The Lovesac Company has published its ESG & Impact Report for the fiscal year that concluded on February 4, 2024. The company is well-known for its Sactionals, The World’s Most Adaptable Couch. The company’s ongoing dedication to environmental sustainability, social responsibility, and governance (or “ESG”) is highlighted in this report.
Shawn Nelson, Chief Executive Officer, stated, “Lovesac’s commitment to sustainability and responsible business practices is at the heart of our operations. We are dedicated to creating products that are Designed for Life, reducing our environmental impact, and fostering a culture of integrity and responsibility. Our ESG pillars of Earth, Love, and Purpose guide us in making decisions that benefit our customers, associates, shareholders, and the communities we serve. As we look to the future, we remain committed to leading by example and inspiring positive change in our industry. Together, we can create a brighter, greener, and more sustainable world for generations to come.”
Aspects of the Building Products and Furnishings and Multiline and Specialty Retailers & Distributors standard from the Sustainability Accounting Standards Board (SASB) are the foundation of Lovesac’s ESG framework. In order to match Lovesac’s strategic purpose with international social and environmental priorities, the plan also draws inspiration from the Sustainable Development Goals of the UN. Lovesac’s progress toward achieving their long-term environmental, social, and purpose-driven goals is detailed in this most recent ESG report.
Key highlights include:
The three main pillars that Lovesac identifies as Earth, Love, and Purpose are the focus of ESG objectives. Plans for ESG advancements in these fields over the next 20 years are covered in the paper.
LOVE: Lovesac keeps promoting a culture that values and honors each person’s unique experiences, convictions, backgrounds, skills, and abilities. Lovesac has made significant strides toward increasing the number of women in leadership positions, with 48% of them holding such positions in Fiscal 2024.
EARTH: With the help of a collaboration with REPREVE®, Lovesac has pledged to recycle one billion plastic bottles into the fabric and materials of its products. Through the cooperation, over 240 million bottles were recycled into Lovesac product fabrics and materials by the conclusion of Lovesac’s fiscal year 2024.
PURPOSE: Lovesac is constantly working to uphold the confidence of its clients, partners, shareholders, staff, and communities. Integrity is the foundation of this trust. The integrity of our brand is strengthened when all employees at Lovesac adhere to strict regulations. The company is adding new shipping and storage providers to its Sustainable Supply Chain initiative. The Company’s suppliers are dedicated to producing goods of lasting quality that meet the high performance criteria we set for them because it views its partnerships as a long-term investment, just like it does its products.
The report highlights the company’s ongoing objective of achieving net-zero waste and emissions by 2040, as well as its Designed For Life principles, which focus on innovation and invention to provide more premium, sustainably produced product platforms in various living space categories.
This report, which is Lovesac’s fourth annual ESG report, is a component of the company’s multi-phased ESG commitment to provide benefits to its suppliers, customers, associates, communities, and stakeholders. Through a series of ESG reports, Lovesac intends to pursue its ESG priorities and provide updates on their status.
The Lovesac 2024 ESG Report is now available on the Company’s website at https://investor.lovesac.com/esg
