Out ESG Goals and Progress
A growing number of consumers are looking to their favorite brands to engage in a deeper sustainability conversation, seeking evidence of heightened ethical and environmental responsibility. Lovesac aims to exceed those expectations by becoming a leader of conscious action within our industry. We’ve created targets to drive progress against each of our three impact pillars—Love, Earth, and Purpose.
Our Zero Waste and Zero Emissions Commitment
To us, the only measure of success is zero.
Diversity Equity and Inclusion
OUR DEI MISSION STATEMENT
Love. It’s the name we live up to.
We champion building meaningful relationships as we foster a culture that embraces and celebrates the experiences, beliefs, backgrounds, expertise, talent, and individuality of everyone. We purposefully and meaningfully weave DEI into every aspect of our business.
We seek to promote love, inclusion, and happiness in all that we do. #Lovematters
Fiscal 2023 Targets Summary
As an organization that places high value on our people, our customers, and our communities, ESG goal setting is essential to our future growth. We aim to be as transparent as possible to our stakeholders about our continued progress on these commitments. As with any new endeavor, we are continuously growing and learning on this journey. Changes in our direction or strategy related to any of our targets may be necessary to achieve the greatest positive impact.
The table below lists the long-term targets that we have committed to achieving. Notice that some targets may have different baseline reporting years. The baseline year is determined by the year when Lovesac began reporting data for the specified target. (This is not the complete list of our targets, which can be found in the full FY23 ESG and Impact Report)
Targets have been anchored with our top executives and are regularly reviewed by our Board of Directors.
1 We have updated the way that we calculate our DEI metrics compared to previous years. This new calculation includes only those associates who were with us through the last day of the reported fiscal year.
2 BIPOC stands for Black, Indigenous, and people of color
3 Leadership roles includes director level and above
4 Annual incident rate is a measure of the OSHA recordable injury rate
5 This data has been assured by a third-party to a limited level of assurance. For details, please refer to the assurance letter included in this report’s appendix.
6 FY23 is the baseline year for this target, so there is no% change to display
7 Certified sustainable wood includes wood and fiber materials that carry a certification for being ethically and/or sustainably sourced. Such certifications may include Forest Stewardship Council (FSC), Sustainable Forestry Initiative (SFI), Programme for the Endorsement of Forest Certification (PEFC), and others
8 Bottle count is rounded down to the nearest thousand bottles. We have also updated our methodology from last year to more conservatively account for possible duplication of some orders.
9 Includes Sactional inserts only
10 This measure is labeled as an approximation due to the range in recycled cardboard content of each batch produced. We estimate that 80% is the average amount of recycled content in Sactional Seat and Side boxes
11 Includes Sactional inserts only
12 FY23 is the baseline year that we began formally measuring this information for impact reporting, so there is no % change
13 We have updated our calculation methodology for measuring Ethical Supply Chain audit participation. In our FY22 report, participation was measured only for Primary Manufacturing Vendors (those who made up the top 95% of our production by volume). This year, we enhanced our audit processes and began with a new baseline of FY22 for audit tracking. From this year forward, our measurement will include all vendors, which is a better representation of the overall health of our audit program and follow our new tracking processes.