The Hut Group sets out new sustainability strategy

THG’s share price plunged by a third in the hours following its Capital Markets Day yesterday
THG owns a range of online beauty and nutrition brands including Lookfantastic and Myprotein.

The Hut Group (THG) has set out a sustainability strategy to offset all of its historical emissions within the next four years.

The initiative is called THG x Planet Earth, and will be focused on three pillars linked to the UN Sustainable Development Goals – protecting climate and nature; strengthening its supply chain and circularity; and empowering people and communities.

The online beauty retailer also committed to transitioning to 100 per cent renewable electricity for its own operations by 2025, as well as switching to 100 per cent recyclable, reusable or compostable packaging.

READ MORE: The Hut Group preps to list its beauty division as profits soar

THG has pledged to drive change among its partners, with half of its suppliers and THG Ingenuity partners to set carbon-reduction targets by 2025.

The strategy will also outline its goal to protect human rights and eliminate modern slavery by implementing a dedicated policy by 2023.

All suppliers will commit to the group’s ethical sourcing standards by 2025.

THG said it will be paying all direct staff, agency workers and contractors a living wage by 2025.

It aims to achieve 50 per cent gender equality, at least 15 per cent ethnic minority representation on the board and within the senior leadership team by 2030.

From 2022, THG founder and chief executive Matt Moulding, members of the executive board and its senior leadership team will each be set relevant objectives linked to sustainability, the achievement of which will impact their remuneration.

“Publishing our goals is our first step, and next year we will publish our roadmaps to achieving each milestone target towards 2030,” Moulding said.

“We have always been fast-paced, agile and responsive to changes in the market, and our sustainability strategy is no different – while we have our sights set on the year 2030, we will certainly do our best to achieve more and work in partnership with others to accelerate the pace of positive change.

“Events in 2020 and 2021 have demonstrated both the immensely powerful and unpredictable nature of Planet Earth and the unity, collaboration, resilience and desire from society to build a better future.

“Our vision is to leave the world a better place than we found it. It will take real responsibility and commitment from every one of our people, suppliers and supporters, working in partnership to help us achieve our shared goals.”

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