The impact of gender diversity to achieve the ESG performance: an empirical. Analysis in the fashion and beauty sector

This study investigates the correlation between gender diversity and the attainment of ESG (Environmental, Social, and Governance) objectives within the fashion and beauty sector, using the ESG Perception Index (Cambrea et al., 2023) as an evaluative tool. The importance of ESG factors has grown significantly across industries, with stakeholders demanding sustainable practices and responsible resource management. The fashion and beauty industry, given its vast audience and global impact, is no exception. In academia, the integration of ESG factors in this sector has been extensively analysed, focusing on ethical implications and sustainability (Niinimäki et al., 2020). Environmental sustainability in fashion necessitates rethinking production and consumption models towards circular practices (Niinimäki et al., 2020), while social sustainability demands fair working conditions throughout the supply chain (Joergens, 2006). Governance in this industry can positively influence sustainability practices (Henninger et al., 2016). ESG initiatives are seen as adding value to fashion and beauty companies by enhancing brand image, fostering innovation, and bolstering long-term resilience (Klettner, et al., 2014). Research, such as that by Eccles, Ioannou, and Serafeim (2014), indicates a positive correlation between sustainable practices and financial performance. This study particularly examines female leadership dynamics, board gender diversity, and corporate diversity policies (Cosentino and Paoloni, 2021) to understand their impact on the ESG Perception Index and corporate sustainability. Empirical methodology, involving data collection and statistical analysis (Dal Mas and Paoloni, 2020), is employed on a representative sample of fashion and beauty companies. Initial findings suggest that companies with greater gender diversity perform better on the ESG Perception Index (Gurol and Lagasio, 2023) and that women in decision-making roles positively affect ESG perception (Issa and Hanaysha, 2023). The novelty of this study lies in its focus on the ESG Perception Index and its analysis of the link between gender diversity and ESG objectives in the fashion and beauty sector (Nicolò et al., 2022). While acknowledging limitations such as sample size and representativeness (Wan Mohammad et al., 2023), preliminary results indicate a positive influence of gender diversity on the ESG Perception Index in this industry. This underscores the importance of inclusive policies and diverse leadership for enhancing sustainability perceptions and achieving long-term benefits in reputation and financial performance, as measured by the ESG Perception Index (Yadav and Prashar, 2023).