Dior fell behind on UK's supply chain disclosures

illuminem summarizes for you the essential news of the day. Read the full piece on Reuters or enjoy below:

🗞️ Driving the news: Dior, part of LVMH, recently updated its supply chain disclosures on its UK website after being behind on requirements mandated by the UK's Modern Slavery Act
• The brand had previously displayed outdated anti-slavery statements and an invalid sustainability certification

🔭 The context: The Modern Slavery Act requires companies with significant UK turnover to publish annual statements on combating forced labor
• Dior faced scrutiny for outdated disclosures and was prompted to update its statements following inquiries by Reuters, highlighting the need for continuous compliance and transparency

🌍 Why it matters for the planet: Accurate and up-to-date disclosures are crucial for holding companies accountable for their supply chain practices
• This helps in combating modern slavery and ensuring sustainable and ethical operations, aligning with broader ESG goals

⏭️ What's next: Dior plans to implement a training course to raise awareness of modern slavery among employees
• LVMH has committed to intensifying supply chain audits and controls, responding to both regulatory requirements and increasing investor pressure for greater oversight

💬 One quote: “We have been preparing an up-to-date modern slavery statement, which...has now been published on our website.” — Dior's statement to Reuters

📈 One stat: In 2020, Britain's Home Office estimated that 83% of eligible organizations complied with the Modern Slavery Act

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