Models wear creations as part of the Versace men's Fall-Winter 2019-20 collection, that was presented in Milan, Italy, Saturday, Jan.12, 2019. (AP Photo/Antonio Calanni)
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Industry giant LVMH, the owner of Louis Vuitton, Christian Dior and Dom Perignon Champagne, in July bought a stake in Stella McCartney's fashion label, known for working with sustainable materials such as biodegradable shoe soles.Leading the way is Kering, Saint Laurent's owner, whose other brands include Gucci and Balenciaga. Chairman Francois-Henri Pinault is working to rally global fashion companies around a new sustainability pact. The French luxury group's blockbuster turnarounds at Gucci as well as Saint Laurent and Balenciaga have seen earnings more than double since 2014, but Kering is still viewed as a scrappy upstart in comparison to stalwarts such as Hermes International or the much larger LVMH.While LVMH has been tackling the same environmental challenges behind closed doors, Kering and Pinault have opted to speak about them openly. This allows the Gucci owner to convert its environmental impact to a dollar amount -- just over 500 million euros ($554.8 million) last year, Kering estimates.Half of that would come from implementing better practices throughout supply chains, as well as boosting the use of more sustainable materials like organic cotton. Slowly, however, brands are starting to respond more openly to sustainable fashion demand.
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