The luxury industry is often associated with excellence and superior quality. However, this quest for perfection must not be at the expense of the environment and the working conditions of those involved in the production of luxury goods. This is why eco-responsible purchasing and sourcing have become major issues for players in the luxury goods industry.
Product provenance and traceability play a crucial role in eco-responsible purchasing and sourcing. Knowing the origins of raw materials and finished products ensures compliance with environmental and social standards throughout the supply chain. It also guarantees product quality and authenticity, which is crucial for luxury consumers.
What does ecoresponsible purchasing and sourcing mean in the luxury sector?
Eco-responsible purchasing and sourcing in the luxury goods sector means taking environmental and social impacts into account in the selection and sourcing of raw materials and finished products.
This means giving preference to raw materials from sustainable and renewable sources, favoring short circuits and local production, and respecting environmental and social standards throughout the supply chain. It also encourages the adoption of efficient waste management and recycling practices.
The fundamentals of ecoresponsible purchasing and sourcing in the luxury goods sector
- The choice of sustainable, renewable raw materials from responsible, planet-friendly sources.
- Compliance with environmental and social standards throughout the supply chain, including protecting human rights and preventing pollution.
- The adoption of short circuits and local production to reduce transport-related greenhouse gas emissions and support local economies.
- Implementing efficient waste management and recycling practices to minimize the environmental impact of production and promote the circular economy.
- Transparency and traceability in the supply chain, to guarantee product quality and authenticity, and to meet consumer expectations in terms of social and environmental responsibility.
- Commitment to innovation and the search for sustainable solutions, to contribute to a more sustainable future for the luxury goods industry.
Why are ecoresponsible sourcing and purchasing crucial for the luxury industry?
- Brand image: Improve brands' image of social and environmental responsibility to set them apart from the competition and attract environmentally conscious customers.
- Guaranteeing quality and authenticity: Luxury brands can consolidate their high-end positioning by choosing sustainable raw materials and respecting environmental and social standards.
- Innovation and leadership: To meet consumer expectations, it's essential to be at the forefront of sustainability.
- Regulatory compliance: Anticipate changes and new regulations, and adapt to market requirements.
- Environmental impact: Helping to preserve the environment and combat global warming.
Luxury brands in action!
Tiffany & co
In 2020, Tiffany & co became the first global luxury jeweler to disclose the countries where newly acquired and certified diamonds are sourced, cut, polished, graded and set. They encourage the mining sector to follow high quality standards with a view to protecting human rights and ecologically sensitive regions, and are committed to improving local economies.
Kering
The Kering Group has decided to stop using animal fur. Starting with the Autumn 2022 collections, none of the group's brands will use fur. After Gucci made this decision in 2017, all the group's other brands, including Balenciaga, Bottega Veneta, Alexander McQueen, Brioni and Saint Laurent, have gradually chosen to do the same.
LVMH
By 2026, the LIFE 360 project aims to have 100% of the strategic raw materials used by LVMH certified using methods that respect ecosystems and water resources.
LIFE 360 is an initiative launched by the LVMH group (Moët Hennessy Louis Vuitton) to improve its social and environmental responsibility. The acronym LIFE stands for "LVMH Initiatives for the Environment".
Chanel
The N°1 DE CHANEL product line was designed with an integrated eco-design approach, making it the first Chanel product line to be developed in this way. After several years' work, this line was created by taking into account the entire life cycle of each product, from the sourcing of ingredients to the treatment of packaging at the end of its life.
The formulas used in the N°1 DE CHANEL line contain up to 97% ingredients of natural origin, of which up to 76% are derived from camellia.
Conclusion
To meet consumers' expectations in terms of sustainable development and social responsibility, it is crucial to opt for ecoresponsible purchasing and sourcing practices in the luxury sector.
By selecting sustainable raw materials, respecting environmental and social standards, and providing transparency and traceability throughout the supply chain, luxury brands can guarantee the quality and authenticity of their products, protect their reputation and contribute to a more sustainable future for the industry.
Sources ;
- Guide to responsible purchasing in 2024 (greenly.earth)
- 4 examples of responsible purchasing for your company - Achats Durables, Achats Responsables (CSR-pro.com)
- Responsible purchasing at the heart of new challenges CSR - Harvard Business Review France (hbrfrance.fr)
- Responsible sourcing: a strategic lever for deploying CSR (silex-app.com)
- Luxury in Diamond Recycling : Technologies for Reusing and Recycling Diamonds | LUXONOMY
- kering.com/en/news/kering-ceases-entirely-using-fur/
- Animal or synthetic fur? The heart of the luxury industry still sways | National Geographic
- Ethics and responsible partnerships (lvmh.fr)
- life_360_en_externe_def.pdf (lvmh-static.com)
