Could Luxury Become Responsible? | Transforming Luxury
Over the Transforming Luxury podcast series, as we discussed market dynamics, product strategies, customer experiences, emerging technologies, new retail channels and our imminent entry into the metaverse, the pressing need and increasing demand for systemic change to create a more sustainable industry was a consistent theme.
In this final episode of Transforming Luxury, a special six-episode series presented by Klarna, we confront the distinct uncertainty and disruption facing the luxury industry and us all, as a result of the climate crisis.
In 2020, BoF reported that the fashion industry’s greenhouse gas emissions range from an estimated 4 percent to 10 percent of the global total. Without significant intervention, the industry will not align with global goals to limit global warming to no more than 1.5 degrees Celsius. Failure to do so is predicted to have catastrophic consequences for civilisation, outlined in the UN’s IPCC report 2021.
However, if bold enough leadership is willing to reimagine how the industry operates, equipped with the deep pockets of market leaders and further enforcing the existing, rigorous quality controls already in place, luxury would be " uniquely positioned to transform itself,” as stated by SVP of supply chain innovation at the Savory Institute, Megan Meiklejohn.
To hear more about the role sustainability must play throughout the luxury goods industry, BoF gathered four global authorities to discuss how luxury can become more responsible with host Robin Mellery-Pratt.
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