This new program aims to implement a series of targeted actions that focus on reducing the upstream or downstream impact of the supply chain. Dubbed ‘Life 360 Business Partners’, the initiative serves as the group’s new compass to assist its suppliers, particularly in the areas of raw materials and transportation. Its goal is not only to reduce scope 3 emissions – representing 95% of the group’s carbon footprint – but also to curb water and biodiversity impacts, as outlined in LVMH’s official statement. Several brands under the LVMH umbrella have already committed to helping their suppliers transition to environmentally friendly practices across all ESG (environmental, social, and governance) criteria. As part of this new initiative, dedicated sessions will be held from 2024 onward to understand the environmental goals and needs of suppliers. Additionally, a knowledge-sharing portal will be established to exchange solutions, expertise, regulatory updates, knowledge, and environmental training programs.
Suppliers will gain access to the company’s Life Academy. Additionally, specialized working groups focusing on regenerative agriculture will be formed to facilitate the sharing of best practices among breeders and farmers. Notably, within the company, the purchasing department is taking proactive steps, collaborating with partners to devise strategies aimed at reducing carbon footprints.”Scope 3 emissions, mainly from raw materials and transportation, account for over 90% of our overall environmental footprint. These emissions encompass those arising from both the upstream and downstream aspects of our value chain, rather than from assets we own or control, making them the most challenging to reduce,” explained Hélène Valade, director of environmental development. “To achieve our ambitious scope 3 goals, which not only target carbon emissions but also address water and biodiversity impacts, supplier engagement is essential,” she emphasized.
Following recent announcements during Cop 28 regarding new partnerships and commitments, LVMH reasserts its commitment to environmental causes with this large-scale event held at the UNESCO headquarters. The event was attended by key figures such as the French minister of ecological transition and territorial cohesion, Christophe Béchu, the European commissioner for environment, oceans, and fisheries, Virginijus Sinkevičius, and the entire LVMH leadership team, including CEO Bernard Arnault and his son Antoine Arnault, responsible for image & environment at LVMH, alongside 500 executives, partners, and other industry stakeholders.This event marked the three-year review of its Life 360 plan, outlining the group’s objectives across four key areas—circularity, traceability, biodiversity, and climate preservation—set for 2023, 2026, and 2030. While the luxury giant is confident about meeting the 2026 and 2030 goals, the objective of achieving zero virgin fossil plastic by 2026 may require strengthened actions starting this year.Highlighting commendable practices implemented, the luxury leader, home to titans like Louis Vuitton, Christian Dior, Le Bon Marché, Sephora, and Moët & Chandon champagnes, cited initiatives such as repairing 600,000 Louis Vuitton products annually, reusing unsold materials, and fostering regenerative agriculture programs.
