The profit
The profit is the third pillar of sustainability and the marginal monetary benefit received but a firm in return of selling goods and services. Profit can be described as “money that is earned in trade or business after paying the costs of producing and selling goods and services” (Cambridge Dictionary). Profit is the capital that a company can use for various purposes, such as investing in new products, replacing equipment, nurturing employees, etc. With a good profit base, enterprises can have the premise of continuous development. (Indeed, 2020).
The size of the fashion industry is comparatively larger than other businesses. It differs from season to season, on weather, trend changes and with uncertain conditions for example, covid-19. Before Covid-19 hit, the fashion industry was worth $1.7 trillion. During the pandemic, the worth of the fashion industry had decreased to $1.45 trillion, that is by -18.1%. (McKinsey, 2022). Post pandemic, consumers indulged in something termed as ‘revenge-shopping’, bringing up the industry’s worth between $1.5 and $1.7 trillion in 2021. (Fashion United).
For an economy to be successful, institutions must meet the needs and desires of consumers majorly it being disposable income. Each sector in the industry needed to respond to these changes accordingly to remain competitive. During covid19, the marketing sector had the most influence on the consumers for the sales of the clothes being produced. Second most important were the finance sector. As they economy went down during covid19, it was important for the industry to lower their prices to sell off their inventories. Zara is the world’s largest clothing retailer, being responsible for churning out roughly 840 million garments every year in 6,000 stores worldwide. (Chua, 2019). having an unique selling point in fashion industry can increase the rate of any firm being comparative competitive and successful. Gucci is one of the best-known Italian brands popular for their luxurious clothes and leather products. The brand is exclusively preferred by the Gen Y people for their edgy unorthodox designs. Gucci’s USP, so to speak, is their unique craftsmanship. Going by the records, the top three Gucci items explored by shoppers online are flip-flops, shoes, and belts. With a brand value of $ 12.7 billion, Gucci is one of the richest brands in the fashion world.
Creative directors in the fashion industry play a crucial role in bridging the gap between creativity and commerce. They are responsible for translating artistic vision into commercially successful products and strategies. Here are several ways in which creative directors achieve this balance: Creative directors mayneed to have a deep understanding of current market trends, consumer behaviour, and competitors. This knowledge helps them create designs and campaigns that resonate with the target audience. Additionally, Creative directors should work to establish and maintain a strong brand identity. This involves defining the core values, aesthetic, and messaging of the brand and ensuring that these elements are consistently reflected in all creative endeavours.
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