Creating shared value: a social semiotic analysis of ESG discourse on social media

For decades, institutions, businesses, and individuals have engaged in discourse regarding their commitment to building a better world. In 2022, however, we are still a long way from achieving sustainable development. While institutions have struggled to agree on common standards and regulations, businesses have shifted their corporate discourse to focus on environmental, social, and governance themes (ESG), which reflect their efforts to preserve the planet (E), generate positive societal impact (S), and operate in compliance with economic policies (G). This new rhetoric is the result of corporate peer pressure, increased activism and consumer engagement on social media, and growing risks for reputational damage and financial impacts on corporations. Among all business sectors, luxury has historically been associated with qualities such as overconsumption and social stratification that do not naturally align with sustainability, however, it has been integrating ESG factors into corporate discourse. This study is concerned with the semiotic construction of meanings related to the regeneration of the oxymoronic concept of ‘sustainable luxury’ (Nervino, 2016; Wells et al., 2021). This study adopts a social semiotic approach to analyse Instagram posts shared by luxury brands in 2020 and 2021 (Bateman et al., 2017; Kress & van Leeuwen, 2001; 2006; Nervino, 2018). The analysis identifies the semiotic resources involved in the meaning-making process enabling the coexistence of luxury and sustainable discourse.