profit
Profit is the ultimate element that reflects the results of a company’s operations. Residual value is the essence of profit and profit is a form of transformation of residual value. Balancing the profit and environmental aspects of the fashion industry is an important tool for sustainable development. Profit drives the development of the fashion industry and is an important value for its existence.
Because of social and economic progress, fashion has now become one of the largest industries in the world.
Fashion is one of the most important industries in the world, and it is not only an important part of driving the global economy. And it is one of the key value-creating industries in the world economy. (McKinsey & BoF, 2016) In its 2017 State of Fashion report, McKinsey stated that the global fashion industry would represent the seventh largest economy in the world if the fashion economy was compared to a country’s GDP. According to the latest statistics, the revenue of the fashion industry in 2021 is 1.7 trillion US dollars. Before the Covid-19 pandemic, the global revenue of the fashion industry was estimated to be between $1.7 trillion and $2.5 trillion, according to two separate studies by Euromonitor and McKinsey. (McKinsey, 2019) But the arrival of the new crown pneumonia epidemic has seriously affected the economy of the fashion industry. According to Euromonitor, the global apparel and footwear market shrank by -18.1% in 2020 (to $1.45 trillion), while McKinsey said revenue in the fashion and apparel industry fell by 20% in fiscal 2019-20. (Euromonitor, 2021) Fortunately, with the unblocking of the country and the shrinking number of Covid-19 people, people have started retaliatory consumption, which has brought new vitality to the fashion economy and ushered in another prosperity. The world apparel retail market is expected to grow by 7.5% in 2021-2022 to reach US$1.84 billion in 2022, and by 6.1% in 2022-2023 to reach US$1.95 billion in 2023. (Euromonitor International, no date)
Because of social and economic progress, fashion has now become one of the largest industries in the world.
Fashion is one of the most important industries in the world, and it is not only an important part of driving the global economy. And it is one of the key value-creating industries in the world economy. (McKinsey & BoF, 2016) In its 2017 State of Fashion report, McKinsey stated that the global fashion industry would represent the seventh largest economy in the world if the fashion economy was compared to a country’s GDP. According to the latest statistics, the revenue of the fashion industry in 2021 is 1.7 trillion US dollars. Before the Covid-19 pandemic, the global revenue of the fashion industry was estimated to be between $1.7 trillion and $2.5 trillion, according to two separate studies by Euromonitor and McKinsey. (McKinsey, 2019) But the arrival of the new crown pneumonia epidemic has seriously affected the economy of the fashion industry. According to Euromonitor, the global apparel and footwear market shrank by -18.1% in 2020 (to $1.45 trillion), while McKinsey said revenue in the fashion and apparel industry fell by 20% in fiscal 2019-20. (Euromonitor, 2021) Fortunately, with the unblocking of the country and the shrinking number of Covid-19 people, people have started retaliatory consumption, which has brought new vitality to the fashion economy and ushered in another prosperity. The world apparel retail market is expected to grow by 7.5% in 2021-2022 to reach US$1.84 billion in 2022, and by 6.1% in 2022-2023 to reach US$1.95 billion in 2023. (Euromonitor International, no date)
As an individual. The economy means the wealth level of individuals, and the economically well-off countries and individuals are often able to enjoy better national and personal resources. On the contrary, the services received by poor countries and individuals tend to lag behind the economically well-off groups. Professionally, the history of the economy is the history of how societies escaped widespread poverty by finding and producing more of the goods and services that people needed—the vast quantities of goods and services that people produced for each other. For nearly two hundred years, the number of poor people around the world has been slowly shrinking, which means people have more money to enjoy life. From a microscopic perspective, in recent decades there have been hundreds of different toothbrushes, thousands of different dentists, hundreds of thousands of different dishes in different restaurants, and millions of different books. This also proves that people are getting more basic resources to enrich their own vitality.（Roser，2021）
For now, the fashion industry plays a pivotal role in the world economy. Globally, the $1.3 trillion apparel industry employs more than 300 million people along the value chain; cotton production alone accounts for nearly 7 percent of all employment in some low-income countries. (Ellen MacArthur Foundation, 2017) Therefore, in terms of cost, it is necessary to protect the rights and interests of workers as much as possible while increasing economic income, such as realizing a circular economy and reducing waste of raw materials. (Muis, 20220) At the same time, considering the influence of social factors, increase online sales channels, increase various marketing possibilities, and increase your own income direction.
reference
FASHION UNITED.(no date)Global Fashion Industry Statistics. Available at:https://fashionunited.com/global-fashion-industry-statistics(Accessed 23th Oct 2022)
Roser，M.(2021) What is economic growth? And why is it so important? Available at: https://ourworldindata.org/what-is-economic-growth(Accessed 23th Oct 2022)
ELLEN MACARTHUR FOUNDATION.(2017) FASHION AND THE CIRCULAR ECONOMY . Available at: https://archive.ellenmacarthurfoundation.org/explore/fashion-and-the-circular-economy (Accessed 23th Oct 2022)
Musi B. (2020) 16 ways to increase your fashion brand’s profitability this year. Available at: https://conceptable.com/16-ways-to-increase-your-fashion-brands-profitability-this-year/(Accessed 23th Oct 2022)