The next phase of Walpole's sustainability work is coming

According to our most recent Walpole member survey 90% of members now rank sustainability as a top three corporate priority, sitting alongside profitability and innovation. In addition, a focus on DE&I has increasingly become top-of-mind over the last two years. Members cited changes in consumer behaviour, regulation and leadership focus as having driven this increased prioritisation.

Across the Walpole membership, the majority of Walpole members have now implemented sustainability strategies following the launch of the Walpole British Luxury Sustainability Manifesto in 2020, with over 100% having appointed an executive responsible for sustainability or created internal, cross-functional working groups, reporting to the CEO or board. More specifically, greenhouse gases and carbon footprint, responsible sourcing, innovative material usage, and human rights are the main areas of focus – and 63% of members have now set Net Zero targets, with one fifth having signed up to Science Based Targets Initiative (SBTi).

Above are just a few highlights from the survey which has helped inform our work with McKinsey & Co. over the past six months as we have developed the second phase of our sustainability strategy and work. Combining the insights from this survey, feedback from 40-plus expert interviews and discussions in our working groups, we have been working with McKinsey & Co on four key areas to support our members moving into the future. These are:

• Revisiting the Walpole British Luxury Sustainability Manifesto to reflect the progress across the membership and wider sustainability agenda.

• Supporting members to navigate the pace of change in the regulatory environment, not just in the UK but in our key international markets including the EU, the US and China.

• A nature and biodiversity impact analysis for British luxury to understand the areas of greatest risk and opportunity.

• An assessment of how Walpole can continue to use our convening power and strength of community to drive forwards the sustainability agenda across the British Luxury sector.

During September and October, we will be sharing this work with our members through a series of virtual sessions (co-hosted with McKinsey & Co) and sharing insight from our member businesses. These sessions will be open to both the members in our sustainability working groups and to the wider membership. We’d love for you to be part of these conversations. Please join on the following dates:

• Walpole’s Sustainability Strategy and refreshed British Luxury Sustainability Manifesto – 19th September 10.30am – 11.30am

• A briefing on the last sustainability policies and regulations in the UK and our key export markets– 11th October from 10.30am – 11.30am

• Nature and Biodiversity Strategies and Impact Analysis – 17th October from 10.30am – 11.30am

To join these sessions, please email [email protected]

Through our survey and interviews we have had incredibly positive feedback about our working groups, over 150 members have been involved in the 80 sessions and we are hugely grateful to all of those that have been involved. In the next stage of our sustainability work our working groups are moving to become topic focused sessions, which will be open to all members, and these will be schedule from January and taking place virtually on a monthly basis.

Further information on the working groups, topics and speakers will be shared in the autumn.

> If you would like any more information on Walpole's sustainability work, please email [email protected]