Gina Tricot Archives - SustainCase - Sustainability Magazine Insights on how you can protect the environment, maintain and increase the value of your company, through a structured CSR/Sustainability process with the use of the GRI Standards. Learn how Today's Best-Run Companies are achieving Economic, Social, and Environmental Success - and How You Can Too... Tue, 07 Mar 2023 07:20:54 +0000 en-US hourly 1 https://wordpress.org/?v=7.0.3 Case study: How Gina Tricot creates economic value for its stakeholders https://sustaincase.com/case-study-how-gina-tricot-creates-economic-value-for-its-stakeholders/ Wed, 08 Feb 2023 06:57:45 +0000 https://ccprowebs.com/new-sustaincase.com/?p=14736 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. 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, […]

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]]> 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

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:

“The reporting organization shall identify its stakeholders, and explain how it has responded to their reasonable expectations and interests.”

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:

 

78% of the world’s 250 largest companies report in accordance with the GRI Standards

SustainCase was primarily created to demonstrate, through case studies, the importance of dealing with a company’s most important impacts in a structured way, with use of the GRI Standards. To show how today’s best-run companies are achieving economic, social and environmental success – and how you can too.

Research by well-recognised institutions is clearly proving that responsible companies can look to the future with optimism.

7 GRI sustainability disclosures get you started

Any size business can start taking sustainability action

GRI, ISEP, CPD Certified Sustainability courses (2-5 days): Live Online or Classroom  (venue: London School of Economics)

  • Exclusive FBRH template to begin reporting from day one
  • Identify your most important impacts on the Environment, Economy and People
  • Formulate in group exercises your plan for action. Begin taking solid, focused, all-round sustainability action ASAP. 
  • Benchmarking methodology to set you on a path of continuous improvement

See upcoming training dates.
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:

https://www.ginatricot.com/cms/work/HALLBARHET/hallbarhetsrapport/hallbarhetsredovisning_2020_final.pdf

Note to Gina Tricot: With each case study we send out an email requesting a comment on this case study. If you have not received such an email please contact us.

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