May 31 2022
What are the biggest ESG risks in fashion today?
Randy Rankin, Eurofins Consumer Products Assurance Global Client Development Director for North America discusses the current key environmental, social, and governance risks facing the global textile and apparel industry. Rankin tells our host, Philip Berman, how he believes that new and proposed legislation on the fashion industry – on both sides of the Atlantic – are the key developments that should be concerning global brands right now. He cites the EU Corporate Sustainability Due Diligence Directive, as well as similar national moves in countries such as France and Germany, as key examples. These laws aim to make companies legally responsible for environmental and human rights issues in their global supply chains and to make it much easier for victims to seek legal redress. Rankin also talks about the proposed New York Fashion Act, which would require larger companies operating in New York to map out at least half of their supply chains, from raw materials to final product. And he mentions the Uyghur Forced Labour Prevention Act, which bans US imports of products, such as cotton, from the Xinjiang region of China unless proof can be provided that they were not the result of forced labour. Rankin says the trend towards legislation is a new development in the industry where concern over supply chain issues has been traditionally driven by reactions to major incidents, such as the Rana Plaza disaster. However, he feels increasing concern by both consumers and – crucially – investors are creating a new landscape where legislators are demanding more transparency from the industry's often opaque supply chains. If you want to contact Randy he can be reached on +1 717 719 0287 (if you are outside the US) or emailing email@example.com