Profit
In the fashion industory, profits occupy a crucial position, and profits reflect the state of the social economy. Also, in the fashion industry, profit is one of the four Pillars of fashion in fashion business school. Understanding the impact of profit on the fashion industry and how to improve benefits has always been a topic worth discussing (conceptable. com)
The fashion industry has always played a vital role in the world. In 2022, Radonic said (2022) promised that the business value of the fashion industry will reach 1.7 trillion dollars, which be 103% – 108% of the scale in 2019. The average retail price of fashion will rise by 3%. Fast fashion will recover in 2023, reaching 38.2 billion dollars, and the accessories industry will reach 375.49 billion pounds. The scale of the fashion industry is extensive, and the market value is high. And according to the statistics of the clothing industry, dyeing and textile processing waste 20% of the world’s water (fashiondiscounts.uk, 2022).
The fashion industry has a wide range of departments, each of which has different functions, and they all affect brand interests. The marketing department is also vital for a brand. Kiron said (2022) that digital marketing is more convenient. It can connect with customers more quickly and efficiently, which is more conducive to improving brand interests and brand mindfulness. The digital marketing department makes the fashion industry experience a revolution. Consumers can get the latest fashion news more easily and quickly. Digital marketing has promoted the development of the fashion industry.
The development of new products is essential for a brand to remain competitive. Bandinelli et al.(2013) found the efficiency of the R&D department of new products plays a great role in enhancing brand competition.
How creative directors balance the gap between creativity and business is a topic of great concern. An excellent creative director needs to have many different abilities. Russell commented (2022) Fashion design creativity is the most basic skill of creative directors in the fashion industry. Creative directors must be able to generate new ideas that attract target markets. Communication ability is also very important, which can help him to better communicate with his employees and establish contacts with potential partners in the fashion industry. In addition, the most important thing is to effectively communicate with the business department to find design and marketing solutions that are more conducive to maximizing the benefits of the brand(work.chronic.com, 2018). Mondalek pointed out (2019) “The role of the creative director has become more complex, evolving to include store strategy, social media and advertising campaigns, and global brand vision (voguebusiness.com, 2019), The brand benefits have been further improved.
Reference
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Bandinelli, R. et al. (2013) “New product development in the fashion industry: An empirical investigation of Italian firms,” International Journal of Engineering Business Management, 5, p. 31. Available at: https://doi.org/10.5772/56841.
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Kiron, M.I. (2022) Impact of digital marketing in Fashion Industry, Textile Learner. Available at: https://textilelearner.net/impact-of-digital-marketing-in-fashion-industry/ (Accessed: October 23, 2022).
Muis, B. and Team, C. (2020) 16 ways to increase your fashion brand’s profitability this year – conceptable – consultancy and mentoring for the fashion, performance and Leisure Products Industries, Conceptable. Available at: https://conceptable.com/16-ways-to-increase-your-fashion-brands-profitability-this-year/ (Accessed: October 23, 2022).
Radonic, D. (2022) The most important fashion industry statistics in 2022, FashionDiscounts. FashionDiscounts. Available at: https://fashiondiscounts.uk/fashion-industry-statistics/ (Accessed: October 23, 2022).
Windermere, A. (2018) The skills for a creative director in Fashion, Work. Available at: https://work.chron.com/skills-creative-director-fashion-16930.html (Accessed: October 23, 2022).
Picture Reference
Kanye West’s Twitter and Instagram accounts restricted after alleged antisemitic post (2022) Google. Google. Available at: https://www.google.co.uk/amp/s/news.sky.com/story/amp/kanye-wests-twitter-and-instagram-accounts-restricted-after-alleged-antisemitic-post-12717097 (Accessed: October 23, 2022).