Fossil Group, Inc. Releases 2021 Corporate Sustainability Report
RICHARDSON, Texas, Aug. 22, 2022 /PRNewswire/ -- Fossil Group, Inc. (NASDAQ: FOSL) (the "Company" or "Fossil Group") today released its 2021 Corporate Sustainability Report highlighting the Company's commitments and progress on environmental, social and governance (ESG) initiatives for the 2021 calendar year.
In the past year, Fossil Group has worked to broaden further and articulate the company's corporate responsibility. Through Make Time for Good, the Company's corporate responsibility framework for managing ESG, Fossil Group is increasing collaboration with critical stakeholders, creating ESG goals that reflect the current reality and evolving priorities, and working to reduce the environmental impact of a number of its products, while supporting the Company's communities and employees. Make Time for Good is made up of three overarching initiatives — Good for the Planet, Good for Communities, and Good for Our People.
Good for the Planet
Fossil Group's Good for the Planet commitments prioritize transforming to a low carbon business model, reducing the Company's environmental impact, and creating more responsible products. During the 2021 calendar year, Fossil Group partially achieved traceability in its handbag and small leather goods categories, representing 10% of the Company's total vendor base. Additionally, over 25% of Fossil Group packaging now contains recycled materials and 20% of the Company's packaging can be recycled or reused. Fossil Group's net-zero roadmap is underway in partnership with the Science-Based Targets initiative (SBTi).
Good for Communities
Fossil Group champions the Company's employees to be a force for good in the Company's global communities. Since its inception, the Fossil Foundation has donated over $30 million globally and positively impacted the lives of over 2.6 million underserved youth worldwide. One percent of all fossil.com e-commerce sales goes to support Fossil Foundation. Additionally, in 2021, Fossil Group achieved a 73% score on the Women's Empowerment Principles Assessment.
Good for our People
Fossil Group believes that together the Company is capable of even greater innovation, collaboration, and creativity. In 2021, the Company launched workshops to teach Company leaders how to create more inclusive environments and achieved a 14% increase in female leadership. The Company added DE&I goals to the Executive Leadership Team's performance review and compensation plans. Fossil Group also received a 100% score on the Human Rights Campaign Corporate Equality Index.
"For over 35 years, Fossil Group has designed and created accessories that bring joy to consumers and help people live lives to the fullest," said Kosta Kartsotis, Chairman and Chief Executive Officer, Fossil Group. "Prioritizing our ESG initiatives is a natural extension of our Company's legacy to create better products that are not only high quality, but that also leave a lighter environmental footprint and support the livelihoods of people who design and produce them."
The report's structure and disclosures align with the Global Reporting Initiative (GRI) and Sustainability Accounting Standards Board (SASB) frameworks. Fossil Group has also used the Task Force on Climate-related Financial Disclosure (TCFD) recommendations to inform our disclosures on climate-related risks and the United Nations Sustainable Development Goals (SDGs) to inform our programmatic initiatives.
For more information about Fossil Group's 2021 Corporate Sustainability Report, including recent news and program highlights, please visit our corporate website, FossilGroup.com/Sustainability.
About Fossil Group, Inc.
Fossil Group, Inc. is a global design, marketing, distribution and innovation company specializing in lifestyle accessories. Under a diverse portfolio of owned and licensed brands, our offerings include traditional watches, smartwatches, jewelry, handbags, small leather goods, belts and sunglasses. We are committed to delivering the best in design and innovation across our owned brands, Fossil, Michele, Relic, Skagen and Zodiac, and licensed brands, Armani Exchange, Diesel, DKNY, Emporio Armani, Kate Spade New York, Michael Kors, PUMA and Tory Burch. We bring each brand story to life through an extensive distribution network across numerous geographies, categories and channels. Certain press releases and SEC filing information concerning the Company is also available at www.fossilgroup.com.
Forward-Looking Statements
This press release contains statements that are, or may be deemed to be, "forward-looking statements." Forward-looking statements are prospective in nature and are not based on historical facts but rather on current expectations and projections of the management of Fossil Group, Inc. about future events, and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. All statements other than statements of historical facts included in this press release may be forward-looking statements. Without limitation, any statements preceded or followed by or that include the words "plans," "believes," "expects," "intends," "will," "should," "could," "would," "may," "anticipates," "might" or similar words or phrases, are forward-looking statements. These forward-looking statements are not guarantees of future financial performance. Such forward-looking statements involve known and unknown risks and uncertainties that could significantly affect expected results and are based on certain key assumptions, which could cause actual results to differ materially from those projected or implied in any forward-looking statements. These risks, uncertainties and other factors are set forth in the reports that the Company files from time to time with the U.S. Securities and Exchange Commission, including the Company's Annual Report on Form 10-K for the fiscal year, ended January 1, 2022. Any forward-looking statement in this press release speaks only as of the date made and the Company disclaims any obligation to update or revise any forward-looking or other statements contained herein other than in accordance with legal and regulatory obligations.
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SOURCE Fossil Group, Inc.
