Purpose at the core of business is important for the footwear and apparel industry, especially considering its history with ESG issues. Veja and Allbirds are purpose-led B Corps that are creating a new blueprint for the sourcing, production and marketing of footwear.
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. This blog article will address some of the issues here and the challenges facing the luxury and fashion industry.
Adeife Onwuzulike, Director of Diversity, Equity and Inclusion (DEI) at Euromonitor International, shares her expertise and knowledge in this area with Marguerite LeRolland, Head of Fashion and Fflur Robert, Head of Luxury at Euromonitor International and addresses questions around what’s here now and what’s to come next.
Following the pandemic, and the subsequent revision and evolution of many societal values, consumers increasingly expect fashion companies to be purpose-driven, support social initiatives and reduce their environmental footprint, as the climate change emergency makes headlines. Diversity, inclusivity and equality are at the top of the agenda.
After undergoing a tumultuous period from the impact of COVID-19 in 2020, the global eyewear industry has been clawing its way back to growth, driven by consumers’ return to travel and socialising, and the inescapable momentum of e-commerce.
The consumer landscape has been transformed forever and changes that were already afoot have now been accelerated, together these have led to huge transformations in the future of globalisation; the future of work and education; and the future of consumer priorities, preferences, and values. In such uncertain times, luxury players are under intense pressure to adapt to new consumer lifestyles (eg working from home), retail preferences (a digital-first mindset) value propositions and the growing interest in sustainability.