Long Term Sustainable Sustainability in Luxury. Where Else?
We live in a world impacted by economic growth drivers of decreasing natural resources and increasing population. A shift toward a sustainable mindset does not seem a choice but a necessity. In today's extremely competitive luxury industry, sustainability seems like a paradox. The fashion and luxury business is producing more products, at a faster pace and change of seasons and constantly looking at decreasing costs. Many companies have moved production to Asia, especially to the more economically poorer nations. Is the demand of "sustainable luxury" enough for brands to consciously shift focus and change existing commercial production processes, do they realize the shift and awareness of the new customer who cares, and is it easy and practical to move toward "green" luxury? The purpose of this chapter is to explore the past and current intersections of sustainable luxury and draw a conclusion on its future. We take examples of luxury brands integrating themselves to sustainability. From understanding the production cycles, poor working conditions to how consumers are attracted to sustainable brands, we aim to help counter current challenges. Our methodology is comprised of qualitative data collected from various industry sources and interviews. The intent is to unravel the future of sustainable luxury with a lens on the manufacturing, packaging, and marketing efforts of a wide selection of luxury companies with different company turnovers. This chapter touches on a wide range of perspectives on the topic, including industry, designer, and retail, outlining a range of best practice strategies toward greater sustainability, while also acknowledging the complexity of the subject and its challenges, and the importance of the fashion and textile industries to livelihoods and business in general. The chapter specifically aims to put luxury and sustainability in the context of consumers and brands, understanding each through theoretical evidences from costly signaling theory, mimetic desire, pro environmental values as well as practical phenomenon. Specific focus is given to the following: (1) Materials exclusive to luxury industry from exotic skins, high quality tanned leather to furs, (2) Working conditions in manufacturing facilities, (3) Educating the customers, (4) Made in Europe versus developing countries, (5) Influence of technology in engaging with consumer on sustainability, (6) Evolution of business models that put transparency at the heart of emerging brands, (7) ROI, innovation, and luxury. The everlasting paradigm, (8) Emerging countries have also a great niche to boost, (9) Goodwill and know how: sustainable by essence, (10) Branding the innovative sustainable way and new business models.