Luxury industry needs to adopt climate-friendly practices: Experts

Don't want to miss the best from Business Standard?

Climate change is a pressing challenge for the luxury goods industry, and businesses have to adopt environment-friendly practices to address this issue, entrepreneurs and experts say.

They added that the luxury industry views sustainability as the future of high-end businesses, and companies that prioritise ecology will gain long-term benefits.

"Climate change is staring at each of us and environmental consciousness and responsible actions by people and businesses can help both the ecology and the economy," they said at the 'Sasmrti - The Responsible Luxury Roundtable' here.

The deliberations were organised by Shweta Thakur Nanda, and Gautam Gupta, co-owner of luxury fashion brand 'Asha Gautam'.

Speaking at the function, Blossom Kochhar, Chairperson, Blossom Kochhar Group of Companies, said that the industry must act and live sustainably not just for "ourselves but for our future generations".

Sharing similar views, Lipika Sud, Founder Director of LIpika Sud Interiors, said that the true impact will come from collaboration of businesses, designers, policymakers, and consumers towards sustainable practices.

"With climate change becoming increasingly evident, the luxury industry is undergoing a huge transformation. Luxury is gradually becoming responsible, sustainable, and innovative. The growth of conscious consumers is aiding this shift. Responsible luxury is a commitment to sustainability, ethical business practices, and stakeholder welfare, ensuring that every indulgence comes with a positive impact," Nanda said.