The fight for green credentials has swept the fashion industry, emerging as a key battle line for luxury groups seeking to burnish their image with consumers, but behind the eco-quests sits a broad set of issues related to social responsibility. These, too, are gaining increased scrutiny, say analysts, and the luxury industry has a leadership role to play.
“I have an enormous amount of requests related to the subject of corporate social responsibility,” also known as CSR, said Celia Friedman Spanidis, a partner at consultant firm Oliver Wyman. “It’s clearly a subject linked to current events and a subject that chief executive officers are concerned about,” she added.
The firm sifted through information provided by publicly listed luxury firms around the world and drew up a report called “Responsible Leadership in Luxury” that weighs the importance of such issues, which include the workplace environment, involvement in local communities and ensuring human rights are respected throughout the supply chain. It’s all closely tied to risk management — especially in luxury — but creates long-term value, according to the firm.
Analysts at Morgan Stanley have emphasized the risks linked to supply chains, suggesting investors ought to question luxury goods companies about their supply chains and
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