| Title | Responsible And Sustainable Luxury In The Global Market: New Emerging Strategies In The Luxury Sector |
|---|---|
| ID_Doc | 70810 |
| Authors | Pavione, E; Pezzetti, R |
| Title | Responsible And Sustainable Luxury In The Global Market: New Emerging Strategies In The Luxury Sector |
| Year | 2015 |
| Published | |
| Abstract | The term "responsible luxury" has been coined to refer to the commitment of luxury companies responsible for their production to the society and the environment. In the last years, many drivers should motivate luxury companies to engage in more sustainable practices. On the one hand, consumers seek new forms of luxury that show respect for natural resources and human beings, yet standing by traditional factors such as quality, creativity, originality, craftsmanship and savoir-faire. At the same time, the recent economic crisis has thrust the consumers towards the search for responsible luxury. Many wealthy consumers have been shocked by the financial crisis and show a growing awareness of environmental and social issues; this combined effects combined have contributed to enhancing the social awareness of high-end consumers. In the new economic and competitive scenario, luxury brands must base their identity and image on a set of values through which they should be known and publicly judged by both clients and the market; sustainable development and corporate social responsibility strategies offer a particularly suitable platform to enrich the value-set of luxury brands. In this framework, the luxury industry is undergoing a process of self-analysis and redefinition of competitive strategies in the light of social responsibility and sustainable dimension. In order to create both financial and non-financial value, sustainable development needs to be incorporated in the core strategy of the firm and its core business. Revisiting products, services and managerial processes in the direction of sustainable development and developing new socially responsible business models are becoming the key dimensions to create strong and long lasting value both for the firm and for the society. In this perspective, the paper provides an analysis of the main drivers that in the luxury industry are leading to a growing integration of social responsibility and sustainable development principles in the competitive strategies of luxury firms. In particular, this paper focuses on innovations emerging in the luxury industry both at strategic and organizational levels and provides an overview of new emerging innovative business models coherent with the principles of corporate social responsibility and sustainability. The theoretical analysis is supported by presentation of the case of fashion luxury, which represents an example of innovation in competitive strategies and brand management practices to enhance both worldwide competitiveness and corporate brand reputation. |
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