After almost three years of a global pandemic and political and racial tensions increasing around the globe, issues surrounding Diversity, Equity, and Inclusion (DEI) have become more critical for luxury and fashion businesses to address, than ever before. The long list of new projects and recruits across the sector over the last year shows the needle is indeed moving but there’s still some way to go. This report addresses some of these issues and looks at what’s here now and what’s to come next
This report comes in PPT.
The COVID-19 pandemic brought a global reckoning across the luxury and fashion industry, as it highlighted the plight of textile workers around the globe, and the damaging impact of human activity on the planet. In addition, Black Lives Matter also shed light on police brutality and inequalities.
Luxury and fashion consumers are becoming increasingly vocal about their political views on social media and fashion and luxury players are fully aware of the need to change to attract and retain talent, and meet consumer demand; all the more since they can be called out publicly owing to poor practice.
Many brands and companies across luxury and fashion have vowed to develop more inclusive hiring practices and to represent people of different backgrounds in their marketing campaigns. Influencers and industry surveys still report that many brands still fail in their diversity efforts because the fashion industry is still typically slow to change.
Effective communication is key. Internally, DEI should be embedded into the culture of a company via internal communication and employee training. Whilst externally transparency empowers consumers, it also builds a positive brand image as they value the company’s efforts and integrity. Together, this results in greater customer loyalty and commercial success, which is necessary to make the required investments towards one’s social and environmental goals.
Diversity, Equity and Inclusion sits under the “People” pillar in the wider sustainability framework which also encompasses “Planet” and “Profits”, and to be a success, all these steps will ultimately connect and be integrated into all aspects of the business lifecycle.
This is an aggregation of: Personal Luxury, Fine Wines/Champagne and Spirits, Luxury Cars and Experiential Luxury.
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