People
“People” are the component of four pillars (planet, profit and purpose) and it is the main point of not only the organizations in all kinds but also the fashion business industry. It has been argued that ‘profit’ is the most important part in fashion business, however, ‘people’ are becoming more and more influential since “people” contain culture background of organizations, collaboration, diversity and relationships of the whole society (LCF Lecture, 2022).
Gen Z are the group of people who born from 1995 to 2010. According to the report from McKinsey & Company, Gen Z’ are more likely to pick the product that makes them stands out and being unique rather than choose a particular brand. Approximately 40% of Gen Z’ s (age 18 to 23) shopping behavior are influenced by social media (McKinsey & Company). As the bar chart illustrated, the shopping behavior of majority of Gen Z (age 13-17) buying an item or a brand are influenced by their friends or family (35%) and 28% of Gen Z (13-17) are influenced by social media. The situation twisted in the age group of 18-23 which they are more likely to be influenced by social media and website instead of friends or family (McKinsey Generation Z Survey 2019).
In order to attract Gen Z, a brand could be focus on ethnical area more since Gen Z are having more and more ethical standards and willing to pay for it. In addition, according to the data above, online shopping and chasing the social media are becoming a fashion trends. Majority of Gen Z are familiar with and getting used to the modern technology and also it is popular and common to follow the influencers or bloggers in Gen Z age group. So that a brand should be focus on the marketing on social media and celebrities, also send promotions through emails and on the first page of the website inorder to draw Gen Z’s attention on purchasing the products.
Fenty beauty , a cosmetics brand which made a huge change in the beauty industry established by Rihanna, illustrates the diversity completely and successfully. According to Vogue, It contains 40-colour foundation and all consumers could find the right colour suit for them. The advertisement page of this foundation are also demonstrated by people in different colour (Vogue, 2020). The main idea of fenty beauty was showing diversity and comprehensive attitude to everyone. It also brought the attention to the group that did not appear in the beauty industry that much and had be ignored (Vogue, 2020). The main people skill such as multitask, flexible working environment and various work visions are needed for a fashion brand to be successful.
Reference:
Funmi Fetto, 2020, How Fenty Beauty Changed The State Of Play In The Industry, Vogue, Available at https://www.vogue.co.uk/beauty/article/rihanna-fenty-beauty-diversity (Accessed on 7.10.2022 )
S Bhargava, B Finneman, J Schmidt, and E Spagnuolo, 2020, The young and the restless: Generation Z in America, Available at https://www.mckinsey.com/industries/retail/our-insights/the-young-and-the-restless-generation-z-in-america (Accessed on 7.10.2022 )