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The Family Business Phenomenon as a Means for a Sustainable Business in the Clothing Luxury Business

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Sustainable Management of Luxury

Abstract

The family business phenomenon represents the most widespread business model in the world, representing both a relevant source of growth, development and economic stability, and a social determinant. The family business phenomenon has an important role in the clothing fashion business, as a large number of the medium and large companies operating are family businesses. The chapter focuses on the family business model in the clothing luxury business. The main goal is to analyse how the innovation strategy implemented by family businesses operating in the clothing context could represent a means of sustainable development in the society, in terms of economic, social and cultural aspects. Indeed, thanks to its history and reputation, the family could increase the integrity of its business, generating a positive impact both on its turnover, on the employment and, in general, on the society. In addition, the clothing luxury democratization makes a choice in a scale of desires. As the luxury is a social value manifestation within the community, the possession of a clothing luxury product leads to certain individual benefits, expressing the extent to which a person belongs to a certain social class. Consequently, the luxury could be a synonym of culture, art and innovation, instead of a simple vehicle for companies to make money. The theoretical framework is based on the study of Miller and Le Breton-Miller model (Managing for the long run: Lessons in competitive advantage from great family businesses. Harvard Business School Press, Boston, 2005), which identified a series of family business success drivers which, in a strong combination, impact on both strategic decisions and daily management. We created a qualitative model, identifying a series of specific features of family businesses which constitute a competitive advantage in the context of clothing luxury fashion, in order to make the generate a “sustainable luxury business”. This model was created by means of a qualitative method: despite criticism of its trustworthiness, the qualitative method was used due to the fact that it allows for an accurate understanding of the dynamics of the family business, which is a complex context, while avoiding a purely descriptive approach which would be equally limiting. In addition, the effectiveness of the framework theories can be directly contextualised in the analysed sector. Lastly, the qualitative method is frequently used in family business research, both to understand the family decision-making process and to compare family businesses and non-family businesses. The choice of this topic is due to a lack of studies in the literature on the impact of the family variable on the innovation strategy in the clothing luxury business. In fact, analysis of the contents of the major family business journals and books revealed that no research has been published on this subject.

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Authors and Affiliations

  1. Department of Management, University of Turin, Corso Unione Sovietica, 218 bis, 10134, Turin, Italy

    Elisa Giacosa

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  1. Elisa Giacosa
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Correspondence to Elisa Giacosa .

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  1. Center for Studies on Sustainable Luxury , Buenos Aires, Argentina

    Miguel Angel Gardetti

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Giacosa, E. (2017). The Family Business Phenomenon as a Means for a Sustainable Business in the Clothing Luxury Business. In: Gardetti, M. (eds) Sustainable Management of Luxury. Environmental Footprints and Eco-design of Products and Processes. Springer, Singapore. https://doi.org/10.1007/978-981-10-2917-2_17

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