Shimeng Sun

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Profit

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“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)

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People

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“People” as one of pillars shows diversity in the fashion industry, which plays a crucial role.Insider Intelligence (2022) points out that Generation Z refers to the generation that was born between 1997-2012, following millennials. This generation has been raised on the internet and social media, with some of the oldest finishing college by 2020 and entering the workforce.

Generation Z, as a new shopping and consumption group, has some obvious special consumption behaviors. gen Z loves and enjoys social commerce. Apps such as Instagram, TikTok, Snapchat, Spotify, and Twitter have features enabling this. The vast majority (97%) of Gen Z use social media as their top source of shopping inspiration and two in five (40%) follow brands they like on social media (Rand, no date). Since the outbreak of the pandemic, in fact, there has been an interesting change in where generation z spends their money. a CM Group study found Gen Z will ditch online shopping if retailers offer exceptional in-store experiences to draw them away (Rand, no date). Gen Z is a truly omnichannel generation, shopping open victory best suits them in the moment. Vogue business (2021) shows that They are 56 per cent more likely to have shopped for fashion in-store over the last three months and 38 per cent more likely to have shopped online in the same timeframe.

Gentle Monster

gentle monster is known and popular for its “weird aesthetics”. Kim, its founder, captures the freshness of consumers, constantly exceeds consumers’ expectations, and creates countless novel and immersive consumption Spaces. The global pandemic has turned people’s attention online. Words like augmented reality, virtual reality, and metaverse have become much closer to our reality. gentle monster creates a world of futuristic technology through futuristic art works and installations (Bae,2021). An immersive experience that appeals to a large number of consumers, especially gen z, who boldly explores new things, is certainly the secret of GM’s success. “You’d think they were crazy – holding free art exhibitions in the most expensive parts of big cities,” Aurora Private Equity’s Amanda Sun wrote in a research note. “But that’s what they remember. A good flagship store will easily attract young consumers, and their share on SNS will attract more, “he said (Qian,2017).

The key to a brand’s success is to define the brand’s story and capture the minds of Gen Z consumers. First of all, brands should have unique selling points to attract consumers’ attention and meet their values, preferences and interests. Secondly, the visual marketing of offline stores and online platforms has great competitiveness, and a perfect consumption experience can retain many consumers. Finally, Gen Z is responsive to social media and Web ads (Brenner,2022). Therefore, the scope and frequency of advertising exposure will also attract traffic.

Reference

Bae,S(2021) Physical space is now more important for brands—not less Available at:https://www.campaignasia.com/article/physical-space-is-now-more-important-for-brandsnot-less/472880(Accessed on Oct 17th)

Brenner,S (2022) What Companies Need to Know About Generation Z Consumer Behavior Available at:https://clarkstonconsulting.com/insights/generation-z-consumer-behavior/ (Accessed on Oct 17th)

David Rand (no date) Generation Z consumer behavior: What brands need to know Available at:https://www.the-future-of-commerce.com/2022/07/04/generation-z-consumer-behavior-what-brands-need-to-know/ (Accessed on Oct 17th)

Insider Intelligence (2022) Generation Z News: Latest characteristics, research, and facts Available at:https://www.insiderintelligence.com/insights/generation-z-facts/ (Accessed on Oct 17th)

Qian,Q (2017) The Secrets to Luxury Eyewear Brand Gentle Monster’s Rapid Rise Available at:https://jingdaily.com/the-secrets-to-strange-luxury-eyewear-brand-gentle-monsters-quick-road-to-success/(Accessed on Oct 17th)

Figure

GENTLE MONSTER (no date) GENTLE MONSTER Available at: https://www.gentlemonster.com/sg/store(Accessed on Oct 17th)

Vogue business (2021) Gen Z shopping trends uncovered Available at:https://www.voguebusiness.com/consumers/gen-z-shopping-trends-uncovered-pay-pal (Accessed on Oct 17th)

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Planet

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Planet is one of the four pillars of fashion business industry, which is embodied by environmental sustainability. “Planet” has a influence on sustainability is mainly manifested in atmospheric environment, ecological environment and other natural factors.

The circular economy(Fig) is a model of production and consumption, which involves sharing, leasing, reusing, repairing, refurbishing and recycling existing materials and products as long as possible. In this way, the life cycle of products is extended (
European Parliament,2022). The model of circular economy means that resources are fully utilized. It entails redesigning products to be more durable, reusable, repairable, and recyclable (CHATHAM HOUSE,2021). It also means changing the way we consume and use goods and services, and rethinking consumerism as a society (ibid). UNCTAD’s work on the circular economy started in 2015 with a collaboration with the Ellen MacArthur Foundation on resource-circularity potentials in large economies like India and China (UNCTAD, no date). Circularity is already part of many lines of work within UNCTAD, such as activities on tackling fossil fuel and fisheries subsidies (ibid). 

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Linking sustainability with fashion, the concept of sustainable fashion emerges. Sustainable fashion refers to clothing that is designed, manufactured, distributed, and used in ways that are environmentally friendly (Green Dreamer, no date).However, the fashion industry has a negative impact on sustainability. Arguably the fashion and textile industry is unsustainable in its current form. It makes a significant contribution to the global economy, but it uses a disproportionately large amounts of natural resources; its waste products pollute rivers and oceans; and when garments and footwear reach the end of their lives, most are burned or placed in landfill (Economist impact,2020). 

climate action and fashion are interacting.

Reducing emissions has become one of the most important measures to deal with climate change. The fashion industry contributes a lot to climate change. McKinsey research shows that the sector was responsible for some 2.1 billion metric tons of greenhouse-gas (GHG) emissions in 2018, about 4 percent of the global total. To set that in context, the fashion industry emits about the same quantity of GHGs per year as the entire economies of France, Germany, and the United Kingdom combined (McKinsey& Company,2020). To better cope with the effects of climate change, the fashion industry has also taken effective measures. They are taking action in three different areas: Reducing emissions from upstream operations；Reducing emissions from brands’ own operations；Encouraging sustainable consumer behavior(ibid

).

CHATHAM HOUSE (2021) What is the circular economy? Available at:https://www.chathamhouse.org/2021/06/what-circular-economy  (Accessed on Oct 9th)

Economist impact (2020) Is Sustainability in Fashion? Available at:https://impact.economist.com/sustainability/circular-economies/is-sustainability-in-fashion?utm_medium=cpc.adword.pd&utm_source=google&ppccampaignID=18156330227&ppcadID=&utm_campaign=a.22brand_pmax&utm_content=conversion.direct-response.anonymous&gclid=EAIaIQobChMIl-S_vKbU-gIVhWDmCh15xg4EEAAYASAAEgK8tfD_BwE&gclsrc=aw.ds  (Accessed on Oct 9th)

European Parliament (2022) Circular economy: definition, importance and benefits  Available at:https://www.europarl.europa.eu/news/en/headlines/economy/20151201STO05603/circular-economy-definition-importance-and-benefits (Accessed on Oct 9th.)

Green Dreamer (no date) What is Sustainable Fashion? Available at:https://greendreamer.com/journal/what-is-sustainable-fashion (Accessed on Oct 9th)

McKinsey& Company (2020) fashion on climate Available at:https://www.mckinsey.com/industries/retail/our-insights/fashion-on-climate (Accessed on Oct 9th)

UNCTAD (no date) Circular Economy Available at: https://unctad.org/topic/trade-and-environment/circular-economy  (Accessed on Oct 9th)

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