This summer it became public. Yes,the shocking news that many luxury brands destroy £millions of luxury goods to prevent product being sold on the so called ‘grey market’. Product that has been destroyed includes fashion apparel, accessories, jewellery, watches and beauty products. Companies don’t wish to produce excess to requirements but nor do they wish to risk the discounting that will have a negative impact on Brand positioning.
News this month from one significant luxury goods Brand -Burberry is the commitment to reducing, re-using and recycling product and to reducing waste. The indication is that they are working in partnership with at least one other sustainable luxury goods company to transform unsold product from previous seasons.
Positive news and we trust that there will be more luxury goods companies, especially those Global enterprises within the fashion, sports and beauty sectors indicating greater commitment towards the circular economy.