Yang Tang

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Profit

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Profit is the third pillar of sustainability which relates to the economic perspective. The economic backbone of sustainability is where most businesses see themselves standing. To be sustainable, a business must make a profit. In fact, however, profit at any cost is not at all what the economic pillar is all about. Activities that fit into the economic pillar include compliance, proper governance, and risk management(Beattie, 2021).

Global fashion industry statistics show that the industry could reach 103 – 108% of its 2019 size by 2022. According to the US fashion industry statistics, the US fashion market will be worth around £143.7 billion by 2022(Radonic, 2022). The figure below shows the existing as well as the predicted trends in the US fashion market(Ariella, 2022).

Businesses also need to be competitive in uncertain economic times and, for example, improving marketing activities would be one approach to consider. Social media is a brilliant way to grow business and it is a way to reach customers across all industries. Businesses can use social media to increase brand awareness, generate leads and gain customers(Graver, 2022). Forbes reports on the widespread use of social media platforms, stating that “Facebook has more than 2 billion, Instagram has 800 million and Twitter has about 330 million monthly active users”. Social media can be a tool for businesses to reach their audience and can build the trust necessary to drive sales(Snapshot, 2018).

When companies aim to generate revenue, they have to invest time and effort in the combination of creativity and commerce. Take Alexander McQueen as an example, he had the ability to create beautiful products out of anything, such as cling film or rubber tires – a creative approach that could be applied to any art form on a low budget. In addition to the striking designs and exquisite tailoring of the garments themselves, McQueen’s fashion shows were extraordinary visual installations that drew attention to topics rarely discussed at the time, such as artificial intelligence, mental health, and sexual harassment. This made his art provocative and controversial at the time. He also challenged the conventions of runway modeling and body image by using plus-size women and the physically disabled in his shows(Ursell, 2018). He presented a fashion that could influence and inspire a large segment of society. Whereas it is currently estimated that Alexander McQueen’s net worth is approximately $44.27 million and his annual income is approximately $8.85 million(Net Worth Spot, 2022).


Reference list:

Ariella, S. (2022). 28 Dazzling Fashion Industry Statistics [2022] – Zippia. [online] ZIPPIA. Available at: https://www.zippia.com/advice/fashion-industry-statistics/ [Accessed 23 Oct. 2022].

Beattie, A. (2021). The 3 pillars of corporate sustainability. [online] Investopedia. Available at: https://www.investopedia.com/articles/investing/100515/three-pillars-corporate-sustainability.asp [Accessed 23 Oct. 2022].

Graver, K. (2022). 8 Tips to Help Manage a Business in Uncertain Economic Times. [online] Business Plan Writers & Startup Consultants – 1# Resource for Entrepreneurs & Self Employment. Available at: https://startgrowimprove.com/manage-a-business/ [Accessed 24 Oct. 2022].

Net Worth Spot (2022). Alexander McQueen Net Worth and Earnings. [online] Net Worth Spot. Available at: https://www.networthspot.com/alexandermcqueen/net-worth/instagram/ [Accessed 24 Oct. 2022].

Radonic, D. (2022). The Most Important Fashion Industry Statistics in 2022. [online] Fashion Discounts. Available at: https://fashiondiscounts.uk/fashion-industry-statistics/ [Accessed 23 Oct. 2022].

Snapshot (2018). How Does Social Media Drive Business Revenue? [online] Snapshot Interactive. Available at: https://snapshotinteractive.com/how-social-media-can-help-you-generate-revenue/ [Accessed 23 Oct. 2022].

Ursell, J. (2018). Fashion, creativity and mental wellbeing in ‘McQueen’ documentary. [online] www.intofilm.org. Available at: https://www.intofilm.org/news-and-views/articles/mcqueen-feature [Accessed 24 Oct. 2022].
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Planet

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Planet is the environmental pillar of sustainability. Environmental sustainability occurs when processes, systems, and activities reduce the environmental impact of an organization’s facilities, products, and operations(FrontStream, 2022). It is well known that today’s fashion industry has a significant impact on the environment. The fashion industry accounts for around 8-10% of global carbon emissions and nearly 20% of wastewater emissions. To give a specific example, synthetic polymer polyester is the most common fabric used in clothing. Globally, “65% of the clothes we wear are polymer-based”, says circular economy expert Lynn Wilson. Around 70 million barrels of oil are used each year to make polyester fibres in clothes, and a polyester shirt has twice the carbon footprint of a cotton shirt. One polyester shirt produces the equivalent of 5.5 kg of CO2(Ro, 2020). The impact of the fashion industry on the environment is thus mainly a matter of pollution and waste.

A start to understanding the circular economy can be made on the basis of the statements made by the circular economy expert mentioned above. The circular economy is a framework for systemic solutions to address global challenges such as climate change, biodiversity loss, waste, and pollution(Ellen MacArthur Foundation, n.d.). 

The idea of a circular economy is simple: make better use of resources, close the cycle of resource flows by recycling materials sufficiently rather than wasting them, and prevent waste and pollution by designing products and materials better and making them last longer(Velenturf & Purnell, 2020). It can be seen that the circular economy is a contributor to the fashion industry achieving sustainability.

When mentioning sustainability, think of the Sustainable Development Goals. Regarding SDG6: CLEAN WATER AND SANITATION, more than 80% of wastewater from human activities is discharged into rivers or the sea without any pollution treatment. Fashion companies need to understand who else is using their water supplies, what forms of agriculture depend on them, whether they are located in densely populated areas, and which communities depend on them for their daily needs. Fashion brands and retailers must focus on these risks and develop comprehensive water management systems to cover both direct business and supply chains(Humann, 2020).

Reference list

Ellen MacArthur Foundation (n.d.). What Is a Circular Economy? [online] Ellen MacArthur Foundation. Available at: https://ellenmacarthurfoundation.org/topics/circular-economy-introduction/overview [Accessed 9 Oct. 2022].

FrontStream (2022). The three pillars of sustainability. [online] Frontstream.com. Available at: https://www.frontstream.com/blog/the-three-pillars-of-sustainability [Accessed 9 Oct. 2022].

Humann, J. (2020). Fashion’s Future: The Sustainable Development Goals | Luxiders. [online] Sustainable Fashion – Eco Design – Healthy Lifestyle – Luxiders Magazine. Available at: https://luxiders.com/fashions-future-the-sustainable-development-goals/ [Accessed 10 Oct. 2022].

Ro, C. (2020). Can fashion ever be sustainable? [online] BBC. Available at: https://www.bbc.com/future/article/20200310-sustainable-fashion-how-to-buy-clothes-good-for-the-climate [Accessed 9 Oct. 2022].

Velenturf, A. and Purnell, P. (2020). What a sustainable circular economy would look like. [online] The Conversation. Available at: https://theconversation.com/what-a-sustainable-circular-economy-would-look-like-133808 [Accessed 10 Oct. 2022].

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A Favourite Fashion Brand

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Bottega Veneta

The brand started out in Italy, if anyone mention successful fashion brand, Bottega Veneta would usually be remembered.

The reason why I like this brand is its innovation and style of design which satisfy my own aesthetics. Additionally for its brand identity. The Bottega Veneta brand identity is quite different from the identity other luxurious fashion brands have given themselves, primarily how they use their materials to show their identity. They go with the beautiful slogan, “When your own initials are enough.” It signifies that the company doesn’t rely much on branding its goods to draw attention. Instead, its unique craftsmanship does all the work.

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