ESG & The Sustainable Economy
ESG is the consideration of environmental, social and governance factors which are incorporated in the strategic and financial decision-making process of a business.
What does socially responsible & environmentally conscious mean for retail?
The throwaway culture exists in many industries. The fashion industry is not exempt. Partaking in "fast fashion" leads to destructive environmental outcomes. Overproduction and the consumption model of “buy-throw away-repeat” is not sustainable, adding to climate change impacts. Environment-conscious producers can set new trends to counteract this. It is about engaging in the retail industry in an environmentally conscious way.
"According to the Environmental Protection Agency, rapid production runs, create excessive textile waste. Cheaply made apparel and the processes used, harms both factory workers and the environment. Some 12.8M tons of clothing is sent to landfills annually. Global textile production emits 1.2B tons of greenhouse gases annually — more than international flights and maritime shipping combined. The fashion industry is responsible for up to 10% of global CO2 emissions, 20% of the world’s industrial wastewater, 24% of insecticides, and 11% of pesticides used, according to some estimates." Source: CBInsights 2020 | Fast fashion & the impact on the global economy. The Future Of Fashion: From Design To Merchandising
What does ESG mean for NORMI?
At NORMI, the focus is on sustainable, environmentally healthy and responsible retail consumption. What does that mean? At NORMI we pride ourselves in minimizing over production, through creating inventory to match our consumer demand.