Could Luxury Become Responsible? | Transforming Luxury
The Business of Fashion Podcast
The Business of Fashion
4.6 • 770 Ratings
🗓️ 18 October 2021
⏱️ 51 minutes
🧾️ Download transcript
Summary
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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Transcript
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| 0:00.0 | I'm Robin Melary Pratt, and sadly this is the last episode of Season 1 of Transforming Luxury, |
| 0:07.7 | a special six-episode series presented by Kana, in which we investigate the forces driving |
| 0:12.8 | transformative change in the $300 billion luxury goods industry. Over the series, as we discuss |
| 0:19.0 | market dynamics, product strategies, customer experiences, |
| 0:22.3 | emerging technologies, new retail channels and our imminent entry into the Metaverse, |
| 0:27.3 | the pressing need and increasing demand for systemic change to create a more sustainable |
| 0:31.8 | industry was a consistent theme. |
| 0:35.3 | And so, in this, our final episode of the season, we confront the distinct |
| 0:39.3 | uncertainty and disruption facing both the luxury industry and us all as a result of the climate |
| 0:44.5 | crisis. In 2020, Bof reported that the fashion industry's greenhouse gas emissions ranged from an estimated 4% to 10% of the global total. |
| 0:59.0 | Without significant intervention, the industry will not align with the goals to limit global warming to no more than 1.5 degrees Celsius. |
| 1:07.0 | Failure to do so is predicted to have catastrophic consequences for civilization, as recently outlined in the UN's IPCC 2021 report. |
| 1:15.7 | However, reducing, requestering, removing carbon emissions entirely is only one area where systemic change is required in what remains an unregulated industry. |
| 1:25.5 | Inefficient and inequitable sourcing practices, along with toxic production processes, |
| 1:30.0 | continue to stroll positive progress. |
| 1:32.6 | Despite efforts by some players, as much as 12% of fibres are still discarded on the factory |
| 1:37.1 | floor. |
| 1:38.1 | 25% of garments remain unsold, and the luxury industry has even further to go when it comes |
| 1:43.5 | to adopting circular practices |
| 1:44.9 | with less than 1% of products recycled into new garments. What's more, rates of consumption |
| 1:50.9 | continue to rise, despite the fact that we would require the resources of multiple planets |
| 1:55.3 | to maintain them. However, as we're about to discover, if bold enough leadership is willing |
... |
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