Case study: How Gina Tricot creates economic value for its stakeholders
Gina Tricot AB is a fashion company that sells women’s fashion in many forms: clothing, jewellery, accessories, cosmetics, children’s wear, and home décor. Launched in Sweden in 1997, Gina Tricot now has stores in Sweden, Denmark, Finland, and Norway. Creating sustainable economic value for all its stakeholders, is a key priority for Gina Tricot. Tweet This!
This case study is based on the 2020 Sustainability Report by Gina Tricot, prepared in accordance with the GRI Standards, that can be found at this link. Through all case studies we aim to demonstrate what CSR/ ESG/ sustainability reporting done responsibly means. Essentially, it means: a) identifying a company’s most important impacts on the environment, economy and society, and b) measuring, managing and changing.
Abstract
Gina Tricot seeks to meet the expectations of all its stakeholders and generate value for all, including employees, communities, and others. In order to create economic value for its stakeholders Gina Tricot took action to:
- create economic value for employees
- create economic value for governments
- support communities
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With this case study you will see:
- Which are the most important impacts (material issues) Gina Tricot has identified;
- How Gina Tricot proceeded with stakeholder engagement, and
- What actions were taken by Gina Tricot to create economic value for its stakeholders
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What are the material issues the company has identified?
In its 2020 Sustainability Report Gina Tricot identified a range of material issues, such as anti-corruption, energy and air emissions, product responsibility, non-discrimination, diversity and gender equality. Among these, creating economic value for its stakeholders stands out as a key material issue for Gina Tricot.
Stakeholder engagement in accordance with the GRI Standards
The Global Reporting Initiative (GRI) defines the Principle of Stakeholder Inclusiveness when identifying material issues (or a company’s most important impacts) as follows:
Stakeholders must be consulted in the process of identifying a company’s most important impacts and their reasonable expectations and interests must be taken into account. This is an important cornerstone for CSR / sustainability reporting done responsibly.
Key stakeholder groups Gina Tricot engages with:
To identify and prioritise material topics Gina Tricot engaged with its stakeholders through the following channels:
Stakeholder Group | Method of engagement |
Students | · Lectures · Projects · Thesis interviews · Internship |
Experts & Researchers
| · Ongoing dialogue through network meetings, projects, collaborations |
Customers
| · Dialogue on a daily basis through various channels, such as customer service, stores, online, and social media |
Suppliers
| · Regular visits to suppliers · Supplier evaluation |
Employees | · Continuous discussions through surveys, meetings |
Owners & board of Directors | · Meetings e.g. Board meetings
|
Others (governments, media, NGOs)
| · Projects · Collaboration forum · Interview |
What actions were taken by Gina Tricot to create economic value for its stakeholders?
In its 2020 Sustainability Report Gina Tricot reports that it took the following actions for creating economic value for its stakeholders:
- Creating economic value for employees
- In 2020, Gina Tricot paid 271 million SEK for employee wages and benefits.
- Creating economic value for governments
- In 2020, Gina Tricot paid 72 million SEK in taxes.
- Supporting communities
- In 2020, Gina Tricot spent 3 million SEK in community investments.
Which GRI Standards and corresponding Sustainable Development Goals (SDGs) have been addressed?
The GRI Standard addressed in this case is: Disclosure 201-1 Direct economic value generated and distributed
Disclosure 201-1 Direct economic value generated and distributed corresponds to:
- Sustainable Development Goal (SDG) 8: Decent Work and Economic Growth
- Targets: 8.1, 8.2
- Sustainable Development Goal (SDG) 9: Industry, Innovation and Infrastructure
- Targets: 9.1, 9.4, 9.5
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References:
This case study is based on published information by Gina Tricot, located at the link below. For the sake of readability, we did not use brackets or ellipses. However, we made sure that the extra or missing words did not change the report’s meaning. If you would like to quote these written sources from the original please revert to the following link:
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