PVH Corp. awarded 2018 U.S. Secretary of State’s Award for Corporate Excellence for sustainable business practises overseas
PVH Corp., the apparel giant behind stylish brands like Calvin Klein, Tommy Hilfiger, and Van Heusen, is one of only two companies awarded the 2018 U.S. Secretary of State’s Award for Corporate Excellence. This award is one of the country’s most prestigious, and is given to companies that embody high standards of responsible business conduct. In PVH’s case, that means its sustainable operations Hawassa, Ethiopia.
PVH Corp.’s share price has edged up over the last five days
SOURCE: Yahoo Finance
PVH is the lead investor in a ‘best-in-class’ apparel manufacturing facility in the region, and a press release described the U.S. award as being given in recognition of “the company’s unwavering commitment to people, the environment and the communities where it operates.”
In a statement, the company’s chairman, Emanuel Chirico, said: “We are in a unique position to make positive impacts in the places around the world where we work and live. One of those places is Ethiopia, where we set out almost five years ago to create a sustainable, vertically integrated, apparel manufacturing industry.”
The award is a powerful indicator that PVH Corp’s vision for Africa, which it set out with key suppliers in 2014, is coming to fruition. That future may be just around the corner, with the Hawassa Industrial Park expected to contribute 60,000 jobs over the next few years. Importantly, the company wants its involvement in the country to benefit the people that live there – as well as its bottom line.
Chirico continued: “Today, we are seeing our vision come to life at the Hawassa Industrial Park. We have focused on protecting the local environment, using sustainable energy and ensuring sufficient supplies of clean water. Creating a safe and inclusive workplace is also a priority, which provides real opportunities for the residents of the surrounding area. We are honoured to receive this award and are proud of the operation we have established there.”
In a statement, the U.S. State Department left no doubt as to the reason behind its decision in PVH’s favour. It said: “The ultimate goal for PVH’s model industrial park is to provide a better future not only for the workers and their families, but also to inspire responsible industrialization across Ethiopia for the betterment of its entire population and the creation of a new market for U.S. goods.”
Dominion holds PVH Corp. in its Global Trends Luxury Fund.
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