Thursday, June 2, 2011

From 'Eco-luxury' to 'E-luxury': Redefining the Concept of Luxury after the Crisis




The world of luxury goods is changing. Today, more than ever, companies are redefining their values in search of a retail model that is more respectful of the environment. Tiffany & Co., the American jewelry company, has eliminated its line-up of coral products because it is not possible to cultivate coral in a sustainable way. Cartier, the French maker of watches and jewelry, only invests in those gold mines where it is not necessary to use mercury to extract that metal. Fashion producers Loro Piana and Ermenegildo Zegna are promoting the repopulation of the vicuna in the Peruvian Andes, which also helps develop that region’s local communities. This trend also extends to less exclusive fashion chains such as Inditex of Spain, which is aiming to make all of its shops more eco-friendly before 2020. Meanwhile, on Twitter, retailer H&M is advertising suits made from recycled polyester. On the whole, trends that are established by the exclusive luxury brands are later followed by the rest of the market.

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