion euros.

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