Profit
“Fashion is one of the world’s most important industries, driving a significant part of the global economy. It is one of the key value-creating industries for the world economy.” stated McKinsey in its State of Fashion 2017 report (2016). As one of the four pillars, profit is the pillar of the fashion industry. Before the Covid-19 pandemic, the fashion industry global revenue was estimated between $1.7 trillion and $2.5 trillion (McKinsey analysis, 2019).
The fashion industry as the world’s fourth largest industry has a strong market. According to Fashion United (2022), the industry has a labor force of 3,384.1 million. Its value is equivalent to 3 trillion dollars. That means, it corresponds to 2% of the world’s Gross Domestic Product (GDP).
The fashion industry consists of several key sectors. Fashion design and manufacturing translate some new fashion trends into concrete fashion items for the public to see. Fashion retailers buy products from manufacturers and sell them. Fashion marketing is the process of managing the product flow to maximize the profitability of the brand and the company.
What can a brand do to stay competitive in this uncertain economic climate? Firstly, I think brands have to have unique selling point in order to stand out in the same space. In addition, capturing the target customers of the brand is also an indispensable way. Through some brand innovation and marketing strategies to maintain a good relationship with these customers. Finally, the brand should keep up with the current trend, cater to GenZ’s taste, and adapt to uncertain factors in order to stand firm.
Designers try their best to balance commerce and creativity in the development of a brand. A brand without profits is like a brand without a pillar. Marni x Uniqlo is a good combination of profit and innovation.
Marni is known as a luxury fashion brand for its bright colors, graphics and bold stripes, while Uniqlo is favored by consumers for its affordable comfort. The cooperation between the two brands not only follows the current fashion trend but also has a high cost performance ratio, which has attracted a large number of consumers. At the same time, it also became famous. It combined creativity and commerce perfectly, and gained a good influence in the uncertain environment. “It combines impeccably crafted clothes with MARNI’s offbeat and life-embracing spirit. I really hope that wearers feel good, that they feel themselves, that they feel free” says Creative Director of Marni, Francesco Risso(2022).
Marni x Uniqlo 2022SS look
Jackson,C (2022) Marni X Uniqlo Is The Brightly Coloured, Bold And Joy-Bringing Collab We All Need This available at: https://www.elle.com/uk/fashion/what-to-wear/a39837587/uniqlo-marni-collaboration/ (accessed on Oct 23th)
McKinsey & BoF(2016) McKinsey State of Fashion 2017 report available at: https://fashionunited.com/global-fashion-industry-statistics (accessed on Oct 23th))
McKinsey analysis (2019) McKinsey report ‘State of Fashion 2022: An uneven recovery and new frontiers’ available at: https://fashionunited.com/global-fashion-industry-statistics (accessed on Oct 23th))
Vilaca,J(2022) FASHION INDUSTRY STATISTICS: THE 4TH BIGGEST SECTOR IS WAY MORE THAN JUST ABOUT CLOTHING available at: https://fashinnovation.nyc/fashion-industry-statistics/ (accessed on Oct 23th))
Uniqlo (2022) A closer look at the UNIQLO and MARNI Spring/Summer 2022 collection available at:https://www.uniqlo.com/uk/en/contents/collaboration/marni/22ss/article/02/ (accessed on Oct 23th)