Luxury Fashion House Embraces Sustainability
- Burberry stops destroying unsaleable products
- £28.6m worth of products destroyed in 2017
- Expanding reuse, repair, donate or recycle efforts
- No real fur in Riccardo Tisci’s debut collection
- Phase out existing real fur products
Burberry has announced it will cease the practice of destroying unsaleable products, following revelations in July that the luxury fashion house destroyed £28.6m worth of unsold clothes, accessories, and perfume in 2017 to protect its brand. The company’s commitment aligns with its five-year responsibility agenda and new strategy aimed at tackling waste. Burberry already reuses, repairs, donates, or recycles unsaleable products and plans to expand these efforts. Additionally, the designer brand confirmed it will no longer use real fur in its products, starting with Riccardo Tisci’s debut collection this month and phasing out existing real fur products. CEO Marco Gobbetti stated, ‘Modern luxury means being socially and environmentally responsible.’
Factuality Level: 10
Factuality Justification: The article provides accurate information about Burberry’s decision to stop destroying unsaleable products and its commitment to sustainability, including specific details such as the value of destroyed items in 2017 and plans for future collections. It also includes a quote from the CEO supporting the company’s stance on environmental responsibility.
Noise Level: 3
Noise Justification: The article provides relevant information about Burberry’s decision to stop destroying unsaleable products and phase out real fur in its collections, which is a positive step towards sustainability. It also mentions the CEO’s commitment to environmental responsibility. However, it lacks in-depth analysis or exploration of broader implications and does not offer much actionable insight beyond the company’s announcement.
Financial Relevance: Yes
Financial Markets Impacted: Burberry’s stock price and luxury fashion industry
Financial Rating Justification: The decision to stop destroying unsaleable products and phase out real fur will impact Burberry’s financial performance, as well as the luxury fashion industry, potentially affecting their sales, costs, and brand image.
Presence Of Extreme Event: No
Nature Of Extreme Event: Other
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: There is no extreme event mentioned in the text.
www.retailsector.co.uk