Traditionally, the luxury fashion business has been associated with an upper-echelon status. Predicting a return to pre-pandemic status with competitive price-points driven by limited distribution and celebrity endorsements. Overall, the luxury apparel and accessories market segmentation has seemingly carved out a niche for itself by focusing on a consumer who leans towards luxury product and developing a market segmentation around it.
Fashion’s biggest firms are making slow progress in meeting promises to improve their environmental and social impact, according to a damning sustainability report released Monday.
The inaugural Sustainability Index by the Business of Fashion magazine, the first to offer direct comparisons between the industry’s top firms, found they were often falling far short of their ambitious rhetoric on going green.
“The global economy has 10 years to avoid catastrophic climate change and an urgent duty to improve the welfare