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HomeNews & ViewsTextile & ApparelPeta bought shares in 20 Luxury Businesses

Peta bought shares in 20 Luxury Businesses

People for the Ethical Treatment of Animals (PETA) has taken the opportunity to gain a large number of shares in major fashion brands with the current COVID-19 pandemic and its consequent effects on the fashion and retail market. PETA, whose activities are aimed at promoting and safeguarding animal rights, reported that it has acquired shares in about 20 companies including French retail giant Kering, Burberry, Ralph Lauren and Guess.

The aim behind this exercise is “to push fashion brands to stop using wool, mohair and cashmere,” the NGO said in a statement. According to the association itself, it frequently buys the minimum number of shares required to enable it to take part in a fashion companies’ decision-making meetings to allow it to influence business decisions and strategies from the inside.

The results of these meetings have also been quite impactful – for instance, after acquiring shares in Prada and Hermès, PETA’s USA branch took advantage of Farfetch’s initial public offering in 2018 to invest in the luxury e-commerce business in order to push it “to abandon fur”.

PETA has criticized the use of mohair and cashmere through surveys conducted in South Africa, China and Mongolia by the organization. Such surveys revealed the cruel abuse that farmers performed on goats and sheep while being shorn or taken to the slaughterhouse. PETA is also a shareholder in companies such as: Urban Outfitters, Under Armour, Deckers Outdoor Company and Capri Holdings, which includes Michael Kors, Jimmy Choo and Versace products.

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