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Fashion

Staff Reporter

, China

Published:

7 months ago

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Photo by Jannis Lucas via Pexels

Luxury brands lead ESG push in China's retail sector

They accounted for 66% of all LEED-certified retail spaces in 2023.

Luxury brands are taking the lead in pushing for environmental, social, and governance (ESG) progress within the retail industry in China, Savills revealed in its 2024 China Retail Trend report.

Recent reports showed that LVMH has cut energy consumption by 10% and greenhouse gas emissions by 11% from October 2022 to October 2023.

In 2023, luxury brands accounted for 66% of all LEED-certified retail spaces.

Gucci, Burberry, and Cartier each added LEED certification to 10 more stores, whilst L'Oréal brands like Kiehl's secured LEED certification for their outlets.

Brands are also extending sustainability efforts throughout their supply chains.

Kering achieved 95% traceability of key materials, and Estée Lauder's Shanghai Innovation and Research Centre earned dual LEED and WELL Platinum certifications.

ALSO READ: How shoppers practice ‘mindful spending’ in 2024: report

Moreover, Rothy's China factory gained LEED certification and zero-waste status, setting a high bar for eco-friendly manufacturing.

The commercial real estate sector is expected to see increased collaboration between tenants and landlords, with initiatives like green leases gaining momentum to enhance sustainability tracking and reporting.

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