The Covid-19 pandemic has been a catalyst for sustainability and digitalisation in the luxury fashion industry, with opportunities for Alex Begg brand Begg x Co to further develop its brand and business in 2022.
Like all sectors, the luxury fashion industry has been impacted by the pandemic in terms of consumer behaviour and market demand. But it has also been a catalyst for more positive change in the industry as it has accelerated sustainability, ethical consumerism and digitalisation.
Consumers have been raising their sustainability and ethical expectations on luxury fashion brands during the past years. To an increasing degree consumers expect that luxury products are produced with care and in a fair way.
“At Begg x Co, we are taking a bold stance on sustainability in 2022 as we feel that our consumers are ready to follow us on our journey to work towards ambitious objectives for climate neutrality and much more,” says Oscar Macdonald, Global Commercial Director at Begg x Co. “Following the pandemic, we believe that people are seeking more authentic and human connections with luxury fashion brands, and this is exactly what Begg x Co and our approach to sustainability and ethical business practices can offer them.”
Another important sustainability trend is the evolution of more circular business models. Leading sustainability companies are looking into how they can grow and drive revenue through alternative economic models that are less demanding on resources and the environment.
“We are investigating more circular business models that involve looking at the lifetime value of a product rather than solely focussing on traditional consumer spend,” claims Macdonald. “This might take the shape of a resale model that can benefit customers, our company and the environment all at the same time.”
The pandemic has clearly accelerated the digitalisation trend as consumers were forced to become more tech savvy during lockdowns. This trend is expected to continue into 2022 and brands must adapt.
“For Begg x Co, our digital experience is increasingly important to our business – particularly as we expand our own e-commerce channels, the partnerships we have with retailers and how we sell products to e-tailers,” says Macdonald. “The challenge we have is navigating this rapidly evolving market situation and knowing where to best invest our resources to optimise sales globally, but we’re learning fast!”
