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Big luxury, fashion and beauty corporations already need to take the path of digital transformation. Now, they also have to hasten their sustainability transformation. Although environmental CSR (Corporate Social Responsibility) is not a recent addition, the challenge is becoming increasingly bigger, more ambitious and complex, and cannot be supported by empty pledges and simple branding actions anymore.
Indeed, now it is not only NGOs activism, but the joint action of multiple stakeholders : consumers, employees, regulators, finance markets... that pressures the brands to change. From eco-design to carbon footprint, including transparency, inclusion and diversity, charity, recycling... Numerous aspects need to be taken into account !
With the climate becoming more and more unstable, seeing its impact on biodiversity and human activities, there needs to be a major wake-up call, as well as concrete actions happening all throughout the value chain. Regulators and finance markets no longer hesitate to punish and penalize businesses whose actions are not virtuous enough. But ultimately, it is the stock market that could provide us with a guide. If consumers no longer purchase from non-conscious brands, their share prices will be directly impacted. Fortunately, numerous brands have already made multiple efforts concerning their CSR, even if they often lack ambition, prioritization and real systemic logic. These challenges are far from being simple, even for the most conscious brands.
Let’s dive into an overview of the stakes and the initiatives currently being taken in the luxury, fashion and beauty sectors !