HSBC Bank, the world’s leading trade bank, and PVH Corp,a leading global fashion company, announced the first sustainable supply chain finance programme that is tied to both environmental and social objectives, and is based on suppliers’ sustainability ratings.
The partnership with HSBC provides PVH’s suppliers with access to critical funding based on a set of science-based environmental targets, as well as a series of social elements, including a healthy and safe working environment, compensation and benefits and employment issues, such as forced labour, child labour and harassment and abuse.
The programme demonstrates PVH’s long-standing commitment to driving sustainable business by continuously improving and protecting the environment and human rights across their global supply chain.
“We are proud to leverage our international and sustainability expertise to help one of the world’s largest apparel companies make progress against their ESG goals,” said Marissa Adams, Regional Head of Global Trade and Receivables Finance for HSBC North America.
“PVH’s commitment to environmental stewardship and enhancing human rights in our supply chain is core to our Forward Fashion strategy. The availability of accessible financing is pivotal to ensuring our suppliers are empowered to invest back into their businesses and people, and contribute to our collective goal of creating an innovative and responsible global supply chain,” said Sarah Clarke, PVH’s Chief Supply Chain Officer.
Suppliers progress will be measured against PVH’s Human Rights and Environmental Supply Chain standards and performance assessment standards will be measured using industry-aligned tools. These include the Social Labor Convergence Program (SLCP), which measures a facility’s performance against human rights and labour standards, and the Sustainable Apparel Coalition’s (SAC) Higg Facility Environmental Module, which assesses environmental standards.
HSBC will act as a key financing partner in providing capital based on these trusted standards and building on the bank’s established expertise in sustainable supply chain finance programmes that drive progress.
