What: Macy’s has committed to spend USD 5 billion by 2025 on efforts to ‘create a more equitable and sustainable future’.

Why it is important: The social purpose initiative plan ‘Mission Every One’ was created to drive social change in three main pillars for the upcoming years: communities, people, and the planet.

Macy’s has outlined their investment plan for each pillar:

•    People: will be investing in underrepresented designers, brands and partners across its namesake and Bloomingdale's brands. They will also invest in education benefits for their employees and boost minimum hourly pay to $15 per hour by May 1 of this year.

•    Communities: Macy’s has announced that they will be investing another USD 2 million to support scholarships for underrepresented youth in fashion, design and sustainability programs. Additionally, they will be donating more than USD 100 million to nonprofit organizations.

•    Planet: This pillar is focused on incorporating more sustainably sourced raw materials and fibers into its private brands, and investing in means of reducing, reusing and repurposing materials to eliminate waste.

Macy's stated that its movements towards a more inclusive future is "enterprise-wide" and that the company wants to leverage its position in the industry to make larger changes in the world.

Macy’s announces commitment to spend USD 5 billion on social responsibility efforts