Prada Goes Fur Free
Prada has joined the hoard of big name designers declaring themselves fur-free by 2020, while some change-resistant brands still cling to the ways of the past. C’mon guys let the fluffy friends be!
The decision fits into part of a wider push from the industry to move away from animal-based products towards more ethical and sustainable substitutes. In September last year, the London Fashion Week announced that no fur products would be allowed on its runways, which helped give the movement some serious momentum.
Publicly traded companies, such as Ralph Lauren, Michael Kors (Capri Group), Burberry, Hugo Boss and Calvin Klein (PVH Group) all joined the chorus of companies banning the use of furs, but some companies are still lagging the trend.
Canada Goose is one such firm. Even though countless animal rights groups have pressured the company to explore using synthetic alternatives, the company has stayed resolute to its business model.
Canada Goose maintains that its use of coyote fur lining for its hoods and goose down is justified on the basis that they are both abundant and under no real threat of depletion. In many areas coyotes are considered a costly pest to sheep farmers, killing $10.7m in livestock every year. Ouch!
While the drive for sustainability is important, the shift to perceivably lower quality items may cause a significant drag on sales of luxury brands, especially in Asian markets. Companies will need to formulate new ways to upgrade product quality to keep attracting the demand and expanding margins.
It’s a contentious issue, but hopefully more companies over time will find better ways to reduce their environmental footprint and create more sustainable investment opportunities for all!
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