PPR Group to step up CSR initiatives

The Pinault-Printemps Redoute (PPR) Group, owner of brands including Gucci and Yves Saint Laurent, has reinforced its commitment to CSR by creating a division to manage the initiative. It believes that luxury goods firms should not lag behind on sustainability issues. The company said it hopes the unit will give CSR a strategic dimension, offer a platform for projects, and develop the image of the group on these subjects. The move follows a ranking by the charity WWF-UK in a report called Deeper Luxury. The WWF ranking was based on information provided by the companies themselves to the ethical investment community, and on feedback from media and non-governmental organisations.

French cosmetics group, L’Oreal, topped the ranking, followed by Hermès and LVMH. The report indicated that Gucci and YSL had ranked a modest C+ on an A to F scale for their environmental, social and governance (ESG) performance. It also stressed that luxury brands should be leading the way in corporate social responsibility (CSR) and recommended that they do more to justify their value.