Profit
The four business pillars that are examined in the fashion industry are strengthened by “profit.” We can assume that a company’s main objective is to turn a profit, but as Gen z’s concern for the environment and social issues has grown over time, the fashion industry has had to change and adhere to these crucial factors in addition to its focus on profit in order to create a socially and environmentally developed fashion industry.
Fashion plays an enormous role in the economy due to the fact that everyone wears clothes, this leads to the fashion industry being regarded as “one of the world’s most important industries” which is said to drive a significant portion of the global economy (Mckinesy, 2017). The worldwide fashion market generated roughly 1.5 trillion US dollars in sales in 2021 and it said that it will rise to approximately 2 trillion dollars by 2026 (Statista, 2022).
It is also important to understand that with such large numbers that the fashion industry produces, it’s all thanks to clothes manufacturing. The apparel manufacturing sector holds the fifth-highest employment position internationally, according to IBISWorld (IBISWorld, 2022). An example of this would be Vietnam, The textile sector in the nation employs 3 million people, making it one of the major industries in its economic growth. The sector contributes 16% of the nation’s total GDP and employs nearly 5% of the labour force overall and around 12% of the industrial workers (Marshall, 2022).
Covid was a crucial event for companies to learn how to stay competitive in unpredictable economic times. Figure 3 shows, for example, a rise in the number of individuals who purchase online more than before the epidemic and a drop in the number of people who buy less online than before. This helps brand owners recognise that they must stay up with demand and ensure that their businesses can compete with other brands that specialise in selling online.
Creative directors over the years have lost acknowledgement for their creative works, this is due to the ignoramus influx of marketing that has taken over the fashion industry over the last couple of years. This is a result of social media’s rapid growth and the new fashion industry consumers’ reliance on it. In light of this, creative directors need to devise strategies for expanding their access to the fashion industry’s commercial market. Creative directors like JWadernson working with Uniqlo are a brilliant example of this. JWadernson is a luxury fashion label that emphasises the use of vibrant colours to allow people to express themselves, whereas Uniqlo caters to the general public by curating essential pieces to be more affordable and comfortable. Through this partnership, JWanderson was able to reach a wider segment of the fashion-related commerce industry, which helped him stay competitive and get more exposure.
Reference list:
Figure 1: Kent. S, (2020)
Available at: https://www.businessoffashion.com/articles/sustainability/responsible-fashion-business-sustainability-planet-future/
[Accessed Oct 28, 2022].
Amed, I. (2016) The State of Fashion 2017, McKinsey & Co.
[Accessed Oct 28, 2022].
Smith.P, (2022) Global apparel market, Statista.
Available at: https://www.statista.com/topics/5091/apparel-market-worldwide/#topicHeader__wrapper
[Accessed Oct 28, 2022].
IBISWorld, (2022) Global Biggest Industries by Employment in 2022
Available at: https://www.ibisworld.com/global/industry-trends/biggest-industries-by-employment/
[Accessed Oct 28, 2022].
Marshall.D, (2022) Immago textile industry in Vietnam, Immago.
Available at: https://immago.com/immago-textile-industry-vietnam/
[Accessed Oct 28, 2022].
Figure 2: Akter. A, (2018) Figure 2
Available at: https://www.textiletoday.com.bd/vietnamese-textile-apparel-industry-moving-towards-us50-billion-2020/
[Accessed Oct 28, 2022].
Figure 3: Percentage change in online purchases due to the coronavirus (COVID-19) pandemic in the United Kingdom from March 2020 to February 2021. Statista, (2021)
Available at: https://www.statista.com/statistics/1230225/changes-in-online-buying-among-uk-consumers-since-covid-19/
[Accessed Oct 28, 2022].
Figure 4: Uniqlo, (2022)Available at: https://www.uniqlo.com/uk/en/contents/collaboration/jwanderson/22fw/ [Accessed Oct 28, 2022].