LVMH Reports Achievement of 2023 Environmental Goals Under LIFE 360 Plan
LVMH announced the achievement of its LIFE 360 environmental plan's 2023 targets, covering creative circularity, biodiversity, climate, and traceability.
LVMH, the luxury goods conglomerate, has reported the successful attainment of several environmental objectives set for 2023 as part of its LIFE 360 initiative. The plan, launched in 2021 with targets extending to 2030, is structured around four key pillars: Creative circularity, Biodiversity, Climate, and Traceability & Transparency.
In the realm of creative circularity, LVMH has established new circular services, including repair and care task forces across several of its Maisons. For instance, Louis Vuitton repairs approximately 600,000 products annually, while 79% of Berluti's leather goods are repairable. RIMOWA offers a lifetime guarantee on its luggage, and Le Bon Marché extends product lifespans through alteration and repair services for watches and shoes. The Group has also created the LVMH Circularity ecosystem to consolidate reuse and recycling expertise.
Regarding biodiversity, the Group continues its efforts towards a goal of regenerating five million hectares by 2030, building on the 1.37 million hectares achieved by the end of 2022. This involves regenerative agriculture programs globally and partnerships with environmental organizations. LVMH has also implemented a water efficiency plan aiming to reduce overall water consumption by 30% by 2030.
On climate action, LVMH has successfully decoupled its growth from its CO2 emissions between 2019 and 2022. Direct emissions (scopes 1 and 2) decreased by 11%, and indirect emissions (scope 3) reduced by 15% per unit of added value. The Group also surpassed its target of 10% energy consumption reduction over the past year.
In terms of traceability, LVMH is on track to meet its 2023 target for knowing the origin countries of strategic raw materials, with 95-100% of diamonds, wool, and leather products being traceable. The Group is deploying new tracking tools and aims for complete traceability by 2026. Additionally, LVMH is committed to training its employees on environmental fundamentals through its LIFE Academy.