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Luxury brands 'fail eco test'

Luxury brands 'fail eco test'

Luxury brands have come under fire today for failing to recognise and address their social and environmental responsibilities. WWF claims that the top ten holding companies for luxury brands need to improve their sustainability efforts. It ranked the companies Bulgari, Coach, Hermes, L'Oreal, LVMH, PPR, Richemont, Swatch, Tiffany and Co and Tods. Each was assessed on a scale of A+ to F for their environmental, social and governance performance and what non-governmental organisations had said about them. L'Oreal performed the best and was handed a C+, but the majority scored Ds and Fs. WWF says that these companies should harness the growing environmental awareness of their consumers to benefit both their trade and the environment. Anthony Kleanthous, senior policy adviser for WWF, said today's assessment is a "call to action" for luxury brands to "improve the way they do business". "Despite strong commercial drivers for greater sustainability, luxury brands have been slow to recognise their responsibilities and opportunities," he added. "We call upon the luxury industry to bring to life a new definition of luxury, with deeper values expressed through social and environmental excellence." The WWF also called on celebrities to consider the social and environmental performance of companies before they decide to endorse them. Source: Energy Savings Trust

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