The global business was signified by the focus on luxury textile pollution abatement to safeguard the environment from the textile process wastes, which is of a major concern. The concept of luxury textile, licensing, and sustainability is gaining a vast attention of both consumers and manufacturers. This review provides a unified depiction of sustainable and cutting-edge technologies to gain knowledge-based practices followed in the textile industries. We inhabit a world influenced by economic growth factors, characterized by diminishing natural resources and a rising population. In the highly competitive luxury sector, sustainability appears paradoxical. A transition to a sustainable mind set and circular economy appears to be a must rather than an option. The fashion and luxury industry is generating an increasing number of products at an accelerated rate, with repeated seasonal changes, while consistently seeking to lower the costs. Also, the study provides the summary of best practices followed by the major luxury sector textile brands, model innovation in industries at different stages of textile manufacturing.