V-Mart on the path to sustainability
We are on a sustainable journey that encompasses Environmental, Social, and Governance (ESG) principles. Our commitment to responsible business practices and enduring sustainability is integral to our strategy and culture.
We prioritize sustainable impact, not just through retail, but in our commitment to a better world. Exploring to embrace our ESG principles and the initiatives that drive our commitment to a better, more responsible future.
Our commitment to achieving a sustainable world is typically guided by our Sustainability Strategy’s four core principles.
Strengthening corporate governance
A strong corporate governance plays a vital role in driving our corporation’s sustainable growth and in creating long-term value for our shareholders. We do this by adding value for every stakeholder involved. Our corporate governance model is anchored in ethical business practices, unwavering integrity, and a strong commitment to our core values. These principles are instrumental in building and maintaining the trust of our stakeholders.
In pursuit of this commitment, we have laid out a comprehensive ESG (Environment, Social, and Governance) framework and have put in place robust reporting systems.
The collaboration of our cross-functional teams in project planning has provided valuable insights into our current reporting status and the progress we’ve made toward achieving our ESG objectives.
Sustainable fashion and supply chain
To ensure sustainability in the fashion industry, our focus includes reducing non-renewable source consumption and promoting sustainable products. To enhance our product sustainability, we have initiated lots of steps that are economically, environmentally, and socially sustainable. Initiatives have been given towards vendor registration, where priority is given to the four-pillar sedex firm, vendors who are associated with the CETP (central effluent treatment plant), and those with sustainable mindsets. V-Mart is continuously engaging vendors to maintain the commitment and movement. All goods that come from vendor factories are compliant with sourcing guidelines.
We collaborate with vendor partners to enhance water efficiency and actively pursue recycling efforts. We regularly engage with our vendor partners to help them develop corrective action plans and improve their performance. The company’s sustainability leap involves creating a minimum of 5 lakh pieces every year using recycled materials, minimizing waste and raw material demand. Also targeted is for 30% of products by volume to have at least one sustainability attribute by 2025.
These aspects will include recycled plastic, recycled polyester, sustainable packaging, and various other sustainable initiatives in its manufacturing process and in the finished product.
Further, we have introduced our eco-friendly V-Green range of fashion. It underscores our sustainability initiatives for our mother Earth from an environmental perspective, and we are making significant investments in promoting this as a key value proposition of the company.
Our unwavering commitment to sustainability propels us towards a continuous journey of improvement and innovation. We are dedicated to actively seeking opportunities that reduce waste, curtail energy consumption, and promote environment friendly initiatives, firmly aligned with our mission to protect the planet.
Our environmental sustainability initiatives revolve around energy, water, waste, packaging and resource optimization.
These are the areas where we focus our efforts, ensuring that our impact on the environment is positive and sustainable. Throughout our journey, we have implemented a diverse array of conservation and efficiency measures, reinforcing our dedication to reducing our environmental footprint.
We view Corporate Social Responsibility (CSR) as an opportunity to create stronger communities and to support future generations in building a brighter tomorrow.
Our focus on ensuring transparency and integrity in CSR program implementation has yielded desired outcomes, as it evident from the positive impact and large number of beneficiaries who have received scholarships, developed an interest in reading, benefitted from enrolment in a sports program, world class education infrastructure, education for children in remote, rural and street locations, skill development for differently abled candidates, music education for visually impaired children and various other programs.
We look forward to increasing the reach and impact of our CSR initiatives in the coming years, as we continue to lead our efforts for giving back to communities for its continuous socio- economic development.
Our contribution for sustaining environment
New stores equipped with energy efficient practices along with stringent processes in existing business operations to ensure optimum energy usage
Management- Rainwater harvesting started at HO which captured approx. 6.76 Lac liters and 7.40 Lac liters of discarded waste water reused.
Yearly sourcing more than 5 lacs pcs of recycled material and launched V-Green for sustainable fashion journey using 95% less water, 30% less energy, and emitting less than 30% CO2
Tech- led innovation
Tech solution implemented to minimize paper usage in overall ecosystem
Recyclable Carry bag
Used recycled material for customer’s shopping carry bag and eliminate internal plastic bags in online order deliveries
61% cartons are reused in supply chain – Saving over 2500 cartons everyday along with responsible disposal of scrap.
Corporate Social Responsibility
CSR programs positively impacted approx 2.3 lacs plus beneficiaries.