PVH Corp looks to “preserve and protect” global water resources with WWF partnership
Luxury heavyweight PVH Corp, the parent company of some of the world’s most iconic brands, like Tommy Hilfiger and Calvin Klein, is partnering with the World Wildlife Fund (WWF) to “preserve and protect” water resources in “key sourcing communities” for PVH’s business. According to an announcement from the company earlier this week, the WWF will also “work with PVH to develop its water stewardship strategies and connection points to other sustainability matters.” The partnership is scheduled to last for three years.
PVH Corp’s share price has risen by 19% so far this year
SOURCE: Yahoo Finance
Under this new partnership, PVH and the WWF will be working together to conserve freshwater resources in Lake Hawassa (Ethiopia) and the Cauvery River basins (India). It’s not the first time they’ve partnered to help the planet, having previously worked together in China and Vietnam. In these new locations, PVH and WWF will work to identify water risks and advance conservation in local communities.
Melanie Steiner, PVH’s chief risk officer, said: “PVH is excited to announce our partnership with leading environmental nonprofit organization WWF and reinforce our commitment to safeguarding and preserving water resources in our sourcing communities. Access to safe water is a human right that is essential for communities to thrive. Water is used at every stage of our product lifecycle. As one of the largest global apparel companies, we recognize the opportunity and our responsibility to take a lead role in addressing this pressing global issue.”
Sheila Bonini, WWF’s senior vice president, added: “As major trends like urbanization, population growth and climate change exacerbate existing water issues, water is not only an urgent environmental issue but also a risk to business. Water stewardship partnerships like the one with PVH are a commitment to the management of shared water resources in the public interest.”
Dominion holds PVH Corp in its Global Trends Luxury Fund.
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