Join us in a fascinating exploration with Dr. Jinju Heo as we delve into the transformative roles of innovation, technology, and sustainable practices within the luxury industry. This episode provides an in-depth look at the emerging trends and necessary shifts in luxury.

Discover how luxury brands are encouraged to develop new business models and create renewable raw materials. These steps increase product longevity and foster a more circular economy.

Takeaways:

• Luxury brands are advised to adopt new business models and invest in renewable materials to enhance product usage and endorse circularity.
• The role of innovation and digital technology is emphasized as critical in achieving circularity throughout the luxury industry, from production to sales.
• Technological advancements, including authentication labels, blockchain, and smart inventory systems, are highlighted for their ability to boost product authenticity and traceability and to help avoid overproduction.
• Key strategies for a sustainable luxury brand include embracing circular design principles, motivating managers to achieve sustainability goals, and improving supply chain efficiency.