François-Henri Pinault, chairman and CEO of family-owned luxury group PPR, has revealed that "today's global crisis" will not halt his personal crusade to make luxury sustainable. In a speech at a conference in New Delhi, the son of PPR's founder François Pinault, said sustainable luxury formed part of the sector's identity and responsibility.
The 46-year-old went on to say that the crisis has arisen from a lack of regulation, excessive speculation and exaggerated risk-taking. "Today, more than ever, people want a return to genuine values such as timelessness, sincerity and exemplary standards," he said.
Luxury and sustainable development share common values which are, according to the France-based Pinault, "the timelessness of lasting worth, and the passing on of knowledge, as well as the protection of talents and natural resources."
Sustainable luxury can only be achieved in the long term through patience and perseverance, he continued. "The long journey ahead of us is one more reason to take risks and to be ambitious."
However, he sounded a warning to those businesses who do not follow PPR's lead. Global consumption is being affected by profound structural change as it integrates the values of sustainable development, he said.
PPR was founded in 1963 and today is a €19 billion business that owns the Gucci group, mail order retailer Redcats and sports brand Puma.
Photo by Masaaki Komori