Profit

Profit is another of the 4 pillars in the fashion industry. Profit is seen as the result of a business/ brands success and result. Profit is what keeps a business running, therefore is one of the key pillars. 

The size of the fashion industry is shown here in a recent survey as ‘valued at $1.7 trillion as of 2022. The fashion market had a growth rate of 5.46% in 2017 and was projected to hit 6.2% by 2020.’ This data may not currently be accurate, as this is ever changing. This is due to the industry continually growing, and also having obsticals affecting this, such as in 2019, the outbreak of ‘covid-19’ which still has an impact on the fashion industry in todays world. 

Fashion and profit affects the size of the industry globally, however, the country in which we see the most growth in, is France, according to the brands countries IPX by IFDAQ. The graph below shows the leading country’s in the globe which have an impact on profit:

How can a brand remain competitive in uncertain economic times?

A good example for how brands can remain competitive during uncertain economic times is the disruption in which COVID-19 had on our economy and in the world in general. Covid-19 effected lives and people around the globe which had a huge impact on the fashion industry with many previously successful businesses (such as misguided) being discontinued due to the economic impact. However, an uncertain economy does not mean an exit from marketing. Brands could continue to personally and individually market their brand through many ways (such as advertising, pr, emails ect.) and try and adapt the way they present this due to what is going on in the economic world, so they can gain personal relationships for when this improves to keep the brand running, strong and successful. 

How do creative directors bridge the gap between creativity and commerce?

A director has to be serious about the business aspect, and equally creative. They have to have a mutual relationship between the two in order to keep their business successful. As said by Tearra Marie: “You bridge the gap by learning about and doing as much as possible in both aspects.”

 References:

Ariella, S. (2022) 28 dazzling fashion industry statistics [2022]: How much is the fashion industry worth, Zippia 28 Dazzling Fashion Industry Statistics 2022 How Much Is The Fashion Industry Worth Comments. Zippia. Available at: https://www.zippia.com/advice/fashion-industry-statistics/ (Accessed: November 10, 2022). 

Generation Z (2022) Wikipedia. Wikimedia Foundation. Available at: https://en.m.wikipedia.org/wiki/Generation_Z (Accessed: November 10, 2022). 

Panel®, E. (2022) Council post: 11 brands that successfully model diverse and inclusive advertising, Forbes. Forbes Magazine. Available at: https://www.forbes.com/sites/forbescommunicationscouncil/2022/07/15/11-brands-that-successfully-model-diverse-and-inclusive-advertising/?sh=73c6fd3557b9 (Accessed: November 10, 2022). 

Person (2022) How gen Z shapes sustainable luxury fashion through digital, Sustainability Magazine. Available at: https://sustainabilitymag.com/sustainability/how-gen-z-shapes-sustainable-luxury-fashion-through-digital (Accessed: November 10, 2022). 

Sabanoglu, T. (2021) Fashion Industry Worldwide 2021: Leading countries, Statista. Available at: https://www.statista.com/statistics/1202694/fashion-industry-leading-countries-worldwide/ (Accessed: November 10, 2022).