Profit

Profit is financial success, with the UK fashion industry being predicted to reach a worth of £60.1 billion in 2022 (Statista, 2020) it is an important aspect to be considered. With the industry statistically having high total sales, products produced and number of employees it is seen as a large global industry.

The industry as a whole is expanding with specific sectors such as jewellery and accessories expected to continue expanding at a CAGR of 8.1% (Matter Of Form, 2022). Due to the impact of Covid-19 the global fashion e-commerce sector is predicted to reach $765 billion in 2022. North America was the largest region within the fashion ecommerce market in 2019 and Asia Pacific is predicted as the fastest-growing region in this forecast period. (ReportLinker, 2020)

With fashion ecommerce growing at a substantial rate the opportunity for brands to optimize social media marketing and expand their online presence will be the key to success. Corteiz is an example of a streetwear brand that built success through only advertising on social media. Now gaining over 400,000 followers on Instagram and 120,00 on twitter it has become an established and incredibly successful brand. With social media marketing being cheaper yet more direct that traditional advertising it is easily a strategy that fashion brands can take advantage of. 

The global fashion influencer market is valued at $1.5 billion and has a predicted growth rate of 35.7% by 2027. (MillionInsights, 2021) This means that choosing influencers to collaborate with and use as tools of promotion is another way to reach a brands target audience and successfully build brand awareness across multiple consumer bases. This personal and more informal form of promotion meets the two-step flow theory by Katz and Lazarsfeld and implies that influencers act as opinion leaders. Therefore, they have the power to encourage and influence their ‘followers’ especially when the target audience for what they are promoting matches their own consumer base.

The role of a creative director is to act as the creative lead merging statistics with creation. They develop ideas and lead their team to create projects that match the overall aesthetic and house style of the brand as well as meets the promotional needs to engage and capture the interest of their target audience. A creative director’s main goal is to capitalise using creative techniques.

AGCAS Editors (2021). Creative director job profile | Prospects.ac.uk. [online] www.prospects.ac.uk. Available at: https://www.prospects.ac.uk/job-profiles/creative-director  [Accessed 24 Oct. 2022]

Chitrakorn, K. (2022). Why everyone’s talking about Corteiz. [online] Vogue Business. Available at: https://www.voguebusiness.com/fashion/corteiz-clint-and-the-future-of-streetwear [Accessed 24 Oct. 2022]

Mitterfellner, O. (2020). Fashion marketing and communication : theory and practice across the fashion industry. Abingdon, Oxon ; New York, Ny: Routledge [Accessed 24 Oct. 2022]

www.millioninsights.com. (n.d.). Fashion Influencer Marketing Market Size, 2027 | Industry Report. [online] Available at: https://www.millioninsights.com/industry-reports/global-fashion-influencer-marketing-market  [Accessed 24 Oct. 2022] 

MOF Team (2021). The Future of the Jewellery Industry: Trends & Insights | Matter Of Form. [online] www.matterofform.com. Available at: https://www.matterofform.com/news/articles/jewellery-industry-trends  [Accessed 24 Oct. 2022]

‌ReportLinker (2020). Fashion E-Commerce Global Market Report 2020-30: Covid 19 Growth and Change. [online] GlobeNewswire News Room. Available at: https://www.globenewswire.com/news-release/2020/07/09/2060323/0/en/Fashion-E-Commerce-Global-Market-Report-2020-30-Covid-19-Growth-and-Change.html [Accessed 24 Oct. 2022]

Shepherd, J. (2022). Social Media Marketing for Fashion Brands: A Strategy That Works…. [online] The Social Shepherd. Available at: https://thesocialshepherd.com/blog/social-media-strategy-fashion-brands [Accessed 24 Oct. 2022]