Burberry, the luxury fashion brand most known for their famous plaid print, has recently announced that it will stop using real fur in its products and stop burning its unsold goods. Burning unsold goods is a common practice in the fashion industry because it prevents goods from being sold at discounted prices. Opting not to burn the goods will cause the clothes to become more readily available to people and take away the exclusivity of the brand.
Burberry is ready to change its core values. CEO Marco Gobbetti said, “Modern luxury means being socially and environmentally responsible. This belief is core to us at Burberry and key to our long-term success.” Versace announced earlier this year that it too would stop using real fur in its products, joining Gucci, Giorgio Armani, and Hugo Boss among others.
Last year there were animal rights activists protesting against the use of real fur before the Burberry fashion show at London Fashion Week. This time around, there will be no real fur in the company’s London catwalk show, set to occur later this month. Sustainability is becoming an increasingly significant value for all businesses, especially in fashion. It seems that many people will value this change and respond positively, which should in turn drive higher returns for Burberry.