The industry’s competitive edge is now won by “transparency in communicating,” said Antoine Arnault, Member of the Board of Directors LVMH Group, at the event.
Positive Week this year took place from 8th-12th of October and saw some of the leading voices in the luxury industry come together for a VIP panel event at Hotel Cafe Royal.
“Celebrating those brands and individuals that are changing the conversation surrounding responsibility, they all agreed sustainability is the only way forward for our future,” explain event organisers.
Panels of luxury experts
The event saw two panel events moderated by Samantha Conti, London Bureau Chief of WWD, and Daniella Vega Director of Sustainability for Selfridges Group.
Panelists were CEOs of major luxury goods companies, across fashion and beauty, and they discussed what luxury means in this day and age, and how brands should be meeting the modern consumer’s demands of transparency, trust and quality.
Diana Verde-Nieto CEO and Co-Founder of Positive Luxury explained: “2018 has been a transformational year for the luxury industry. It has decided to be a lot more vocal and transparent – and these really are historic times that we are standing in today.”
Uncomfortable but unavoidable: total transparency
Mark Ferguson Partner & Co-CIO of Generation Investment Management, speaking on one of the panels, explained that transparency, driven by consumer access to information over the internet, is now total and cannot be avoided.
“It’s an uncomfortable thing for Directors to think about, but right now we’re seeing a massive change in voice via the internet and social media and there’s a lot more transparency out there – and millennials will soon seek influence from brands and start to pick them apart,” he said.
“There’s a very fine time period that companies have to get their act together and vocalise what they’re doing, before the consumer conversation gets even louder.”
He cautioned against greenwashing, suggesting the industry has now firmly moved on.
“To make a great investment long-term, you really have to be incorporating sustainability into the framework – we’re exiting the phase of greenwashing and we are now entering the phase of connecting with the consumers and employees, and the investments will follow later.”