Business
The Lovesac Company Publishes 2022 ESG Report
STAMFORD, Conn., Dec. 19, 2022 (GLOBE NEWSWIRE) -- The Lovesac Company (Nasdaq: LOVE) (“Lovesac” or the “Company”), the home furnishing brand best known for
About this update from The Lovesac Company
[{"type":"text","content":"STAMFORD, Conn., Dec. 19, 2022 (GLOBE NEWSWIRE) -- The Lovesac Company (Nasdaq: LOVE) (“Lovesac” or the “Company”), the home furnishing brand best known for its Sactionals, The World's Most Adaptable Couch, has released its Environmental, Social & Governance (“ESG”) Report for the 2022 fiscal year. The report highlights Lovesac’s priorities and initiatives on environmental stewardship, social commitments, corporate governance, and community service. Shawn Nelson, Chief Executive Officer, stated, “Lovesac’s commitment to ESG responsibility and accountability is fundamental to how we operate the business and create value for our customers, associates, shareholders, and communities that we serve. We aim to become a trailblazer in ESG terms within our industry. Our entire business philosophy is anchored in creating designed for life sustainable products and building a circular business model. We’re very proud to share our continued integration of ESG policies and procedures into the culture of the organization as well as the way we conduct business in order to closely align our interests with our stakeholders. Going forward, we remain committed to minimizing our environmental impact, generating stakeholder value, and incorporating thoughtful governance in everything we do.” Lovesac’s ESG framework relies on aspects of the Sustainability Accounting Standards Board (SASB) Building Products and Furnishings and Multiline and Speciality Retailers & Distributors standard. The strategy also takes inspiration from the United Nations Sustainable Development Goals to align Lovesac’s strategic purpose with global social and environmental priorities. This latest ESG report includes Lovesac’s first disclosure of the Company’s operational emissions footprint, which is calculated in accordance with the Greenhouse Gas Protocol Corporate Accounting and Reporting Standard. Key highlights include: Release of long-term targets for Diversity Equity and Inclusion at the Company’s highest leadership levels. Lovesac aims to increase representation of women in leadership roles to 50% and increase BIPOC representation in leadership to 30%.The Company has baselined its emissions from internal operations and electricity consumption (Scope 1 & 2) and published a roadmap to reach Zero Emissions by 2040. Lovesac has committed to repurpose 1 billion plastic bottle...