The luxury goods sector is characterised by it’s exceptional quality raw materials while there are increasing expectations from customers of the luxury goods brands to also develop best practices -and even to move the agenda forward – on both environmental and social sustainability.
Luxury goods sector
Luxury brands are reporting that their customers are starting to ask more questions about the origin of ingredients and raw materials, furthermore on social and environmental impacts of products more broadly. Their expectations on fair labour practices have also increased especially since the luxury sector has also expanded outsourcing and moved some of its production to lower labour costs countries.
Luxury companies can foster respectability by adopting a robust and coherent commitment to sustainability not only to help protect luxury supply chains, but also enhance the ability of luxury brands to connect with customers and reinforce their brands’ appeal.
Fair Wage methodology and tools are directly relevant to help luxury brands to follow such high road on social sustainability by providing them numerous topical improvements to their operations, most notably:
1.
Better wage levels and labour practices help consolidate and strengthen brand reputation
2.
Higher wage levels and practices attract highest-skilled employees, and increase their motivation and performance
3.
Wage structuration around performance targets increases the quality of products
More generally, Fair Wage will enhance luxury brands’ performance by helping them to:
– Secure a healthy supply chain
– Ensure a fair compensation policy that further strengthens the brand’s reputation
– Develop a global and coherent wage and compensation policy among all units
– Avert strikes and other workforce crisis
– Attract and retain better talents
– Increase employees’ motivation and performance
– Develop a stable, loyal workforce
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