What: Around a dozen companies have signed The Fashion Pact’s Collective Virtual Power Purchase Agreement.

Why it is important: The 12 chief executive officers have committed to procuring renewable electricity with the goal of getting to 100% renewable energy across their companies’ own operations by 2030.

Bally, Michael Kors and Versace owner Capri Holdings Ltd.; Ermenegildo Zegna Group; Farfetch; Ferragamo; Gucci, and Saint Laurent parent company Kering; Ferragamo; Prada Group; Calvin Klein and Tommy Hilfiger owner PVH Corp.; Ralph Lauren; Coach and Kate Spade parent company Tapestry Inc.; Under Armour, and Zimmermann have all signed The Fashion Pacts renewable energy initiative to help the fashion industry move toward more sustainable practices.

Kering, Capri Holdings, Tapestry and PVH sign renewable energy initiative