The luxury industry has specific characteristics that set it apart from non-luxury, making non-luxury research not fully transferable into a luxury context. In our work, we conduct qualitative interviews with stakeholders and senior executives from some of the most important brands in luxury. We find that CSR and luxury are compatible and that CSR contributes to BV within luxury. We also identify how CSR is and could be positioned to maximize BV. Our findings not only contribute to the literature on BV, CSR and luxury, but highlight the strategic importance that CSR has for BV in luxury and make a case for the industry to embrace it. Our findings are especially relevant now that the industry is facing significant financial pressures as a result of the Covid-19 pandemic, which make it essential for luxury brands to look into ways to increase their BV.
Within luxury, the most valuable asset is brand value (BV). Non-luxury research has identified Corporate Social Responsibility (CSR) as one of the factors influencing BV. Luxury has not been typically associated with sustainability, but due to recent pressure from consumers and stakeholders many luxury brands are working toward implementing CSR initiatives.
Table of Contents
Corporate Social Responsibility and Brand Value in Luxury: Industry Perspectives
Introduction
Theoretical Background
Key Characteristics of Luxury
Brand Value
Ethical Concepts
Benefits of CSR Implementation
How is CSR Approached within Luxury?
Methodology
Selection of Interviewees for Exploratory Interviews and ‘Credibility Checks’
Interviewing and Analytic Approach
Results and Discussion
Exploratory Interviews
‘Credibility Checks’
Conclusion
Theoretical Contribution
Practical Contribution
References
Tables
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