Wilma C. Inventor-Miranda l December 20, 2023 l Business Mirror
NOWADAYS you can read or hear the buzz about quiet luxury. Some took it to mean you do not wear branded items anymore and to be as discreet as possible. Some wear items where although the brands are not shown, the prices are even more expensive than the ones with the brands or logos obviously seen.
You can see Mark Zuckerberg in his t-shirts as everyday-wear. But, mind you, a shirt he wears cost a fortune for those of us who are below his wealth level. You might be surprised to discover that what looks like ordinary t-shirts are custom made and created by a well-known Italian designer. The cost for each is a whopping $300 and $400! And even if you want to buy, these are not available to the public (Source: fortune.com).
But what is really quiet luxury? Does that mean you do not carry branded bags or wear branded clothes or luxury watches, etc.? That is quite a misconception.
Quiet luxury is not about projecting wealth but creating a wardrobe with a focus on high-quality essentials as a base. It is what we call in business ESG (environment, social, governance). And ESG in wardrobe means buying less and only what is essential, buying quality and being mindful of the cost per wear (CPW). You can wear luxury brands if you can afford one; but be mindful of ESG.
Branded bags, some say, are still in the quiet luxury side since the logos are not so obvious and the timeless nature and craftsmanship are the best in the market; although the prices are also obviously expensive. But mind you, luxury does not mean expensive all the time. There are clothes, bags and jewelry that are not expensive but durable, simple but classic.
The rest of the brands not mentioned above may not be classified as quiet luxury but who cares about how other people defined it. If your brand is not in the aforementioned list below, do not allow others define what is or what is not quiet luxury for you. As long as your motive are right brands and you think these are good brands for you since you consider them as timeless and durable, go ahead – buy it and use it. But be mindful of the ESG that we can apply in the use of our personal assets.
Some people defined quiet luxury as having bags or clothes for instance, with no name of the brands being seen all over the item or the logo is not so glaring. The better the quality with no brand, the better. However, those with brand names (although some of these brands are not easily seen in the item) had invested a lot in craftsmanship and durability to stands the tests of time and the creativity of the design that goes into the bag or clothes.
Those who can afford to buy more luxury brands, they buy them as investments. They just collect and they don’t even get to wear or use some of these. For working people like me, I buy a few brands because of quality. You can just imagine how many times you have to buy bags with inferior quality although cheap for example, compared to a branded bag which lasts for years and can even be handed down to future generations.
So don’t easily judge that those who wear branded are just projecting wealth or want to look rich. There maybe some but not all. You should admire them especially the not-so-rich ones since they are buying the real ones and not the fake ones. They are buying quality and they are buying “integrity.”
These brand companies invested millions even billions to come up with quality brands while some shrewd businesses just imitate or manufacture fake ones to sell to the market.
If you buy the cheaper bags for instance, and you bought it several times you are contributing to the increase in the use of microplastics, energy consumption and water consumption, thus accentuating non-renewable resource dependence and climate change. In the long run it is harming our environment.
For social implications, are these manufacturing companies producing fake goods hiring cheap labor? For governance, are you, for instance, as a consumer conscious of the cost per wear of what you buy? It is not a matter anymore of quantity but of quality. Fast fashion trends have seen the industry grow to account for a fifth of annual plastic production globally.
Thus, keep this is in mind if you are planning or saving for that bag or clothes or shoes this Christmas or even for the future—is it timeless.Does your purchase protect the environment, or promote social welfare and do you minimize on cost per wear?
ESG is not only for business but for our personal consumption, too, because in the long run it will affect the whole global community.
*** Wilma Miranda is the 2023 Chair of FINEX Ethics Committee, Managing Partner of Inventor, Miranda & Associates, CPAs, Member-Board of Directors Member of KPS Outsourcing Inc. The views expressed herein do not necessarily reflect the opinion of these institutions.