Luxury Headlines – 18/07/2023
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LVMH Commits to Reduce Its Water Usage
LVMH has set a new goal to reduce its overall water consumption by 30% by 2030. This objective is in keeping with the context of coming EU sustainability legislation and part of their ‘Life 360’ initiative. ‘Life 360’ is LVMH's environmental performance roadmap, which has five key mandates: to use environmental labels to help increase customer awareness, continue its regenerative agriculture program, implement new manufacturing processes that consume less water, reuse treated wastewater, and recover rainwater across its production facilities and value chain.
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Gucci Invests in Technology to Help Blind and Low-Vision Customers
Partnering with accessibility assistance app Aira, Gucci is looking to improve its in-store accessibility for disabled consumers. The app would allow Gucci customers to speak remotely to visual interpreters who will have live access to the back camera of the user’s smartphone. The interpreters will then be able to describe the store layout, any potential barriers and where to find the products, fitting rooms, or checkout counters. Starting in the US, Gucci plans to up-skill its in-store client advisors to understand how the software works and their role in the process. In July 2022, Gucci became the first and only high fashion brand, certified via the Disability Equality Index, a joint venture between the American Association of People with Disabilities (AAPD) and Disablity:In, a global business disability inclusion network.
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Dior Releases NFT Sneaker
Dior released its first major Web3 drop, a physical version of Kim Jones’s B33 sneakers paired with an NFC chip and authentication NFT. Without any communication around the launch, the quiet drop reflects the current mindset surrounding Web3 in the luxury industry where companies are excited by the potential of the technology but remain hesitant for fear of backlash from Web3 and traditional customers. This is a form of quiet NFT experimentation which included a very understated and subtle launch that avoided obvious metaverse language. It is aimed at engaging new luxury customers, and not just existing NFT collectors, and bring them into the Web3 fold.
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Chanel-Backed Traceability Company Raises $57 Million
Chanel-backed Oritain has become a leader helping brands and the US government to detect the origin of commodities, including coffee, cotton, and leather, using forensic analysis. Chanel initiated its partnership with the company in 2021 and doubled its investment in the new series C funding round that saw Oritain raise $57 million. Already working with Chanel and Shein, Oritain is set to benefit from the rising tide of sustainability regulations which will be forcing brands to show accountability for their materials sourcing.
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Swatch Reports Record Half-Year Sales
Following the lifting of Covid restrictions in Asia, Swatch Group reported record growth for the first six months of 2023, with net sales reaching $4.64 billion, up 18% year-over-year. The company saw its strongest growth in the lowest price segment and predicted excellent prospects for the rest of the year across all markets and price segments. To this end, Swatch plans to release new products in the lower and mid-range segments.
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