Is CSR still optional for Luxury Brands, or can they afford to ignore it?
Journal Title: International Journal of Experimental Research and Review - Year 2023, Vol 35, Issue 6
Abstract
Can we learn survival and success in isolation? Can Luxury Companies afford to think of Corporate social responsibility (CSR) as an optional aspect? This paper discusses pioneering steps towards CSR in the context of the rapidly expanding luxury market. This further impels these brands to tradeoff between Profit-Planet, revisiting the initiatives and impediments pragmatically. The scholars have advocated the inspirational forces behind CSR contributions varying from the environment's need to strengthen goodwill to serve sustainability/existential crisis to institutional expectations. The stakeholders have augmented expectations from luxury brands towards society with each passing year in proportion to the revenue. This shift not only bags goodwill and promotes positive word-of-mouth in the industry but also enhances the brand's reputation. Luxury brands, often seen as symbols of opulence and exclusivity, are inherently expected to demonstrate social and environmental responsibility. Additionally, there is a growing awareness among consumers who seek brands that align with their values, making CSR a strategic imperative for luxury companies to maintain their brand reputation and customer loyalty. CSR is crucial for luxury companies, especially from a long-term sustainability and Sustainable Development Goals (SDGs) perspective. These market giants are at par with the SDG goals: SDG 1(No Poverty), SDG 3 (Good Health and Well-being), SDG 4 (Quality Education), SDG 8 (Decent work and economic growth), SDG 10 (Reducing inequalities), SDG 12(Responsible Consumption and Production), etc. In essence, CSR is not just a moral imperative for luxury companies, it is a strategic necessity that aligns their business objectives with the global agenda for sustainable development, ensuring long-term viability and relevance in a rapidly evolving world.
Authors and Affiliations
Saloni Gupta, Neha Bothra
Keywords
Related Articles
- EP ID EP725089
- DOI https://doi.org/10.52756/ijerr.2023.v35spl.016
- Views 43
- Downloads 0
Effect of temperature variation on disease proliferation of common fishes in perspective of climate change
Meteorological variations and global warming frequently produce serious losses in fishing stocks and fish production. The rate of fish production depends on climatic variation and demand more prudent management of natura...
A Cross-Sectional Study on the Effect of Stress on Short-Term Heart Rate Variability and Muscle Strength Among Construction Site Workers
This cross-sectional study investigates the immediate impact of occupational stress on short-term heart rate variability (HRV) and muscle strength among 200 construction workers in Chennai. The Perceived Stress Scale (PS...
Effect of Physiotherapy Management of the Post-Traumatic Stiff Elbow: A Case Report
23 years old female who is a student by occupation had a history of a direct fall on her right elbow and injury takes place on her left elbow. After the injury, an orthopedic surgeon and the patient wastreated conservati...
Vegetation Community Characteristics and diversity in different phases of mining at Charhi and Kuju coal mining areas, Jharkhand, India
The increase in the energy requirement of a country shows its economic advancement. Coal mining activity has increased considerably to compensate for the increased energy requirements. As a result, open-cast coal mining...
Variability, correlation and path coefficient analysis of yield attributing traits in different genotypes of Mung bean (Vigna radiata L.) in Rupandehi, Nepal
An experiment was conducted in RCBD design with four replications and seven treatments to estimate the genetic variability, correlation and path coefficient analysis of yield attributing traits in seven genotypes of mung...