Profit
Although the concepts of “creativity” and “commerce” in the fashion industry are often controversial, as in other industries, profit is crucial to the fashion industry and is one of the most critical factors supporting the development of the industry. In 2021, the global income of the fashion market will be about 1.5 trillion dollars (Smith, 2022).
The pandemic in 2020 has caused a severe and continuous blow to the global economy, including the fashion industry. However, with the spike of so-called “revenge buying” in the late epidemic, the fashion economy somehow recovered in 2021(BOF, 2022). Based on statistics, the revenue of the women’s wear market in 2021 far exceeded that of men’s wear and children’s wear, and the gain of the women’s wear market in China alone reached 150.92 billion US dollars (Smith, 2022). On the other hand, the performance of e-commerce is also awe-inspiring. In 2022, the market size will reach 312.2 billion dollars, of which income from China accounts for the majority (Statista, 2021).
In the case of similar economic shocks, fashion brands must focus on maintaining competitiveness in uncertain economic times. Promotions and shopping channels on social media also play a more significant role in the marketing of fashion brands. As a shared experience, social media promotes interaction and connection among various groups (Domenica, 2015). The immediacy of social media significantly reduces the distance between consumers and brands. Consumers can quickly get timely updates on products or track new fashion trends. Through this, fashion brands can create or master trends to guide consumption. Especially for Gen Z, whom the Internet has surrounded since childhood, the use of social media by brands is a good strategy. Therefore, the sustainable development of similar fashion e-commerce with high convenience, including the meta-universe, should be expected.
(Vogue, 2012)
In the fashion industry, creativity should also be valued in addition to business. This will focus on how to bridge the gap between creativity and commerce. According to brands like Maison Margiela, Chanel, and Off-white, it is crucial to maintain the characteristics of designers or other creators, such as photographers and stylists. Commodities need to represent designers in some detail, such as Maison Margiela’s label, Chanel’s tweed, and Off-white’s plastic tag. They promote the reputation of designers and convey the concept of brands while fulfilling their business mission.
References
BOF, 2022. The State of Fashion 2022 Report. [online].
Available at: https://www.mckinsey.com/~/media/mckinsey/industries/retail/our%20insights/state%20of%20fashion/2022/the-state-of-fashion-2022.pdf [Accessed 7 October 2022].
Domenica Peterson, 2015. Social Media as a Tool for Social Change. [online].
[Accessed 20 October 2022]
Smith, P., 2022. Global apparel market – statistics & facts. [online].
Available at: https://www.statista.com/topics/5091/apparel-market-worldwide/#dossierKeyfigures [Accessed 23 October 2022]
Statista, 2021. Fashion eCommerce report 2021. [online].
Available at: https://www.statista.com/outlook/dmo/ecommerce/fashion/worldwide [Accessed 23 October 2022]
Figure 1
Vogue, 2012. The Meaning of Margiela. [online].
Available at: https://www.vogue.co.uk/gallery/the-meaning-of-margiela [Accessed 23 October 2022]