Fifteen luxury firms develop roadmap to address hazards

The report, titled Disrupting Luxury: Creating Resilient Businesses in Times of Rapid Change, was developed through a groundbreaking collaboration between members of BSR’s Responsible Luxury Initiative (ReLI). The initiative provides a platform for all luxury sector companies to discuss, explore, and develop collaborative solutions for emerging sustainability issues in their value chains. Its member companies include Cartier, CHANEL, Harvey Nichols Group plc, The Hongkong and Shanghai Hotels Limited, IWC Schaffhausen, Kering, LVMH Moët Hennessy – Louis Vuitton S.A., Michael Kors Holdings Limited, mytheresa.com, OTB, PVH Corp., Ralph Lauren, Richemont International S.A., Swarovski, and Tiffany & Co.

It highlights the importance of engaging in the circular economy, a system that endeavors to protect resources by using less, wasting less, and recycling more, contributing a positive impact on society, using both core business strategies and philanthropic agendas and articulating value to all stakeholders by preparing for transparency and better engaging investors and consumers on environmental and social progress.

"This is a unique report in that it offers a perspective on how luxury companies specifically can build on their strengths to successfully grapple with an increasingly volatile world context," said Elisa Niemtzow, BSR managing director and head of the ReLI. "Many luxury companies came together to contribute to this report, signaling that while competition may be alive and well in the commercial space, luxury brands recognize that collaboration towards social and environmental progress is essential to the future of the industry."

"Luxury companies have the added responsibility as trendsetters to create value for the good of the environment and society, which can then influence the entire fashion industry to act. In prioritizing sustainability and embedding proactive strategies into our business models now, the luxury sector will become more adaptive to future challenges and ultimately this will provide us with critical business advantages," said Marie-Claire Daveu, chief sustainability officer and head of international Institutional Affairs, Kering.

Fibre2Fashion News Desk – India