Purpose
In the fashion industry, the Purpose pillar, typically following the order of planet, people, and profit, plays a crucial role in strategic planning and communication. It serves as the platform for a company to express its core purpose and values, inspiring and guiding employees, partners, and customers. Beyond profit, it fosters a deep sense of personal contribution to the company’s larger mission.
BRAND PHILOSOPHY
A brand’s philosophy is the foundation of its mission, values, and vision, differentiating it from competitors. It goes beyond marketing, reflecting beliefs that resonate with the audience and embodying a commitment to positive impact. As a brand, your philosophy is rooted in how your business defines itself, shaping its identity and subsequently presenting it to the wider public. This philosophical underpinning forms the essence of the brand and guides its interactions with the world. (Silva, 2020)
GEN Z
In the contemporary landscape of the fashion industry, Generation Z emerges as a primary target for sales. Born in the early 2000s, this cohort, now in their twenties, drives the rapid evolution of trends, primarily facilitated by the immediacy of social networks like TikTok and Instagram. This phenomenon bolsters the fast fashion sector, catering to the ever-changing desires of the masses, leading to substantial profits.
While fashion trends have historically been cyclical, Generation Z’s entrance into the scene heralds a search for sustainability. In contrast to the preceding Millennial generation, Generation Z has ushered in the rise of the second-hand and reuse market, promoting eco-friendly practices. In partnership with Oxfam, Marks & Spencer initiated the ‘Shwopping’ campaign in 2012, urging consumers to donate clothing for reuse. Despite raising awareness, donated items remain less numerous compared to direct reuse within personal networks. (Gwilt, 2020)
This demographic’s shift in consumption patterns extends to how they purchase products, expanding opportunities for emerging brands, increasing distribution, and facilitating more sustainable practices. This, in turn, contributes to the explosive growth of social networks. Digital influencers wield increasing influence, reshaping the global fashion market. Moreover, collaborations with celebrities prove to be a potent strategy, significantly attracting Generation Z and yielding swift sales and substantial benefits for brands.
In this dynamic landscape, for brands to distinguish themselves and remain authentic, forging an emotional connection with consumers becomes paramount. This connection ensures a brand’s lasting positioning and perspective. The transition from being merely omnichannel to the concept of being omnipresent underscores the importance of brands adhering to their story and authenticity. (McKinsey & Company, 2020)
BIBLIOGRAPHY:
EmbedSocial. (2023) Brand collaborations on Instagram: How to find them? Available at: https://embedsocial.com/blog/brand-collaborations-on-instagram/ (Accessed: 30 October 2023).
Gwilt, Alison. (2020) A Practical Guide to Sustainable Fashion, Bloomsbury Publishing USA, 2020. Available at: http://ebookcentral.proquest.com/lib/ual/detail.action?docID=6234061 (Accessed: 27 October 2023)
Hatchwise. (2021) Business philosophy examples. Available at: https://www.hatchwise.com/resources/business-philosophy-examples (Accessed: 30 October 2023).
McKinsey & Company. (2020) Meet Generation Z: Shaping the future of Shopping. Available at: https://www.mckinsey.com/industries/consumer-packaged-goods/our-insights/meet-generation-z-shaping-the-future-of-shopping (Accessed: 27 October 2023).
M&S. (no date) What is shwopping? Plan A Shwopping. Available at: https://www.marksandspencer.com/c/plan-a-shwopping (Accessed: 30 October 2023).
Silva, P. (2020) Why philosophy has much to do with brand-building (and what that looks like), Forbes. Available at: https://www.forbes.com/sites/piasilva/2020/11/19/why-philosophy-has-much-to-do-with-brand-building-and-what-that-looks-like/?sh=3e21039171f9 (Accessed: 28 October 2023).