Strategic Management and Sustainability in Luxury Companies

1697 Words7 Pages
Strategic Management and Sustainability in Luxury Companies Sustainability has been one of the most prevalent discussion subjects within the contemporary society, traversing across virtually every economic sphere and discipline. The issue of sustainability is considered to be an integral element of strategic management, meaning that its importance to different sectors cannot be overlooked. Companies in the modern environment are deemed sustainable if their performance in financial, social and environmental elements are mutually reinforcing. The luxury industry is not exempt from the widespread adoption of sustainability. Carcano’s article titled “Strategic Management and Sustainability in Luxury Companies: The IWC Case” provides insight into sustainability in the said industry with particular interest in International Watch Co. (IWC). The latter is a luxury Swiss watch producer located in Schaffhausen, Switzerland. The principal assertion that can be derived from the article is that, luxury companies can adopt well-formulated and implemented sustainability strategies in order to bolster brand value, while enhancing competitiveness. Luxury makes up one of the most ambiguous concepts in business, since it varies on the basis of regional, economic or cultural settings. Just like Carcano (2013) suggests, therefore, the genuine aspects of authentic luxury depend on an establishment’s search for innovation, refinement, exceptional craftsmanship, and overall excellence in every production component. The author goes on to examine why sustainable luxury is a crucial consideration not only in the contemporary society, but also in the luxury industry. Although not mentioned, one of the primary justifications for adoption of sustainability in the luxury sector lies in the fact that, this concept is relatively new and makes it possible to look at operation aspects

More about Strategic Management and Sustainability in Luxury Companies

Open Document