Purpose
Brand purpose is one of the important pillars of the four pillars of the fashion business. In today’s era of great competition, the core of a brand’s marketing has become the positioning and business value of the brand, because only the philosophy (mission, vision, value proposition) that builds a good brand can achieve higher income and business value. achievement, so the philosophy of a brand is very important.
Many fashion brands rent dresses to celebrities or singers or models for events such as Fashion Week and the Met Gala. When some models are photographing fashion magazines, they will also wear the corresponding clothes provided by the brand, which is the sharing economy. The sharing economy is also known as collaborative consumption or peer-to-peer based sharing. An important criterion of the sharing economy is that it enables individuals to monetize underutilized assets. Today’s very popular second-hand website buying and selling, shared transportation such as shared bicycles and shared cars, and many fashion brands will rent their own clothes to others, these are very popular sharing economy.
Good brands can help consumers simplify the decision-making process, help to form the core competitiveness of products in the market, and better attract Gen Z consumers. For example, some brands will send gifts to consumers on specific holidays, and Some brands will do well in serving consumers. But the most important thing is how to attract consumers to grab their attention. For example, when Virgil Abloh became Louis Vuitton’s new men’s clothing creative director, it caused a great sensation in the fashion industry. In 2019, the Louis Vuitton spring and summer men’s clothing series was also the first time that Virgil Abloh transformed his men’s clothing line. He is good at trends. He has changed the brand’s unreachable past, and has ushered in a different experience of young street fashion. As today’s Louis Vuitton men’s clothing line is developing towards the trend of young fashion and street culture, it is also more attractive to Gen Z consumers to buy Louis Vuitton’s men’s clothing line.
In today’s new era with a huge number of Gen Z consumers, it is difficult for a brand to be paid for by consumers if it does not have a good brand purpose and positioning. Therefore, the fundamental purpose of a good brand is to make its users and consumers happy. It forms a precipitation and makes the brand more popular.
Bibliography
Tucci, L. and Laskowski, N. (2018) What is sharing economy? – definition from whatis.com, SearchCIO. TechTarget. Available at: https://www.techtarget.com/searchcio/definition/sharing-economy (Accessed: October 30, 2022).
Yotka, S. (2018) A brief history of Virgil Abloh’s meteoric rise, Vogue. Vogue. Available at: https://www.vogue.com/article/virgil-abloh-biography-career-timeline (Accessed: October 30, 2022).