Monday, 6 July 2009

Luxury Brands Seek Greener Pastures – 6/7/09

Green is the new black for luxury brands according to the Wall Street Journal. Their article, Luxury-Goods Makers Brandish Green Credentials, reveals how the luxury industry is eagerly embracing greener, more environmentally-friendly options to please their younger, more eco-friendly clients.

A recent survey by The Luxury Institute found that younger and more-affluent consumers seek information about corporate social responsibility more actively than their older and less well-off counterparts. "Young consumers believe that caring about the environment is how you create a meaningful life," stated Milton Pedraza, the firm's CEO.

And luxury brands are taking these sentiments in their stride, putting the environment at the forefront by introducing eco-friendly products or investing in socially responsible brands. For instance, in May, the LVMH Group bought a stake in Edun, an organic-clothing company founded by rocker Bono and his wife, Ali Hewson.

Meanwhile, PPR donated millions to an environmental documentary. Their CEO, François-Henri Pinault, enthused, "We want to change the way we conceive our business, socially and environmentally speaking.”

We’ll keep you posted on more eco-friendly shifts, but in the meantime, check out Ermenegildo Zegna’s revolutionary "Ecotech Solar" jacket with solar panels on its sleeves…

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Who's behind the MO DOWN

Melinda O’Rourke is the founder and Director of MO Luxury, a dynamic, Sydney-based management firm specialising in luxury brands and services. Melinda and her associates at MO work with local and international brands across prestige retail, fashion, fine jewellery, timepieces and specialised services. Melinda is well-connected, well-read, and well-versed in the demands of the luxury market and its client base. Her advice is firmly based in objectivity and ultimately, accountability. Melinda offers constructive counsel and both strategic and creative thinking and is able to draw upon a strong network of specialised talent to compliment the MO Luxury team as needed. Melinda enjoys excellent industry relationships and is regularly quoted in the business and fashion media. Read more about MO Luxury,