What is Economy for the Common Good?
The common good is defined by the average degree of the well-being of each individual in society. The common good economy pursues the idea of an economic system which promotes the public welfare. The latter comprises such factors as human dignity, solidarity, environmental sustainability, social fairness and democratic participation.
Creating a common good balance sheet is a matter of the heart since the economic result of the company isn’t the sole priority for us.
“As a company and as entrepreneurs, we have a responsibility and a platform that we can and want to use to pursue not only capitalist goals and values.”
How does F&P apply the principles of the common good economy?
We build long-standing and trustworthy cooperation with predominantly European supply partners on the outlet stock clothing business which fulfil certain German and European standards. We categorically reject any cooperation with companies with doubtful production and working conditions. On the side of our B2B fashion branded whole sale partners, we attach great importance to sustainability and fair pricing. We treat our outlet and stock suppliers equally and do not discriminate against anyone. Problems (e.g. bad or under deliveries of stock clothing) are subject to a discussion aimed to find a shared solution between all the involved parts.
Owners and financial partners
Ethical and social impacts are a constitutive part of the Common Good Balance Sheet. Investments that take into account socio-ecological repercussions and contribute to secure jobs or to create new ones are a good way to create added value for society. Our equity ratio is 100%. Based on the vision of a sustainable and solid company, we decided to grow exclusively organically and not to collect any external funds. Our handling of funds is primarily needs-based and driven by a holistic perspective based on buying and selling of stock clothes per kilo. This is how we evaluate our decision making for or against a given investment. Our decision-making process is based not only on financial or efficiency gains, but also immaterial advantages for the employees.
Our company culture
Satisfied employees define the success of a company within and beyond the scope of the Common Good Balance Sheet. We consider our employees as entrepreneurs in their departments. The constant questioning of internal processes and free space for taking on personal responsibility are the cornerstones of our company philosophy.
Our company culture is dynamic, international, ambitious, serious, responsible. We encourage a constant exchange regardless of the hierarchical matrix. Our further pillars are a zero-tolerance attitude towards discrimination of “otherness”, flexible working hours, employee participation through the organizational principle of “Objective and Key-Results” and the F&P Sales Academy for talented international students.
From an ecological perspective, we try to be a role model for our employees. The management is constantly looking for measures to make our company more and more sustainable. For instance, we put a water dispenser and switched to organic fair-trade coffee.
We have transparent and fair pricing for both B2B clients and end-consumers. Besides, we support our B2B fashion and branded suppliers and clients in the development of recycling concepts, grant them access to a global network of retailers and offer support with customs regulations. On the logistics side, we recur to reusable pallets or collies.
We grant a second life cycle to the wholesale clothing and shoes cannot be sold anymore through the primary distribution channels. In this way, we actively minimize the waste of resources, thus mitigating the environmental impact of the fashion industry.
Apart from running our main business, we contribute to a better environment through the adoption of ecological office materials, ban of plastic bottles for employees, sensitive handling of resources at all levels. We make donations and foster charity projects. For instance, we supported both the local orphanage and the international project “Pink Ribbon” against breast cancer with a donation. in 2018 we began to regularly provide information about our company’s initiatives in our blog.
F&P’s ecological footprint
“We protect resources – every day! “The ecological footprint, which each of us leaves behind through, for example, riding a car, wearing a pair of jeans or drinking coffee in the morning, is a sensitive issue. Every product and service we use consumes scarce resources, such as energy and water. Our B2B wholesale clothing business model is mainly based on buying and selling excess inventories, liquidation pallets, customer returns and stock clothes – makes a significant contribution to the preservation of our planet. We face up to our responsibility and do our best to reduce the production of climate-damaging greenhouse gases.
production by 37
consumption by 13
Our Common Good Balance Sheet 2016
The common good balance sheet measures a company’s contribution to the common good. Based on the common good matrix, our company’s actions can be objectively assessed and at the same time compared to other companies.
You can download the full report here.