What: LVMH has signed a three-year contract with Chinese developer Hang Lung Properties that will see the groups working together to reduce energy use and environmental impact.

Why it is important: As part of LVMH’s overall reduction plan, the group aims to measure and track energy consumption at its stores and source 70% of its materials within 300 miles of those stores in partnership with Hong Kong-based real estate developer Hang Lung Properties.

The Chinese developer will cut its energy consumption by 18% by 2025 across its 100 shopping malls.  This follows LVMH’s overall energy reduction plan, which aims to cut consumption by 10% worldwide by October 2023 while China aims for total carbon neutrality in 2060.

LVMH is currently seeking out similar agreements with property groups in the U.S. and Europe.

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