Vipshop Releases 2023 Environmental, Social and Governance (ESG) Report
Tuesday, August 6, 2024
Adhering to brands discount retailing, co-creating a new sustainable life
GUANGZHOU, China, July 29, 2024 /PRNewswire/ -- Vipshop, a leading online discount retailer for brands in China ("Vipshop" or the "Company"), recently released its 2023 Environmental, Social, and Governance (ESG) Report (hereafter referred to as the "Report"). Vipshop took steps in 2023 to foster a low-carbon future, meet consumers' expectations for quality life, cultivate a diverse, equitable and inclusive talent ecosystem, and contribute to public welfare initiatives. Vipshop's goal is to collaborate closely with stakeholders to design, discover, and create a sustainable new life, according to the report.
In 2023, Vipshop continued to prioritize its energy conservation and carbon reduction initiatives, progressing toward its carbon neutrality goals--to achieve carbon neutrality in its own operations and a 50% reduction in Scope 3 carbon emission intensity, no later than 2030.
In its operations, Vipshop pursued emission reduction through a series of carbon mitigation measures, including photovoltaic (PV) power generation, the use of green electricity, and energy-efficient renovations. Notably, the Company's PV power has generated 58,355 MWh of electricity in 2023, equivalent to reducing approximately 32,000 tons of carbon dioxide (CO2) emissions.
Within its value chain, Vipshop championed green packaging and logistics, using more than 270,000 times of recycled cartons annually and collaborating with academic and research institutions to fund the R&D of biodegradable materials. Additionally, the Company optimized transportation routes and resource allocation, enhancing energy efficiency in logistics and subsequently reducing carbon emissions from certain suppliers.
The Company also unveiled the Vipshop Biodiversity Commitment, outlining a clear-cut strategy and action plans for engaging in biodiversity preservation. Notably, as a principal donor, Vipshop teamed up with The Nature Conservancy (TNC) to bolster the Beijing's Miyun Close-to-Nature Forest Management and Bird Habitat Optimization Project, fostering a new paradigm of harmonious coexistence between humanity and nature in the urban periphery.
In response to the growing consumer demand for high-quality and value-for-money products, Vipshop adopted a user-centric approach, curating an expansive selection of popular brands and authentic products through a dedicated global team of over 1,000 buyers. Furthermore, the Company worked closely with selected brands to develop merchandise specifically for the platform, known as "Made for Vipshop", to better differentiate its product offerings and provide exceptional value to customers.
In 2023, Vipshop formed a strategic partnership with China Certification & Inspection Group, further consolidating its product authenticity guarantees. Concurrently, Vipshop has enhanced the experience for its paid members, Super VIPs (SVIPs), by broadening the scope of benefits to include access to premium goods, improved services, and lifestyle privileges. The approach resonated with consumers, as evidenced by a 13% year-on-year increase in active SVIP customers to reach 7.6 million, accompanied by a notable uplift in membership renewal rates.
The Company also released the Commitment of Vipshop to Diversity, Equity, and Inclusion (DEI), aiming to advance workplace DEI culture on multiple fronts, including workforce diversity and fairness throughout the talent lifecycle.
Vipshop championed inclusivity for employees with disabilities, creating an equitable work environment through hardware enhancements and tailored disability-awareness training programs. By the end of 2023, the Company had 100 individuals with disabilities shining in the workplace. Additionally, Vipshop unveiled the Vipshop Women's Career Growth Report, empowering female colleagues to achieve personal and professional growth.
Vipshop invested over RMB 120 million in VIPer-home Apartment, offering employees secure and comfortable living spaces at about 90% off from market prices, significantly reducing their living expenses.
Vipshop intensified its efforts to empower women, revitalize rural communities, and innovate in internet-based public welfare initiatives by launching impactful initiatives such as V-Love Mothers, V-Love Charity, and the Langtou Village Rural Revitalization project. By the end of 2023, the Company's cumulative public welfare investments had reached RMB 719 million.
The Langtou Village Rural Revitalization project featured a variety of cultural endeavors, among them, ChunYangTai, HeChunZhu, the immersive digital exhibition "Painting China: A Journey of Calligraphy", and Lawn market fairs. The V-Love Mothers program has provided support to 174,000 single-parent families in need. In parallel, the For Westlake Women in Science program, backed by Vipshop, inspired young women to embrace scientific pursuits.
View Vipshop's 2023 Environmental, Social, and Governance (ESG) Report:
English version?
https://ir.vip.com/sustainability
Chinese version?
https://h5rsc.vip.com/esg/esg/index.html
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SOURCE Vipshop
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