The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
Richemont-owned Chloé became the European luxury industry’s first major player to achieve certification as a “B-Corp” — a designation for companies that show a demonstrable commitment to having a positive environmental and social impact beyond creating value for shareholders.
Since announcing its plan to become a B-Corp last year, the Paris-based handbag maker has accelerated its adoption of materials with a lower environmental impact, partnered with more Fair Trade certified suppliers, and made commitments to promoting women’s equality, the brand said in a statement.
With the move, Chloé — which is trying to reinvigorate its business under former Maison Margiela CEO Riccardo Bellini and designer Gabriela Hearst — is aligning itself with companies who have made sustainability commitments a central part of their message to consumers including outdoor sports brand Patagonia and direct-to-consumer shoemaker Allbirds.
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Inside Gabriela Hearst’s New Chloé
The eco-minded entrepreneur and freshly installed Chloé designer talks to Tim Blanks about her creative vision for the French house.
The group’s flagship Prada brand grew more slowly but remained resilient in the face of a sector-wide slowdown, with retail sales up 7 percent.
The guidance was issued as the French group released first-quarter sales that confirmed forecasts for a slowdown. Weak demand in China and poor performance at flagship Gucci are weighing on the group.
Consumers face less, not more, choice if handbag brands can't scale up to compete with LVMH, argues Andrea Felsted.
As the French luxury group attempts to get back on track, investors, former insiders and industry observers say the group needs a far more drastic overhaul than it has planned, reports Bloomberg.