RESPONSIBLE LUXURY

The discerning connoisseur is asking tough questions about how responsibly luxury products are manufactured, leaving brands little choice but to embrace sustainable practices.

- AJITA SHASHIDHAR

FASHION DESIGNER Stella McCartney's fur jackets, dresses, handbags and shoes are must haves in a luxury consumer's wardrobe. Interestingly, her fur jackets don't contain animal fur - they are made of recycled polyester and plant-based plastic. Her leather handbags are made out of coconut and mushroom leather, while the cashmere that goes into her outfits are actually 100% sustainable viscose. The British designer is setting the bar for running a successful business selling to the ultra-rich with sustainability at its core, and fashionistas are happy to pay the price A McCartney re-engineered fur jacket is priced upwards of €1,700!.

Discerning luxury consumers, 60% of whom comprise Gen-Z and millennials, have started asking questions around how raw materials of a luxury brand is sourced, the way it is produced, whether the brand takes care of its employees, how sustainable its stores are, and much more. According to industry experts, consumers are even willing to pay a 1520% premium for a brand which is responsible and sustainably produced, and companies can no longer afford to ignore their ask. The fashion industry is the second-largest polluter in the world after the oil industry, making it all the more important for them to adopt sustainable practices. In fact, 32 fashion brands, including the likes of GUCCI, Chanel and Prada, recently signed the G7 Fashion Pact, where they pledged to become environment friendly and reduce carbon footprint.

IT'S ALL ABOUT SUSTAINABILITY

• Luxury consumers want to buy products that have a positive impact on society and the environment.

Generation X and millennials feel brands need to do 'more good' and not just 'less bad' for the environment.