Most big luxury houses like Chanel, Hermès, Dior and Louis Vuitton for decades burnt their unsold stock to preserve their image. After they had offloaded unwanted goods through staff, “friends and family sales,” outlets and third-party organizers of private events, they destroyed whatever was left out of fear that old stock could be sold for cheap and weaken their pricing power and exclusivity.

But today a reckoning is underway. In an age of climate crisis, the world’s top brands are having to face a future when they cannot destroy goods. It’s been banned in France, the crucible of the luxury industry, since last year. Another, more extensive ban is shortly expected to become law throughout the European Union.