Neiman Marcus Group (NMG), the integrated luxury retailer (and parent of brands including Neiman Marcus and Bergdorf Goodman), today announced that it has earned a score of “B” on its first Climate Change disclosure to CDP, a global non-profit organization that operates the world’s leading environmental disclosure platform.
As a new member of RE100, NMG committed to disclosing environmental data through CDP’s Climate Change Questionnaire. NMG’s inaugural disclosure includes the company’s Scope 1, 2, and 3 emissions and trend performance from the last three years. NMG reduced Scope 1 & 2 emissions by 31% in calendar year 2021 compared to a 2019 baseline, demonstrating strong progress toward the company’s goal of reducing Scope 1 & 2 emissions 50% by 2025.
“While companies may choose to keep CDP scores private in a first-year disclosing, NMG announced the result as part of our commitment to transparency and accountability throughout our ESG journey,” said Chris(tina) Demuth, Senior Vice President, People Services, ESG, Belonging & Corporate Philanthropy, Neiman Marcus Group. “We’re pleased with our score, which reflects the strong progress we’ve made toward climate goals detailed in NMG’s 2021 ESG Report as we seek to revolutionize impact in the fashion industry.”
Released in March 2022, the company’s inaugural 2021 ESG Report, Our Journey to Revolutionize Impact, outlined NMG’s 2025 ESG strategy, progress to date, and recent and upcoming investments. The company developed the strategy and report after conducting 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.
“This score is a meaningful recognition of the accomplishments in the first two years of NMG’s ESG journey, from incorporating climate into our enterprise risk management process to joining RE100 and committing to 100% renewable electricity,” said Ali Mize, Senior Director, ESG, Belonging, & Corporate Philanthropy. “It also highlights where we can improve, as we begin to implement a supplier engagement strategy designed to help us reduce our Scope 3 emissions and evaluate participation in the Science Based Targets initiative.”
Established in 2000 and now working with more than 680 financial institutions with over $130 trillion in assets, CDP pioneered using capital markets and corporate procurement to motivate companies to disclose their environmental impacts, and to reduce greenhouse gas emissions, safeguard water resources and protect forests. Nearly 20,000 organizations around the world disclosed data through CDP in 2022, including more than 18,700 companies worth half of global market capitalization, and over 1,100 cities, states and regions.
“As a mission-based non-profit that runs the global environmental disclosure system, CDP greatly values the support of Neiman Marcus Group. Urgent system-wide action remains critical to ensuring that we can limit global warming to 1.5 °C, avoid the worst effects of climate change, and safeguard our planet’s natural resources,” said Dexter Gavin, CDP Global Director, Corporations and Supply Chains. “Disclosure is the first key step in addressing current and future environmental risks. Neiman Marcus Group has demonstrated its commitment to transparency around its environmental impacts and strategies for action by disclosing its environmental data through CDP in 2022. Disclosure not only provides the foundation for environmental action, but brings tangible business benefits for stakeholders, customers, and employees alike.”
To read more about NMG’s ESG efforts, please visit https://www.neimanmarcusgroup.com/2021-report.
