Victoria’s Secret Is Taking Its Transformation Seriously try.
Earlier this month, the lingerie and beauty retailer quietly released its first The Environmental, Social and Corporate Governance, or ESG, report, among other things, outlines never-before-seen data on a company’s gender and ethnic makeup.
Victoria’s Secret released its first ESG report.
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“This first ESG report for our company is not about declaring that we have understood it all – quite the opposite,” Martin Waters, Chief Executive Officer The Victoria’s Secret & Company report said. “It is an acceptance of the work that lies ahead of us, a transparent look at where we are today and where we are headed.
“In 2021, we set out to transform our business and embark on a journey of: a new, stand-alone public company,” she continued. “In doing so, we knew we had to prove that we could be a viable and profitable company and that we could once again be a standard-setter in our industry. We believe that this will require not only the growth of our business, but a revolution driven by the vision of applying the lessons we have taken to heart in recent years to become the world’s leading advocate for women. Will be ,
Victoria’s Secret’s Spring 2022 campaign.
Courtesy Photo Lachlan Bailey
At a glance, the report shows that the majority of associates at all levels of the company are women, including 87 percent company-wide.e and 86 percent of the board. wooShagun also makes up 59 percent of director and above roles, 95 percent of in-store associates and 57 percent of distribution center associates.
The report also outlined the number of people of color in the company (60 percent of the total). People of color also make up 65 percent and 71 percent of most in-store and distribution center associates, respectively.
While people of color make up nearly half of board members (43 percent), the number is lagging behind in positions at the level of directors and above. Only 16 percent of the company’s employees at the level of directors and above are people of color. Women of color occupy only 8 percent of these leadership positions.
“To strengthen our workforce and better reflect and serve our customers, it is critical that we have diverse voices at the table,” the report said. “We are committed to retaining more diverse partners, attracting more diverse talent and empowering growth” Advancement of all our associates. We believe we have an opportunity Increasing our diverse workforce and leadership representation, particularly by closing the gap in our Home Office and Director and above roles.
How the company plans to do this is unclear. But Waters said in the report that, “It has been, and will continue to be, an ongoing process of listening, learning and challenging ourselves to build trust and improve trust with our stakeholders, starting with our inspiring customers and dedicated associates committed to serving them every day.
Visuals from Victoria’s Secret’s Spring 2022 campaign.
Courtesy Photo Zoey Grossman
The report also noted that according to its “Internal Review of 2021,” Victoria’s Secret, in partnership with the nonprofit Fair Pay Workplace, found that 99 percent of its employees were paid equitably. “For the remaining 1 percent, we have made adjustments to procedures and compensation to address discrepancies.”
Other recent updates include enhanced governance for Victoria’s Secrets Global Ethics and Compliance Program, which includes modified photo-shoot procedures in an effort to protect models and other on-set workers. The retailer also created a Diversity, Equity and Inclusion Council, led by Chief Diversity Officer Lydia Smith and Chief Human Resources Officer Laura Miller, which sets the company’s DEI strategy and goals. Additional employee benefits include increased maternity leave, child care services and fertility services.
On the durability front, Victoria’s Secret reports sourcing 24 percent of its polyester and 11 percent of polyamide from recycled materials. The company aims to use only chemicals that are 100 percent certified Creation of a banned substance list for its main lingerie and apparel suppliers by 2030.
Victoria’s Secret Beauties Bombshell Sundrenched Eau de Parfum.
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In the beauty division, Victoria’s Secret said it continues to oppose animal testing and that no branded products, formulations or ingredients are tested on animals.
Victoria’s Secret is also investing in its community. The Victoria’s Secret & Company Foundation last year pledged $10 million to causes like Stella McCartney Cares Foundationresearch group Pelotonia and Victoria’s Secret’s Global Fund for Women’s Cancers and pink with purpose Scholarship. The company plans to contribute approximately $50 million over the next five years to charities promoting women’s health and leadership. Recently, Victoria’s Secret invested $7 million In businesses founded and led by women.
“While I am proud of our progress as a public company in a relatively short period of time, we know we are just getting started,” Waters said in the report. “We are doing this work consciously and focusing our efforts on how we can best support our partners, customers, shareholders and the planet. Above all, the one thing you can expect from me—and all of us at Victoria’s Secret & Co.—is radical transparency and a commitment to always do better.”
Originally published at Pen 18
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