Profit

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Profit is the third pillar of sustainability which relates to the economic perspective. The economic backbone of sustainability is where most businesses see themselves standing. To be sustainable, a business must make a profit. In fact, however, profit at any cost is not at all what the economic pillar is all about. Activities that fit into the economic pillar include compliance, proper governance, and risk management(Beattie, 2021).

Global fashion industry statistics show that the industry could reach 103 – 108% of its 2019 size by 2022. According to the US fashion industry statistics, the US fashion market will be worth around £143.7 billion by 2022(Radonic, 2022). The figure below shows the existing as well as the predicted trends in the US fashion market(Ariella, 2022).

Businesses also need to be competitive in uncertain economic times and, for example, improving marketing activities would be one approach to consider. Social media is a brilliant way to grow business and it is a way to reach customers across all industries. Businesses can use social media to increase brand awareness, generate leads and gain customers(Graver, 2022). Forbes reports on the widespread use of social media platforms, stating that “Facebook has more than 2 billion, Instagram has 800 million and Twitter has about 330 million monthly active users”. Social media can be a tool for businesses to reach their audience and can build the trust necessary to drive sales(Snapshot, 2018).

When companies aim to generate revenue, they have to invest time and effort in the combination of creativity and commerce. Take Alexander McQueen as an example, he had the ability to create beautiful products out of anything, such as cling film or rubber tires – a creative approach that could be applied to any art form on a low budget. In addition to the striking designs and exquisite tailoring of the garments themselves, McQueen’s fashion shows were extraordinary visual installations that drew attention to topics rarely discussed at the time, such as artificial intelligence, mental health, and sexual harassment. This made his art provocative and controversial at the time. He also challenged the conventions of runway modeling and body image by using plus-size women and the physically disabled in his shows(Ursell, 2018). He presented a fashion that could influence and inspire a large segment of society. Whereas it is currently estimated that Alexander McQueen’s net worth is approximately $44.27 million and his annual income is approximately $8.85 million(Net Worth Spot, 2022).


Reference list:

Ariella, S. (2022). 28 Dazzling Fashion Industry Statistics [2022] – Zippia. [online] ZIPPIA. Available at: https://www.zippia.com/advice/fashion-industry-statistics/ [Accessed 23 Oct. 2022].

Beattie, A. (2021). The 3 pillars of corporate sustainability. [online] Investopedia. Available at: https://www.investopedia.com/articles/investing/100515/three-pillars-corporate-sustainability.asp [Accessed 23 Oct. 2022].

Graver, K. (2022). 8 Tips to Help Manage a Business in Uncertain Economic Times. [online] Business Plan Writers & Startup Consultants – 1# Resource for Entrepreneurs & Self Employment. Available at: https://startgrowimprove.com/manage-a-business/ [Accessed 24 Oct. 2022].

Net Worth Spot (2022). Alexander McQueen Net Worth and Earnings. [online] Net Worth Spot. Available at: https://www.networthspot.com/alexandermcqueen/net-worth/instagram/ [Accessed 24 Oct. 2022].

Radonic, D. (2022). The Most Important Fashion Industry Statistics in 2022. [online] Fashion Discounts. Available at: https://fashiondiscounts.uk/fashion-industry-statistics/ [Accessed 23 Oct. 2022].

Snapshot (2018). How Does Social Media Drive Business Revenue? [online] Snapshot Interactive. Available at: https://snapshotinteractive.com/how-social-media-can-help-you-generate-revenue/ [Accessed 23 Oct. 2022].

Ursell, J. (2018). Fashion, creativity and mental wellbeing in ‘McQueen’ documentary. [online] www.intofilm.org. Available at: https://www.intofilm.org/news-and-views/articles/mcqueen-feature [Accessed 24 Oct. 2022].
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