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25 Dec

WWD Yearbook: Fashionable Philanthropy, Who Gave What

WWD Yearbook: Fashionable Philanthropy, Who Gave What

Corporate citizenship has an extended history at the foremost apparel retailers.

Though people, planet and profit may all be key facets of name purpose, weighing each is essential in navigating priorities in an ever-evolving business world and climate.

That’s where corporate philanthropy comes into play as a precious depiction of company values.

Here, WWD presents an inaugural corporate philanthropist list as informed by the apparel industry’s most up-to-date CEO pay rankings (taking the businesses with the highest 10 chief executive officer compensation packages) examining how Amazon, Warby Parker, TJX Corporations, Nike Inc., Walmart, Ralph Lauren Corp., G-III Apparel Group (figures couldn’t be determined), Goal, Gap Inc. and Levi’s, for instance, stack up by way of philanthropy.

While the retailers and types also facilitate in-store fundraising, associate volunteerism and worker give-back matching, together with quite a lot of specific in-kind donations (food, product, etc.), this list is meant as a general overview for ease of comparison and ease.

Donation figures are derived from Securities and Exchange Commission filings (within the case that shares are charitable contributions) and ESG reports.

The aim of this list-style format is to focus on how much corporations give relative to their size, with the larger the proportion indicating a more charitable contribution relative to revenue. (As is the business norm, the numbers represent a small percentage, though which may be changing if Patagonia’s story and $3 billion-valued donation inspires any shifts.)

A league of its own: Patagonia gave away 30% of its total revenues in 2022.
Charitable Contributions in 2022: $3 billion (estimated value)
CEO Pay: Unknown — Ryan Gellert
Revenue: $10 billion

Major Causes: To equate Patagonia with anything apart from the fight against climate change is a mistake. In the most recent daring stride this yr, Patagonia founder and environmentalist Yvon Chouinard transferred his family’s ownership of the corporate to 2 latest entities, the Patagonia Purpose Trust and the Holdfast Collective. The Holdfast Collective will delve out $100 million annually (depending on the outdoor gear company’s profits) as a dividend to the collective.

The collective owns 98 percent of the corporate (the trust maintains the remaining 2 percent of the voting stock) and can “use every dollar received from Patagonia to guard nature and biodiversity, support thriving communities and fight the environmental crisis,” per Patagonia. This unique move is highlighted for reference.

Warby Parker gave away 2.23% of its total revenues in 2022.
Stock Price: $13.62 on Dec. 20 (in comparison with $43.91 a yr earlier)
Charitable Contributions in 2022: 178,572 shares (or $3.3 million)
CEO Pay: $103.6 million — Neil Blumenthal and Dave Gilboa
Revenue: $148.8 million

Major Causes: Warby Parker, naturally, has its sights set on vision care and access for its philanthropic endeavors. In 2021, Warby Parker authorized future donations as much as a maximum amount of 1 percent of its shares, either to the Warby Parker Impact Foundation or other like-minded charities. These include the Mexican nonprofit Ver Bien Para Aprender Mejor, a partner in the corporate’s Buy a Pair, Give a Pair program, which brings vision services to students across the country.

To notice, in February 2022, Warby Parker celebrated distributing greater than 10 million pairs of glasses through its “Buy a Pair, Give a Pair” program.

Nike gave away 1.09% of its total revenues in 2022.
Stock Price: $103.21 on Dec. 20 (in comparison with $155.31 a yr earlier)
Charitable Contributions in 2021: $36.6 million
Total Giving: $118.7 million
CEO Pay: $28.8 million — John Donahoe
Revenue: $10.8 billion

Major Causes: Nike’s Purpose strategy anchors its purpose, naturally in people, planet and play. Last yr, the activewear giant linked its purpose targets to executive compensation, including goals to take a position $125 million in organizations supporting racial equity by 2025 ($36.6 million to community organizations in fiscal yr 2021). Its philanthropic arm places a precedent on Black community empowerment and extends to causes just like the NAACP Empowerment Programs, the NAACP Legal Defense and Educational Fund Inc. (LDF), Black Girls Code, Black Girl Ventures, Goalsetter and the National Urban League. To notice, the Knight Foundation of the family of Nike founder Phil Knight also logs sizable annual charitable contributions, including $1.37 billion in 2020 (which was not included on this list).

Goal gave away 1.05% of its total revenues in 2022.
Stock Price: $143.25 on Dec. 20 (in comparison with $214.65 a yr earlier)
Charitable Contributions in 2021: $274 million ($80 million money, $194 million in kind donations)
CEO Pay: $19.8 million — Brian Cornell
Revenue: $26.12 billion

Major Causes: The Goal Foundation prioritizes community relationships and advancing equity through work with local organizations equivalent to the Minneapolis Foundation’s Restore and George Floyd Memorial Foundation, as some recent highlights. The Goal Foundation mobilized around key issues equivalent to the COVID-19 pandemic. In 2021, the organization made a $5 million incremental commitment to community-based NGOs working to advance vaccine equity amongst diverse populations, including Minnesota Council on Foundations, the Minnesota Department of Health Equity Fund and Phyllis Wheatley Community Center Vaccine for Life program. (To notice: If calculated by profit, Goal pledges 5 percent annually.)

Walmart gave away 0.26% of its total revenues in 2022.
Stock Price: $144.05 on Dec. 20 (in comparison with $137.05 a yr earlier)
Charitable Contributions in 2022: $1.5 billion
CEO Pay: $25.7 million — Doug McMillon
Revenue: $573 billion

Major Causes: The Walmart Foundation categorizes its broad (and global) contributions in response to sustainability, community, racial equity and more.

The Walmart Foundation supports the whole lot from food security under The Equitable Food Initiative to conservation under Instituto de Pesquisa Ambiental de Amazonia (IPAM), healthy eating with the American Heart Association to profession advancement and financial literacy with the Women of Color Outreach and Development Programs (WBENC).

Levi’s gave away 0.19% of its total revenues in 2022.
Charitable Contributions in 2022: $12.2 million
CEO Pay: $16.3 million — Chip Bergh (incoming Michelle Gass)
Revenue: $6.265 billion

Major Causes: True to the brand’s denim history, the 1952-founded Levi Strauss Foundation focuses on pioneering visions and concepts. This includes the whole lot from reproductive rights, voting access, employee well-being to Pioneers in Justice, a program created in 2010 to redefine the connection between social justice nonprofits and impact. Levi’s community affairs giving and product donations also comprise corporate giving, separate from the inspiration’s efforts.

This yr, the Levi Strauss Foundation invested $12.2 million in communities where the brand has a business presence — or the best amount in 25 years. Levi’s also individually counts its Red Tab Foundation (now in its fortieth yr), which mobilized some $2.2 million in grant-funding in times of undue hardship (be it a Ukraine-based stylist searching for hardship aid to a retail manager fronting the bills for her mother’s brain cancer) on a person basis.

Ralph Lauren gave away 0.18% of its total revenues in 2022.
Stock Price: $101.65 on Dec. 20 (in comparison with $105.83 a yr earlier)
Charitable Contributions in 2022: $11.4 million
CEO Pay: $18.6 million — Patrice Louvet
Revenue: $6.22 billion

Major Causes: The Ralph Lauren Corporation and its separate Ralph Lauren Corporate Foundation maintain decades-long investments in areas equivalent to cancer research and prevention, amongst other causes. Just this yr, the Ralph Lauren Corporate Foundation pledged to supply $25 million in latest grant funding to expand or establish five Ralph Lauren cancer centers, with a mission to cut back disparities in cancer care and access for underserved communities within the U.S.

Combined fiscal yr 2022 contributions from the corporate and The Ralph Lauren Corporate Foundation totaled greater than $11.4 million ($4.6 million from the corporate and $6.8 million from the inspiration).

Gap Inc. gave away 0.15% of its total revenues in 2022.
Stock Price: $12.17 on Dec. 20 (in comparison with $15.84 a yr earlier)
Charitable Contributions in 2022: $25.25 million
CEO Pay: $18.3 million — formerly Sonia Syngal
Revenue: $16.67 billion

Major Causes: The 40-year-old Gap Foundation is committed to community-driven impact and profession advancement, amongst other focuses. Its two signature programs include This Way ONward, a paid internship program for young adults from low-income communities, and Personal Advancement & Profession Enhancement (or P.A.C.E.), which powers advancement of ladies and girls.

In one other stride, this yr Gap Inc. and Harlem’s Fashion Row celebrated the second annual “Closing the Gap” initiative, which helps support fashion programs at nine Historically Black Colleges and Universities across the country with greater than $500,000 in donations. Gap’s total giving for the fiscal yr ending March 2022 was $25.25 million (including Gap Inc. money, Gap Foundation money and in-kind donations). In relation to ESG, the corporate pledges a balanced give attention to women empowerment, enabling opportunity and enriching communities with a give attention to natural resource protection.

TJX Corporations gave away 0.13% of its total revenues in 2022.
Stock Price: $77.59 on Dec. 20 (in comparison with $71.20 a yr earlier)
Charitable Contributions in 2022: $78.8 million
CEO Pay: $31.8 million — Ernie Herrman
Revenue: $60 billion
Profit: $31.042 billion

Major Causes: Through its three foundations within the U.S., Canada and Europe, TJX provides philanthropic grants to chose nonprofit organizations spanning workplace, community, environment and small business needs. A few of the organizations TJX has given to incorporate the NAACP Legal Defense and Educational Fund Inc., Black Business and Skilled Association and Access UK, amongst others.

European donations are made via the TK Maxx and Homesense Foundation.

Amazon gave away 0.13% of its total revenues in 2022.
Stock Price: $85.19 on Dec. 20 (in comparison with $167.08 a yr earlier)
Charitable Contributions in 2022: $600 million (equivalent in Amazon shares donated by Jeff Bezos).
Total Giving: $366.7 million
CEO Pay: $212.7 million — Andy Jassy
Revenue: $469.8 billion

Major Causes: AmazonSmile facilitates cause-based commerce allocating 0.5 percent of a purchase order to go toward a customer’s charity of selection, if the acquisition was made on Smile.Amazon.com. Amongst them are Feeding America, Save the Children, Equal Justice Initiative, Rescued Paws and Pro-Selection America, amongst others.

Through its Amazon Business Donations Hub, the corporate contributed greater than $225 million in in-kind donated items (amongst them personal protective equipment, school supplies and more) in 2021.

Methodology: Data sources include SEC filings, Yahoo Finance and company ESG reports. Order arranged by charitable contributions calculated as a percentage of overall revenue, though profit might also be used.

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