Fergus Hay comments on Prada's decision to stop selling fur
by Leagas Delaney
Prada ceasing to sell fur products follows the lead of other fashion houses like Burberry, Chanel, Versace and Armani. That said, fur accounts for only 0.2% of Prada’s portfolio, so this ban is mainly an image driver. Consumers today, especially the generation below 35, are much more conscious and are proven to spend more with companies selling ethical products. Luxury brands need to validate their price premium and so drive irrational preference amongst their consumers to validate that price. As such luxury brands especially need to make a stance on issues that are weighing on consumers’ minds.
It would be expected for other luxury brands to follow suit. However, the big question is around leather, which takes up a huge percentage of revenue of fashion houses. This will be the next battleground.