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

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

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

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

The Spanish group’s stated ambition is to be amongst essentially the most respected firms in the wonder 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 assist attain its sustainability goals, Puig’s roadmap includes promoting circular economy and end-of-life principles for packaging, enhancing traceability and upping the quantity of certified raw materials utilized 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 within the 2022 COP27 in Sharm El-Sheikh, Egypt. 

“The conscious exercise of environmental responsibility has been on the core of Puig’s corporate commitments for 3 generations of family leadership and is now enshrined in our 2030 ESG agenda with difficult and impressive targets,” said Marc Puig, chairman and chief executive officer of Puig.  

“But we’ll only give you the chance to succeed through collective motion, which is why we’re excited to unite with other industry leaders under the identical global banner, to magnify and speed up our impact under the stewardship of SMI,” he added.  

The SMI was launched by the-then Prince Charles throughout the World Economic Forum in Davos, Switzerland, in 2002. Its Fashion Task Force, which counts other members comparable to 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 inside their collections,” said Marchetti, referring to the SMI’s plan — unveiled on the G20 in Rome in October 2021 — to roll out a digital ID across all its brands’ products by 2025. The commitment marked a major turning point within the industry’s pursuit of traceability and circularity. 

“I actually have at all times believed that innovation shall be instrumental to constructing 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 three.62 billion euros.