by: Jennifer Rice
From New York Times, a good article on how luxury brands are embracing responsible business practices.
“Increasingly, consumers are demanding that the goods they buy be made in ways that do not harm the environment or the workers who make them. They are often willing to pay more for “green” products or “fair trade” goods. And in the current economic downturn, luxury brands are searching for new reasons to persuade consumers to pay for their high-priced products.”
It makes sense for luxury brands to take a strong stand in this area. “Slow fashion,” like the slow food movement, emphasizes the amount of labor it takes to create a product and support for those small suppliers who provide quality inputs. In the case of Ermenegildo Zegna Group, that translates into improving the water supply for farmers in Mongolia, which not only raised the living conditions of farmers but has also created a more reliable, higher quality cashmere wool.
Let’s hope this trend-setting category continues to build the momentum in sustainable business practices.