How Kering is making eyewear sustainable
French luxury giant Kering is leading the charge towards ecological sustainability in the fashion world. Last month, the company was awarded coveted position as the world’s most sustainable luxury company by DJSI. This is widely seen as the industry’s “gold standard”. Now, its partnering with Bio-on, an Italian company that develops and researches renewable materials, specifically bioplastics, to turn eyewear sustainable. Working in tandem, the companies hope that they can change the practices of an entire industry.
Kering’s share price has appreciated by 68% so far this year
SOURCE: Yahoo Finance
Roberto Vedovotto, Kering’s CEO and chairman, said in a statement:
“The partnership with Bio-on represents a tangible sign of Kering Eyewear's attention to sustainability and its desire to bring innovation to a consolidated industry. In our Group, we strongly believe that sustainable business is smart business. The materials developed by Bio-on, 100 percent natural and biodegradable, will be a revolution in the eyewear industry and completely dovetail our unique approach to the market, as well as our desire to offer increasingly high quality and innovative products.”
Kering is on a push to bring ethics to the industries in which it works. As well as its recent publicity over sustainability, the company is collaborating with longtime rival LVMH to ensure that models are no longer employed when under aged or malnourished. In the fashion world, that is unusual, as is the company’s focus on sustainability. With brands like Gucci and Saint Laurent in its stable, there is a very real chance that Kering could change the ethical shape of the luxury sector for good.
This is certainly Vedovotto’s plan. As he recently told journalists: “in the luxury sector, sustainability and environmental awareness are no longer an option, they are a must.”
Dominion holds Kering in its Global Trends Luxury Fund.
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