Throughout the marketing literature, little attention has been paid to the responsibilities of luxury fashion businesses. Harnessing Polonsky et al.’s (2003) ‘harm chain’, the extended ‘harm chain’ (Previte & Fry, 2006) and the theoretical lens of institutional theory, this conceptual paper explores a systematic way to examine the potential for value co-creation, the harmful outcomes linked to luxury fashion marketing activities, and how those harms might be addressed. The supply chain literature has largely ignored the omnipresent influence of the institutional environment. Therefore, our theoretical extension of the ‘harm chain’ to incorporate the institutional forces that cause harm has enabled us to redress the knowledge gap regarding the analysis of negative and positive value creation, broaden the debate around CSR by reconfiguring research into fashion businesses and considering CSR in the context of luxury fashion brands. Our analysis identifies a number of harms occurring throughout the luxury fashion supply chain. The paper concludes by urging luxury fashion businesses to sustain their success through ‘deep’ CSR, adding voice to the developing conversation that seeks to change the scope of the critique of marketing practice beyond the economic and competitive advantages that CSR delivers.