The statement of a world-famous fashion brand that it destroyed 28 million products in the past years caused great reactions. With the new law that came after this, products that can no longer be sold will not be destroyed.
After a world-famous fashion brand announced that it destroyed 28 million products in recent years, the anti-waste law was put into effect. Leading brands in the French luxury fashion industry will no longer be able to destroy products they cannot sell, due to the anti-waste law introduced earlier this year. The anti-waste practice directs brands to relaunch their products in different ways.
The practices aimed at reducing waste, which were put into effect as of January 1 in France, started to be among the most talked about topics in the fashion industry. Thanks to the anti-waste law that left its mark on the agenda, it prompted famous brands in the luxury industry to pursue different plans for the sale of their products and stock management.
ARTIFICIAL INTELLIGENCE BASED INVESTMENT
Brands such as Gucci, Saint Laurent, Balenciaga, which are part of the Kering group, lost their stocks. announced that it is investing in artificial intelligence-based programs to manage it more effectively.
Helene Valade, director of environmental development from LVMH, the world’s largest luxury consumer group, stated that companies keep their stocks lower. Valade underlined that “the luxury sector has started to move much closer to demand” and that they can sell products that customers do not buy to their employees with advantageous options.
DONATE AGAIN
In the fashion industry, such as Louis Vuitton, Dior and Celine, LVMH, which includes luxury brands, announced that it has cooperated with a company that produces new yarn and fabric by recycling unsold products.
Arnaud Cadart, portfolio manager from the capital city Paris-based asset management company Flornoy, said, “The mentality has changed. We no longer live in an economy that supports endless production above all else.”
