From today’s Wall Street Journal:
The bad economy and a fundamental shift in the market for luxury goods are forcing an industry that reveres names like Chanel and Versace to embrace a different icon: Mother Nature.
Over the past year, many of the world’s best-known luxury labels have started to introduce ecofriendly products, snap up brands that tout their social responsibility and weave environmental themes into their advertising and marketing. In May, French luxury conglomerate LVMH Moët Hennessy Louis Vuitton took a stake in Edun, an organic-clothing company founded by the singer Bono and his wife.
“We want to change the way we conceive our business, socially and environmentally speaking,” said François-Henri Pinault, chief executive of French retail giant PPR SA, which has sponsored a feature-length documentary film highlighting man’s abuse of the environment.
This fall, luxury menswear label Ermenegildo Zegna will begin selling an “Ecotech Solar” jacket under its Zegna Sport label, with solar panels on its sleeves that can be used to recharge a battery and heat up the jacket’s collar.
The economy may also accelerate the greening of luxury, industry executives say. A February survey by Cone found that 50% of Americans ages 18 to 24 said they have “higher expectations of companies to make and sell environmentally responsible products and services during the economic downturn,” compared with 35% of Americans overall.
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