Victoria’s Secret & Co. to Maximize Supplier Diversity Efforts through Unique Programs
08 November 2023 - 11:45PM
Victoria’s Secret & Co. (NYSE: VSCO) is proud to further
its social impact and amplify its commitment to diversity, equity
and economic empowerment through its unique partnerships and
programs.
As part of this commitment, VS&Co is working closely with a
select group of minority-owned cotton farms in Northern Alabama,
including Bridgeforth Cotton, Larkin Martin Farm, Spruell Farms,
and Blythe Cotton Company. This initiative goes beyond raw
materials; it's a commitment to fostering meaningful connections
and positive change within the cotton farming community in the U.S.
By working with and compensating the farmers directly, VS&Co is
creating more economic opportunities for the minority-owned farms
with greater visibility into who is growing the cotton and how it
is grown. The cotton will begin to appear in the Victoria’s Secret
and PINK product assortment in summer 2024. To learn more, visit
our inaugural Cotton Impact Report.
“As we strive to create a better future for our organization and
our world, we are committed to embedding DEI in all facets of our
business, including in our supplier base,” said Dein Boyle, Chief
Operating Officer, VS&Co. “We are incredibly proud to be
bolstering this work by building transparent, direct relationships
with minority-owned cotton farms in the U.S. We have set out to
disrupt standard operating procedures in the global fashion
industry through these direct-to-farm relationships, ultimately
resulting in more money going straight to the farmers who can then
invest more in their businesses. We are at the beginning of this
journey and hope to continue to pave the way for the industry at
large.”
VS&Co will also host its second minority-business
matchmaking event, “The Chic Chemistry: The Art of Connections” on
November 8 in partnership with the Fifteen Percent Pledge. This
event is a testament to VS&Co's continued commitment to
diversity, equity and inclusion, forging meaningful relationships
with community members and supporting diverse suppliers to drive
innovation and support economic prosperity. The event at large
underscores the company’s dedication to maintaining its
commitments, as part of the Fifteen Percent Pledge.
The company has also pledged $10 million annually to fund causes
that matter most to its communities, associates, and customers with
a strong focus on supporting women, people of color, veterans,
individuals with disabilities, different age groups, and the
LGBTQIA+ community. To date, 66 percent of Victoria’s Secret’s
market collection partners are found, owned or led by women.
Through these initiatives, VS&Co is committed to making a
positive change in the world by consciously designing products and
working with partners who reflect the diverse communities in which
the company operates.
About Victoria’s Secret &
Co. Victoria’s Secret & Co. (NYSE: VSCO) is a
specialty retailer of modern, fashion-inspired collections
including signature bras, panties, lingerie, casual sleepwear,
athleisure, and swim, as well as award-winning prestige fragrances
and body care. VS&Co is comprised of market leading brands,
Victoria’s Secret and Victoria’s Secret PINK, that share a common
purpose of inspiring and uplifting our customers in every stage of
their lives, and Adore Me, a technology-led, digital-first
innovative intimates brand serving women of all sizes and budgets
at all phases of life. We are committed to empowering our more than
30,000 associates across a global footprint of approximately 1,350
retail stores in nearly 70 countries. We provide our customers with
products and experiences that make them feel good inside and out
while driving positive change through the power of our products,
platform, and advocacy.
Safe Harbor Statement Under the Private Securities
Litigation Reform Act of 1995 We caution that any
forward-looking statements (as such term is defined in the U.S.
Private Securities Litigation Reform Act of 1995) contained in this
press release or made by us, our management, or our spokespeople
involve risks and uncertainties and are subject to change based on
various factors, many of which are beyond our control. Accordingly,
our future performance and financial results may differ materially
from those expressed or implied in any such forward-looking
statements, and any future performance or financial results
expressed or implied by such forward-looking statements are not
guarantees of future performance. Forward-looking statements
include, without limitation, statements regarding our future
operating results, the implementation and impact of our strategic
plans, and our ability to meet environmental, social, and
governance goals. Words such as “estimate,” “commit,” “will,”
“target,” “goal,” “project,” “plan,” “believe,” “seek,” “strive,”
“expect,” “anticipate,” “intend,” “potential” and any similar
expressions are intended to identify forward-looking statements.
Information about risks and other factors that could cause actual
results to differ materially from those expressed or implied in any
forward-looking statements can be found in “Item 1A. Risk Factors”
in our 2022 Annual Report on Form 10-K filed with the SEC on March
17, 2023.
For further information, please contact:
Victoria’s
Secret |
|
Investor
Relations: |
Media
Relations: |
Kevin Wynk |
Brooke Wilson |
investorrelations@victoria.com |
communications@victoria.com |
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