Brands need to work towards achieving the UN Sustainability Development Goals.
This article highlights the luxury industry’s move towards aligning its brand values with various global issues. With stakeholders and consumers being driven by purpose, luxury brands are prioritising addressing key global issues “in order to be relevant tomorrow”.
Businesses are implementing sustainable strategies that demonstrate their power to elevate environmental and social standards, and promote a cultural shift. For example, the luxury conglomerate, LVMH, has partnered with UNESCO, promising sourcing transparency while refining their supply chain. Similarly, Stella McCartney has adopted ethical and ecological values to not use leather, fur or exotic skins.
The author states that being “iconic and exclusive” is not reason enough for luxury brands to survive. Consumers want to their purchases to deliver meaningful experiences that make an impact.
[3 minute read]