Synsam AB (publ)
Climate Impact & Sustainability Data (2021)
Reporting Period: 2021
Environmental Metrics
ESG Focus Areas
- Customer Responsibility
- Environmental Responsibility
- Social Responsibility
Environmental Achievements
- Established Synsam Recycling Outlet stores (13 new stores opened from December 2020 to February 2022), contributing to more circular flows and reduced waste.
- Sold over 20,000 Sea2See frames made from recycled ocean plastic, removing 40.4 tonnes of plastic from the oceans.
- Initiated 'Made in Sweden' initiative to move glasses frame production from Asia to Sweden, aiming to reduce carbon footprint and improve sustainability.
Social Achievements
- Distributed around 34,500 pairs of free activity glasses to children through the ‘Everyone should see!’ initiative.
- Maintained a high percentage of women employees (approximately 82% in 2021).
- Launched Synsam Hearing, offering hearing tests and hearing aids in selected stores.
Governance Achievements
- Updated company's materiality analysis based on discussions with internal and external stakeholders.
- Implemented a Code of Conduct based on UN Universal Declaration of Human Rights, ILO Declaration, and UN Global Compact.
- Listed on Nasdaq Stockholm's Mid Cap list.
Climate Goals & Targets
Medium-term Goals:
- 50 percent of the House Brand assortment to be sustainable by 2026.
- 50 percent of in-house produced frames and cases to be made from recycled and/or eco-materials by 2026.
- At least 85 percent of employees to be motivated and proud, sharing company values by 2026.
Short-term Goals:
- At least 90 percent of customers to be ‘satisfied’ or ‘very satisfied’ by 2026.
Environmental Challenges
- COVID-19 restrictions negatively impacted customer traffic, particularly in Denmark and Norway.
- Competition in the Danish market.
- Shortage of licensed opticians.
Mitigation Strategies
- Closely monitoring the development of COVID-19 and implementing necessary measures.
- Focusing on establishing more directly-owned Synsam stores in Denmark.
- Actively working to attract more opticians to join the Group and partnering with Karolinska Institutet.
Supply Chain Management
Supplier Audits: 90 full-day visits carried out to ensure compliance with BSCI requirements in 2021.
Responsible Procurement
- BSCI Membership
- Supplier Code of Conduct
Climate-Related Risks & Opportunities
Opportunities
- Development of energy-efficient products and sustainable production methods.
Reporting Standards
Frameworks Used: GRI
UN Sustainable Development Goals
- Goal 3: Good health and well-being
- Goal 12: Responsible consumption and production
Synsam supports the UN Sustainable Development Goals (SDGs), focusing on Goal 12 and Goal 3.
Sustainable Products & Innovation
- Synsam Sport
- Circular Collection
- Sea2See Collection
- Eco-acetate in new production center
Awards & Recognition
- Sweden's most sustainable brand in the optics industry (Sustainable Brand Index, 2021)
- Sustainability Initiative of the Year in the Retail Awards 2021