We are a business on a mission to create a more sustainable fashion landscape. For over 25 years, we have maintained the value of second-hand goods and we firmly believe that a circular economy is possible on a large scale. As we continue to progress, we recognize the need to be even more transparent and ambitious to meet the expectations of our stakeholders. We commit to understanding and improving the impact we have on people and the planet by training our global teams, collecting reliable data, and implementing thoughtful checks and balances.
By working together towards clearly defined goals, we believe we can make a meaningful impact and ensure that our business operates in a way that aligns with our values and respects the fundamental rights of all individuals.
We started this journey by understanding our organizational context and stakeholder expectations, identifying our actual and potential impacts, and prioritizing the most meaningful impact areas to report on. We then set clear targets for these impact areas and commit to reporting on our progress with reliable data. By continuing to measure and improve our impact, we know that we can be true leaders in the circular economy.
Leaders in the circular economy
1. Internal Training and Development:
- Sustainable Fashion Training: We invest in continuous training and development programs for our staff on our LND platform, empowering them with knowledge and skills related to sustainable fashion practices, ethical sourcing, and responsible production.
- Cross-Arm Knowledge Exchange: We facilitate knowledge exchange among the different arms of The Bank & Vogue Group, ensuring that insights and best practices from one division are seamlessly integrated into others. This cross-pollination of ideas enhances our overall sustainability impact.
- Our team closely collaborates with experts and stakeholders to ensure that our strategies align with our sustainability goals and the broader objectives of promoting responsible consumption and resource efficiency.
2. Collaborative Partnerships:
- External Collaboration: We actively engage in partnerships with external organizations, academic institutions, and experts in sustainable fashion and textile technology. Through these collaborations, we exchange knowledge and stay at the forefront of industry advancements.
- Our approach extends to direct conversations with fashion brands, where we’ll advocate for the adoption of more sustainable design and manufacturing practices. Additionally, we will harness the power of our social media platforms by using graphics and posts to educate our followers about the significance of sustainable fashion and the principles of a circular economy.
- Partners and networks that Bank & Vogue group are included within are SMART, WRAP, Ellen Macarthur Foundation, UN Fashion conscious Network, Accelerating Circularity.
3. Community Education:
- Industry Projects with Brighton MET:This project focuses on equipping participants with a tool kit to Custom Build, adapt and alter garments into bespoke one of sellable pieces.With the ethos and philosophies of Beyond Retro and Dr. Noki combined participants gained knowledge and hands-on experience with Custom Building, sustainability, reinvention, customisation, and surface construction to create unique pieces that were manufactured to retail standard, visually merchandised and sold in the Brighton Beyond Retro store in early January 2022.
4. Transparency and Knowledge Sharing:
- Reports and Publications: We publish reports and publications detailing our sustainability journey, research findings, and best practices. These documents are made available to the public, contributing to a broader understanding of sustainable fashion and technology.
- Furthermore, we actively engage in ongoing research and development activities aimed at harnessing the potential of post-consumer materials to create alternative materials which contributes to the development of innovative and sustainable solutions in the fashion industry.
Decarbonize the business with targets based on science
Partnering with experts to measure our carbon emissions
We know that we can’t manage what we can’t measure and the first step to decarbonizing the business is understanding our current carbon emissions. That’s why we’ve partnered with Emitwise to help us take data-led climate action across our operations. Just like financial accounting, carbon accounting that aligns with clear standards helps to support better business decisions and to clearly share information with stakeholders. Emitwise’s technology and carbon accountants help us align with ISO 14064 and The Greenhouse Gas Protocol Corporate Standard, two important standards in carbon accounting.
With help from Emitwise, we can turn our financial information and business activities into clear and actionable carbon emissions data. This important tool enables us to understand our baseline, set ambitious and credible targets, and prioritize carbon reduction initiatives using data and science.
Our baseline emissions
The Greenhouse Gas Protocol sets the corporate standard for creating an inventory of a business’ sources of carbon emissions and categorizing these emissions into three scopes. Scope 1 includes emissions from direct activities, Scope 2 covers indirect emissions from purchased electricity, and Scope 3 covers indirect emissions from a company’s value chain.
Guided by the carbon accounting team at Emitwise, we calculated our emissions using a combination of activity data and financial accounting information combined with emission factors for our baseline year of 2022.
For the calendar year 2022, our total emissions were 2,861 tCO₂e*, covering all three scopes of emissions and the entire Bank and Vogue Group of Companies.
- Scope 1 – Direct operations represents 10 tCO₂e*
- Scope 2 – Purchased electricity represents 193 tCO₂e*
- Scope 3 – Value chain emissions represents 2,658 tCO₂e*
* tCO2e stands for metric tonnes (t) of carbon dioxide (CO2) equivalent (e). “Carbon dioxide equivalent” is a standard unit for measuring greenhouse gas (GHG) emissions regardless of whether they’re from carbon dioxide or another gas, such as methane.
To transparently communicate our emissions, we will work with the SME Climate Hub and use the SME Climate Disclosure Framework developed by CDP a not-for-profit charity that runs the global climate disclosure system.
Setting targets based on science, not hype
We are serious about climate change and set our carbon reduction targets based on science, not hype. In line with with guidance from experts, we’re working to reduce our Scope 1 and Scope 2 emissions to a level that helps keep global warming below 1.5C. We will follow guidance from the Science Based Targets Initiative, a partnership between CDP, the United Nations Global Compact, World Resources Institute (WRI) and the World Wide Fund for Nature (WWF) to develop a rigorous approach to decarbonizing our business.
We commit to reducing our absolute Scope 1 and 2 GHG emissions using 2022 as our baseline year. These reductions will be absolute reductions in our business, even if we grow, and we will not use offsets or carbon credits to achieve this target. We also commit to measuring and reducing our Scope 3 emissions and in 2024 we will set further targets to reduce our Scope 3 emissions.
- Reduce absolute Scope 1 emissions by 50% by 2030.
- Reduce absolute Scope 2 emissions by 50% by 2030.
- Measure and reduce Scope 3 emissions and set targets in 2024.
We will have our complete targets approved by the Science Based Targets Initiative by 2024 and will continue to report on our progress transparently. We believe that focusing our energy and efforts on actual emission reductions instead of relying primarily on carbon credits and offsets will have the greatest impact and we will follow the guidance from scientific experts.
Decent Work in our Value Chain
Code of Conduct
We have grown an international business based on the belief that ethical business practices make good business sense. Our new Code of Conduct makes these expectations clear to our Team Members and Leaders. It includes a clear expectation that our Team Members and Leaders act with integrity, respect human rights, and work in a safe environment under safe conditions. We have also created an internal reporting mechanism where Team Members can report concerns or seek guidance without fear of retaliation. All our employees and leaders will sign off on our new Code of Conduct in 2023.
Human Rights Policy
Forced Labor, Child Labour, and Modern Slavery