Haoyu Mao

Brand purpose is one of the important pillars of the four pillars of the fashion business. In today’s era of great competition, the core of a brand’s marketing has become the positioning and business value of the brand, because only the philosophy (mission, vision, value proposition) that builds a good brand can achieve higher income and business value. achievement, so the philosophy of a brand is very important.

Many fashion brands rent dresses to celebrities or singers or models for events such as Fashion Week and the Met Gala. When some models are photographing fashion magazines, they will also wear the corresponding clothes provided by the brand, which is the sharing economy. The sharing economy is also known as collaborative consumption or peer-to-peer based sharing. An important criterion of the sharing economy is that it enables individuals to monetize underutilized assets. Today’s very popular second-hand website buying and selling, shared transportation such as shared bicycles and shared cars, and many fashion brands will rent their own clothes to others, these are very popular sharing economy.

Good brands can help consumers simplify the decision-making process, help to form the core competitiveness of products in the market, and better attract Gen Z consumers. For example, some brands will send gifts to consumers on specific holidays, and Some brands will do well in serving consumers. But the most important thing is how to attract consumers to grab their attention. For example, when Virgil Abloh became Louis Vuitton’s new men’s clothing creative director, it caused a great sensation in the fashion industry. In 2019, the Louis Vuitton spring and summer men’s clothing series was also the first time that Virgil Abloh transformed his men’s clothing line. He is good at trends. He has changed the brand’s unreachable past, and has ushered in a different experience of young street fashion. As today’s Louis Vuitton men’s clothing line is developing towards the trend of young fashion and street culture, it is also more attractive to Gen Z consumers to buy Louis Vuitton’s men’s clothing line.

In today’s new era with a huge number of Gen Z consumers, it is difficult for a brand to be paid for by consumers if it does not have a good brand purpose and positioning. Therefore, the fundamental purpose of a good brand is to make its users and consumers happy. It forms a precipitation and makes the brand more popular.


Bibliography

Tucci, L. and Laskowski, N. (2018) What is sharing economy? – definition from whatis.com, SearchCIO. TechTarget. Available at: https://www.techtarget.com/searchcio/definition/sharing-economy (Accessed: October 30, 2022).
Yotka, S. (2018) A brief history of Virgil Abloh’s meteoric rise, Vogue. Vogue. Available at: https://www.vogue.com/article/virgil-abloh-biography-career-timeline (Accessed: October 30, 2022).

Profit is one of the four pillars of the fashion industry, and it is also a very important one, because profit refers to the operating results of a fashion enterprise during a certain accounting period. The profit of a fashion brand can change the future development of the brand, that is, A concrete representation of the end result of this fashion brand.

Fashion Industry in China: Analysis of the world’s largest fashion market. In China, fashion is everywhere, on the streets, in commercial centers, on e-commerce platforms, on TV and, of course, on social media. There are multiple ways for brands to market in this culturally diverse country and launch their products among consumers who desire attractive designs at reasonable prices. According to McKinsey, China overtook the United States to become the world’s largest fashion market in 2019. Over the past decade, China’s fashion industry has been booming and developing. Currently, it continues to expand at an exponential rate. With rapid urbanization and the increasing ability of the population to spend, both high-rise and low-rise apparel markets are growing rapidly. From 2020 to 2021, duty-free shops have maintained a high profile in China. In January 2021, Hainan opened five new duty-free shops on the remote island and currently operates nine stores. During the Spring Festival holiday from February 11 to 17, sales of duty-free shops on the remote island of Hainan exceeded 1.5 billion yuan, double the amount during the Spring Festival holiday in 2019. During this period, there were more than 200,000 shoppers. Even in the face of the current global Covid-19 epidemic, China still maintains the highest level of luxury consumption in the world, and is an important source of profit for many fashion brands under the influence of the epidemic in recent years. According to news reports, the Guangzhou Hermès store, which was not long after Covid-19 started, quickly reaped more than 2 million yuan in revenue. (VOGUE BUSINESS IN CHINA 2020)

In order to better attract Chinese consumers to buy, many fashion brands will launch a series of products with Chinese New Year elements every year during the Chinese New Year to attract consumers to buy, such as the Chinese zodiac, phoenix, auspicious cloud embroidery, red, etc. in China regarded as auspicious elements. Many fashion brands have also entered Chinese e-commerce platforms, such as Alibaba and JD.com, to boost sales profits. With the rise of short videos in large numbers, fashion brands’ sales through short video apps are also on the rise. Chinese TikTok, the world-renowned short video platform, is taking a hard line in order to break the near-monopoly of the fashion industry by large e-commerce platforms such as Alibaba and JD.com. As of September 6, 2020, brands must partner with KOLs on the platform through Douyin, and they can no longer promote products on third-party e-commerce sites through Douyin’s livestreaming service. In October, Douyin completely banned links to third-party websites from appearing on its live channel. This prevents merchants from redirecting traffic to popular e-commerce sites such as Alibaba Taobao, Tmall or JD.com. Instead, they had to trade within the Douyin platform. Douyin is not the only platform actively entering e-commerce. Its rival Kuaishou announced that it facilitated more than 500 million e-commerce orders in August 2020, claiming this made it the fourth largest e-commerce service provider in China after Taobao, Tmall, JD.com and Pinduoduo business.

The success of a fashion brand in terms of profit depends on whether the brand can capture the attention of consumers and retain consumers. For example, in many traditional festivals in China, such as the Mid-Autumn Festival and the Dragon Boat Festival, some brands such as Louis Vuitton, Dior, Balenciaga, Hermès, Gucci, etc. will send their consumers exclusive holiday gifts to express their blessings. This is also the reason for the success of a fashion brand. They will know what their biggest consumer group wants, and having better service can also better enhance brand profits.

Bibliography

Business.css-1cd9gw4{margin-left:.3em;} Exclusive reports, industry analysis and data insights focusing on the fashion industry.css-uodor8{border-radius:50%;}.css-1y9jkzv{box-sizing:border-box;margin:0;min-width:0;max-width:100%;height:auto;background-color:#FFFFFF;width:38px;height:38px;border-radius:50%;}Vogue (no date) Why is it that the more “collapsed” people are, the more they like to buy, buy, buy?, Zhihu. Available at: https://zhuanlan.zhihu.com/p/162956950 (Accessed: October 23, 2022).
Consulting, D. (2022) Analysis of the fashion industry in China, Daxue Consulting – Market Research China. Available at: https://daxueconsulting.com/fashion-industry-in-china/ (Accessed: October 23, 2022).
says:, P. (2021) Fashion in China: Top marketing strategies for brands, Marketing China. Available at: https://marketingtochina.com/fashion-in-china-top-marketing-strategies-for-brands/ (Accessed: October 23, 2022).

“People” is one of the four pillars of fashion business. People is a very important part of today’s fashion industry, representing the diversity and diversity of consumers and today’s society. If a brand is favored by more consumers, it will be It proves that the brand has invested a lot of time and energy in consumers, and the quality of the brand’s word of mouth will be better.

Generation Z (Gen Z) refers to the generation born between 1997-2012, following the millennial generation. And this generation was the first to grow up on the Internet and social media, which are rapidly evolving. And Gen Z is the biggest consumer in the fashion industry today. Insider Intelligence (eMarketer) has been tracking Gen Z’s preferences, characteristics, values, consumption attitudes and trends to develop in-depth statistics, facts and marketing strategies targeting the soon-to-be largest consumer segment. According to survey statistics, U.S. Gen Z sellers are increasing year by year and are expected to peak in 2025. By the end of the 2025 forecast, millennials will continue to make up the largest share of the user base. Last year, more than 40% of BNPL (buy now, pay later) service users were millennials. Still, Gen Z will eat that share over the next four years as this group moves into digital shopping. Since BNPL payments became more mainstream, Gen Z digital buyers have been flocking to these alternative payment services in greater numbers than their millennial counterparts. By the end of 2022, 44.1% of Gen Z digital buyers aged 14 and older will have used BNPL services at least once that year, compared with only 37.2% of millennial digital buyers. Only 39% of Gen Z internet users in the U.S. say they trust brands to keep their data safe, the lowest confidence rate of any generation. Still, Gen Z is the least concerned about the way companies use their personal information, an age group that raises the alarm on fewer U.S. internet users than older age groups.

In the US, Gen Z now uses TikTok more than Instagram. In recent years, due to the rise of short videos and the increasing popularity of Gen Z, the Gen Z generation began to join the ranks of shooting short videos. Today, TikTok is the social media with the largest group of young users, and TikTok has also reached a key milestone for the youngest users. By the end of the year, the video app will have more Gen Z users than Instagram in the US. According to the latest social user forecast, it will surpass Snapchat in total users by 2023. In the US this year, TikTok will have 37.3 million Gen Z users (born between 1997 and 2012) who visit their accounts at least once a month. There are also a lot of fashion brands entering TikTok and shooting special short videos for it to attract Gen Z users to buy. There are also a lot of user bloggers from Gen Z on TikTok sharing short videos to show their favorite fashion brands and trendy objects, and there are also a lot of singers on TikTok to create a series of rhythm to attract young people’s music in order to become popular, such as American singer Doja Cat was nominated for the Grammy Award for Best Rookie after his song “Say So” became popular on TikTok to increase his fans. By comparison, Instagram will have 33.3 million users in the same demographic. Meanwhile, Snapchat is the leading social network among Gen Z in the US, with 42 million users in the group this year. While TikTok will remain until 2025, TikTok will close the gap significantly by the end of the forecast period.


References
Insider Intelligence. 2022. Almost 75% of BNPL users in the US are Gen Z or millennials. [online] Available at: [Accessed 16 October 2022].
Insider Intelligence. 2022. Gen Z doesn’t trust brands with its data. [online] Available at: [Accessed 16 October 2022].
Insider Intelligence. 2022. More Gen Zers now use TikTok than Instagram in the US. [online] Available at: [Accessed 16 October 2022].
Meola, A., 2022. Generation Z News: Latest characteristics, research, and facts. [online] Insider Intelligence. Available at: [Accessed 16 October 2022].

The planet is one of the four pillars in the search for fashion sustainability, and sustainability means meeting the needs of the present without compromising the ability of future generations to meet their own needs. According to the American Chemical Society, fashion production has doubled since the 2000s and could triple by 2050. In the past 50 years, polyester production for cheap fast fashion and athleisure clothing has grown ninefold. Because clothes have become so cheap, they can easily be thrown away after a few wears. A survey found that 20% of clothes in the US are never worn; in the UK, the figure is 50%. Online shopping is available day and night, making impulse purchases and returns easier. Products are designed by manufacturers to be reusable. A circular economy is important in the fight to save the planet and its natural resources. This is especially important in the fashion industry, which is known to be the second most polluting industry in the world. The fashion industry is responsible for approximately 10% of global carbon dioxide emissions. For example, many fast fashion brands now rely on copying the version of some excellent fashion brands to produce and make clothing in large quantities, causing a lot of waste and loss of the earth’s natural resources. Many fast fashion companies and manufacturers produce clothing because of these methods. The cost of clothing is low, so it is a waste of natural resources to mass-produce clothing.
Sustainable brands are the way forward for the clothing industry, some clothes can now be made from recycled plastic, and there are also many high street brands using their platforms to sell quality sustainable clothing. In most cases, sustainable clothing lasts longer, eco-friendly fabrics are softer and stronger, and sustainable clothing keeps people from having to keep buying new clothes. Buying better quality clothes can also help protect the environment by increasing their lifespan. Cheap clothes tend to wear out and get worn out more easily than good quality clothes, which are more durable which means they don’t need to be changed as often. In most cases, high-quality durable clothing will be significantly more expensive than cheaper clothing, so long-term benefits need to be considered when purchasing.
With the continuous advancement of technology, second-hand shopping has become more popular now, and many people are willing to trade their second-hand clothes on some second-hand shopping platforms, such as eBay and Depop and other applications and websites can be very good for the world. People everywhere trade second-hand clothing, so they can better deal with and resist fast fashion brands. There are also many clothes in life that can only be worn for a period of time, and such clothes are best reflected on the second-hand trading platform. Of course, there are plenty of charity shops and vintage shops all over the city where people can go to buy clothes that aren’t particularly expensive, but the secondhand world is more of a standout in terms of convenience and efficiency.

References
Cho, R., 2022. Why Fashion Needs to Be More Sustainable. [online] State of the Planet. Available at: [Accessed 8 October 2022].
TheGreenAge. 2022. How to Save the Planet with the Clothes You Wear – TheGreenAge. [online] Available at: [Accessed 8 October 2022].

My favorite fashion brand is Fear Of God, a streetwear brand founded by Jerry Lorenzo in Los Angeles, USA in 2013. With its unique and casual street style, it has left a deep impression on the fashion industry in a very short period of time. It can be said that it is a very popular high-end street brand in recent years. The style of the Fear Of God brand is just as its name gives people the feeling, full of rebellion against tradition and self-indulgence. Justin Bieber, Kanye West, Rihanna, Bella Hadid, Gigi Hadid are the number one fans of Fear of God, of course, this is also the main reason why Fear Of God has been so prosperous in a few years. FOG can be said to be very exciting in terms of the design of clothing or shoes. It is different from most street brands in that it does not use exaggerated Logos to declare its attitude, but instead focuses on the material of clothing, on the silhouette. The manager, Jerry Lorenzo, is also meticulous about the quality and product effects. The principal Jerry Lorenzo himself is not a professional designer, which is also a trend of American street design in recent years, such as Off-White, Alyx, etc. Lorenzo says, “For me, my inspiration comes from the fact that I don’t have professional training, I don’t have a lot of money in my pocket to develop my own personal style of dressing, and you’re pushed to come up with a solution. The result is that Be honest, because you and you and opinions are on the fringes.”

References
https://hypebeast.com/brands/fear-of-god
https://hypebeast.com/2022/8/fear-of-god-essentials-jerry-lorenzo-fall-2022-collection-lookbook
http://m.meiletao.com/article/483.html