Businesses today face tremendous levels of uncertainty and volatility. Driven by a host of factors, such as rapid technological developments, demographic shifts, sociopolitical instability, and slow economic growth, the business environment seems to be in a state of permanent disruption.
In the face of this, many companies are embracing purpose as an important lever for navigating turbulence, and are rethinking how they create and measure value.
Purpose is a far more familiar concept now than it was even a few years ago when EY Beacon Institute launched. Purposeful business has grown into a movement that has entered the mainstream. The current discourse is less about whether purpose is an important resource for companies – we believe the business case for this has been made - and more about how purpose can be realized, enabling companies to unlock its value.
Retailers offer an excellent lens through which to examine these issues – they are the front line of capitalism. In today’s always-on world, they are in the market every minute of the day. Luxury retailers and brands, in particular, are often viewed as the aspirational vanguard. We are very pleased to work with Positive Luxury* to examine the way luxury retailers and brands are facing disruptive change and how these highly focused consumer facing businesses are utilizing purpose to drive benefits.
The EY Beacon Institute is a community of executives, entrepreneurs and luminaries advancing a transformation of the working world by redefining what it means to be a successful company in the 21st century.
We develop research and share stories on how leading companies are redefining success to create sustainable value. Most importantly, as a community of practitioners, we advance this movement through our individual actions and the way we lead our organizations.
I hope that you find this report insightful and inspirational, and that you will join the movement of those on the leading edge of transforming the working world.
Global Leader, EY Beacon Institute
*Positive Luxury connects brands and consumers that care. Our mission is to inspire people to buy better and influence brands to do better. The Butterfly Mark is recognised as a guarantee of commitment across all areas of sustainability.
This publication contains information in summary form and is therefore intended for general guidance only. It is not intended to be a substitute for detailed research or the exercise of professional judgment. Member firms of the global EY organization cannot accept responsibility for loss to any person relying on this article.