Smita Jain (Director – MGLuxM, SP Jain), in an interview with Shiksha – a leading educational website, talks about the sustainability of luxury businesses. She shares several measures which companies can adopt to become more sustainable.
Ms Jain says, “More and more luxury today is consumed by the millennials, who are extremely aware of the damages the past generations have caused to the natural environment to serve their indulgent lifestyle purposes. Since 2018, the millennial luxury consumer today contributed to nearly 85% of the global luxury sales growth (Forbes, 2021), and brands must cater to their needs and lifestyle preferences. Being a circular brand means taking care of the environment, causing no harm and being honest and sincere.”
In the article, she talks about the other strategies like:
- Empower artisans
- Waste zero
- Replace conspicuous with conscious luxury
To read the full article, please click here.