Xiaojun Jiang

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Profit

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Introduce the Pillar

Profit can be seen as a measure of business success. Profit is the basic result of running a business. Often, making a profit is the main goal of a company. A positive bottom line indicates that the company is healthy and performing well. 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).

What is the size of the fashion industry?

According to a survey by JÚLIA VILAÇA, the global fashion industry has a total workforce of 3.3841 billion, equivalent to a value of 3 trillion US dollars. A survey released in 2019 by the U.S. Joint Economic Council confirmed that in the U.S. alone, consumers spend nearly $380 billion on apparel and footwear, and that the country employs more than 1.8 million people in the industry. This data does not stay the same. The fashion industry continues to grow, with the Asian market alone expected to account for 38% of global apparel demand over the past year. (VILAÇA, 2022).

At the same time, the hugeness of the fashion industry can also be reflected through the companies. According to Forbes, topping the list of the biggest clothing companies is Louis Vuitton Moët Hennessy (LVMH), which includes big luxury brands like Louis Vuitton, Christian Dior and Givenchy, according to Forbes. With a market value of US$194 billion and assets of over US$108 billion, the company is the 73rd largest listed company in the world. (VILAÇA, 2022).

The fashion industry is of global importance in economic, social and other fields. However, the industry desperately needs to change. Discussions need to continue to drive the social, environmental and economic impacts of the industry. The potential of the fashion industry is huge, and it has huge destructive power. The key is to know how to channel its power for good and bring about positive transformation. In other words, making consumers, industry and society aware that it is possible to remain profitable and high income. However, it has to be done in an honest way with less impact on people’s lives and the health of the environment.

How can a brand remain competitive in uncertain economic times?

Despite the dominance of uncertainty during the current global pandemic, for businesses, an economic downturn does not mean an exit from marketing. Erik Clausen suggested that in order to remain competitive the company needs to focus on existing customers, clients and partners. The cost of meeting new clients during times of economic uncertainty can be very high. And pay attention to internal marketing of existing customers, strengthen relationships with them in times of crisis, and gain certain benefits when the market returns. (Clausen, 2020).

As Henry Ford once said, “A man who stops advertising to save money is like a man who stops a clock to save time.” When a recession hits, marketing often cuts budgets. Doing so could cause long-term damage to the brand. A March 2010 study tracked the performance and recovery of 4,700 companies during the 2008-2009 recession. Of these companies, 17% went bankrupt, private or were acquired. About 80% did not fully recover until three years after the recession ended. But 9% thrived. It turns out that companies that reduce costs by focusing on operational efficiency, while investing in growth strategies such as marketing and R&D, are most likely to beat the recession. (Clausen, 2020).

How do creative directors bridge the gap between creativity and commerce?

Creativity and business have never been separated, have always maintained a relationship of mutual influence, and more importantly, their nature is exchange and for profit. For creative directors, it is not enough to only understand art, but also to understand the market, products, and consumers. “Standardization” is an invisible demand that cannot be bypassed. For the business, using the media to support the development of art is a way of publicity with low investment and high return. For artists, investing in business allows them to seek their ideals, ambitions and pursuits in the creative process, and at the same time obtain economic benefits. For creative directors, they need to juggle many things. The purpose of people’s participation in art is often spontaneous and active, and the influence it brings to people is also rooted in the heart, which is also the expected result of business.

References:

Indeed. (2020). “What Is Profit and Why Is It Important?” Available at: What Is Profit and Why Is It Important? | Indeed.com (Accessed: 30/10/22).

VILAÇA, J. (2022). “FASHION INDUSTRY STATISTICS: THE 4TH BIGGEST SECTOR IS WAY MORE THAN JUST ABOUT CLOTHING”. Available at: Fashion Industry Statistics: The 4th Biggest Sector Is More Than Clothing (fashinnovation.nyc) (Accessed: 30/10/22).

Clausen. E. (2020). “Marketing Rules To Follow During Uncertain Economic Times”. Available at: Marketing Rules To Follow During Uncertain Economic Times (forbes.com) (Accessed: 30/10/22).

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Purpose

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What is purpose?

Purpose is the last of the four pillars. Purpose is also often the reason for creating a business it provides value to all people associated with the brand, including customers, employees, shareholders, suppliers and regions. (Nevins, 2019). In order to achieve the goal, certain actions also need to be taken, including research and development, which is to continuously create new value and marketing, which create demand.

Why is brand philosophy important?

The brand is the most important asset in an enterprise. It represents the identity of the business, that is, the image of the brand and the business. When consumers come into contact with a brand for the first time, brand philosophy will directly tell them how the brand feels to them. A brand strategy is a long-term plan for a brand to develop to achieve its specific goals. A well-designed brand strategy can improve a business in many ways, such as connecting consumer needs and emotions. (Johnson, No date). The relationship between a brand and a consumer is like meeting a new friend, when consumers discover that a brand’s emotions and character are well-liked by consumers. , consumers will be friends with you. Consumers think in terms of categories and express in terms of brands. So it is important to capture the minds of consumers

The mission statement states the business purpose of the brand. It’s important because it helps consumers understand the brand’s aspirations and helps businesses focus on developing what really matters. The mission statement lays the foundation for the brand’s future strategy, or directly affects future plans and decisions. (Johnson, No date)

See the source image
The example of mission statement by NIKE.

The mission statement determines what the brand’s goal is, and the vision statement determines how the brand moves forward to achieve it. Often vision statements are aspirational and inspiring. A good vision can drive the enthusiasm of the company’s employees and let them work together for a common goal. (Wike, 2021).

Brand value proposition is a statement about the company that demonstrates to their consumers the benefits of using the brand. A brand’s value proposition is usually related to the brand’s slogan. For example, Nike’s value proposition is to encourage people to let go, to break through their own limits, and to encourage people to be brave in life and sports. Therefore, Nike’s slogan is “JUST DO IT”, which is also in line with NIke’s value proposition.

How do brands communicate their purpose to Gen Z?

According to a survey conducted by Attest in the UK, “consumers placing a higher importance on things like value for money, product quality and customer service – in fact, these were the top 3 options for our Gen Zers.” And 44% of Gen Zers think that the pricing and value of the brand is important. (Attest, 2021). Gen Z’s consumption behavior is more rational and not easy to be fooled. They will decide whether to buy the product according to their spending power. In addition to the practicality of the product, the quality and cost-effectiveness will also be concerned. Gen Z hates strong utilitarianism, and prefers sharing methods that are authentic, sincere, and close to life. Therefore, for the brand, it is necessary to describe the brand character to Gen Z truly and clarify the income level of the target customer in terms of pricing.

Gen Z is passionate about social media, “Of those who are happy for brands to communicate their purpose-driven work with them, most told us social media and a brand’s website are the platforms through which they want to hear it. More than half (53 %) selected brands’ social media accounts, and 46% selected brands’ websites.” (Attest, 2021). It is critical for brands to reach consumers in the right places. Knowing how to communicate differently to a brand’s audience is a key part of developing an effective marketing, communication and sales strategy.

References:

Nevins, M. (2019). “What Is The Purpose Of A Company?”. Available at:What Is The Purpose Of A Company? (forbes.com) (Accessed: 20/10/22).

Johnson, B. (No date). “Brand Strategy: Mission, Vision, Values & Brand Personality”. Available at: Brand Strategy: Mission, Vision, Values & Brand Personality | LimeLight Marketing (Accessed: 20/10/22).

Wike, E. (2021). “Vision Statements: Tips, Example and Importance”. Available at: Vision Statements: Tips, Examples and Importance | Indeed.com (Accessed: 20/10/22).

Attest. (2021). “

Attest. (2021). “How brands can win the trust of Gen Z”. Available at: How brands can win the trust of Gen Z | Attest (askattest.com) (Accessed: 20/10/22).

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People

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What is people pillars?

Nature's Reflection Icy and Sot Reflecting Pool Earth Art Installation
Adbou, R. “Human-Shaped “Pool” Lies in a Field, Reflecting the Ever-Changing Sky”

People is one of the four pillars of sustainability. The goal of sustainable human development is to maintain a balance between continued economic growth, a prosperous society, and respect for the environment (Future learn, no date). To achieve this, the focus needs to be on nurturing and developing the human component of organizations and societies as a whole.

At the same time, the sustainable development of people is also very important for enterprises. For a business, only the support of its staff can enable an organization to achieve sustainable long-term growth. The value of focusing on the development of human capital is the basic concept of an enterprise pursuing sustainable development of human beings

Gen Z

Gen-Z was born between 1995-2009. Generation Z is often described as a well-educated generation that is more stressed but more depressed than previous generations. They often have high expectations of themselves that are often not met. (Voyado, 2020). They are also the main force of modern consumption, gradually influencing the consumption decisions of elders.

In terms of spending power, “As an upper middle-incomecountry (GDP per cap-ita amounted to US$29,100 in 2017) (CIA, 2019), Malaysian purchasing power is among the highest in Asia (Santandertrade, 2019). For Malaysian Generation Z alone, monthly disposable income is estimated to reach US$327 million”. (Tjiptono, Khan, Yeong Ewe and Kunchamboo, 2020). Although the data is beford COVID, the shock and uncertainty brought about by the epidemic will take time to recover, and consumption power has also been reduced. But what is certain is that consumption upgrades are irreversible. Do a good job of accumulation now, and when the market gradually recovers, opportunities will follow.

From Baby Boomer – Gen X – Gen Y – Gen Z, they have all experienced different backgrounds, resulting in continuous evolution of values, cultures and consumption patterns. The saying that knowing history can predict the future does have its place of reference. From the perspective of Gen Z consumption, the future product evolution has already taken shape. For Gen Z to make a purchase, the product must truly provide value, the brand image must match the target audience, and innovation is the best policy. Each industry will involute the competitive industry entering the market segment, and it is necessary to become an expert in the industry to form and strengthen direct competitiveness.

How a brand has responded to diversity？

Nike has undoubtedly given many examples in the diversified business field. In terms of publicity, NIke’s advertising poster hanging in front of the Opera Garnier in Paris, the woman in the poster is a British plus-size model, Trina Nicole.

Picture of Trina Nicole ad post by Nike

Trina Nicole famous for creating ‘The Curve Catwalk’, the UK’s first overweight-only dance class Voted ‘Young Entrepreneur of the Year 2021’ by the UK’s Outstanding Entrepreneurs Awards and ‘People to Watch’ by Forbes.

Meanwhile, Nike has launched a new “Pro Hijab” test shot for Muslim women. Brand ambassadors for the hijab include figure skater Zahra Lari and triathlete Manal Rostom. The product comes after a surge in spending in the Middle East led to changes in marketing strategies and advertising spending by international brands. The wealth of the region can no longer be ignored, nor can the consumer base. “Pro Hijab” is the first of many products that will target the rich resources and multiculturalism of this particular field. (Corcoran, 2017).

Picture by Nike website

What are the key people skills needed for a fashion brand to be successful?

Kindness and bravery are two of the most useful and common skills for business. According to Natalia Fedner, ‘Being good to people can get you much farther than treating people poorly. Be kind to those you work for, those who work for you, and the many people you interact with in running your company. When I made my first collection, I worked with an incredible tailor — Ludmila Tomashevskay of Ludmila Couture in Los Angeles.’ (Authority Magazine, 2018). After she launched her first collection, Ludmila introduced her to many contacts, Successfully helped her get into boutiques.

At the same time, the courage to take risks is also important for a brand to succeed. In many cases, entrepreneurs will encounter many choices of one or the other. Some choices will affect the future direction of the brand. If it fails, it means the failure of entrepreneurship, but there will be no room for improvement if you don’t do it. Taking risks, such as applying for a major art show or sending PR messages to magazines that seem out of reach, may seem scary when you do these things, but turn the fear of rejection into a catapult of energy, help your skills have multiplied.

References:

Future Learn. (No date). “The four pillars of sustainability”. Available at: https://www.futurelearn.com/info/courses/sustainable-business/0/steps/78337 (Accessed: 14/10/22)

Voyado. (2020). “How to target generation Z (24 and younger)“. Available at: Generation Z – How to target the 24 year olds and younger | Voyado (Accessed: 14/10/22).

Tjiptono, F, Khan, G, Yeong, ES & Kunchamboo, V. (2020). “Generation Z in Malaysia: the four ‘E’ generation.” Bingley UK: Emerald Group Publishing Limited.

Corcoran, A. (2017). “6 Brands Championing Diversity and Inclusion Through Company Culture”. Available at: https://swaay.com/6-brands-championing-diversity-inclusion-company-culture (Accessed: 14/10/22).

Authority Magazine. (2018). “16 Skills You Need To Succeed In The Fashion Industry”. Available at: 16 Skills You Need To Succeed In The Fashion Industry | by Authority Magazine | Authority Magazine | Medium (Accessed: 14/10/22).

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Planet

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What is sustainability?

Sustainability is defined as a plan or action to conserve a specific resource. And pillars refers to four different areas in sustainable development： purposes, people, profit and planet. (Future learn, 2017).

The four principles of sustainable development insist on solving the sustainable development problems extended by the four pillars. But it’s important to identify specific types of green businesses to focus on, as these four types have unique characteristics. Businesses need to make strategic decisions about this in order to effectively incorporate the chosen approach into their policies and procedures (ibid).

The planet is interacting responsibly with the planet to preserve natural resources and avoid jeopardizing the ability of future generations to meet their needs. Marni Evans also gives a clear example,” A walk on the beach or a hike in the woods reminds us that our forests, coral reefs, and even our deserts are examples of sustainable systems. Learn more about environmental sustainability to understand its importance and the role you can play.” (Evans, 2020).

All in all, the planet is a way to do something, to make future generations have a better environment to live in and have better resources.

What is circular economy?

Circular economy is an economic development model that is characterized by resource conservation and recycling and is in harmony with the environment. Emphasizes the organization of economic activities into a feedback process of “resources-products-renewable resources”. It is characterized by low exploitation, high utilization and low emission. (Gladek, 2019). All materials and energy can be used rationally and lastingly in this continuous economic cycle, so as to reduce the impact of economic activities on the natural environment to the smallest extent possible. Textiles and clothing are a fundamental part of everyday life and an important sector in the global economy.

graphic of the 7 pillars of the circular economy, which allows a thorough evaluation of what is and is not circular.
The Seven Pillars of the Circular Economy

The traditional business model of the fashion industry is inherently extractive. They focus on producing more product over time in a way that uses more resources and generates more waste. In contrast, circular business models focus on preserving the value of existing materials through perpetual recycling. The Ellen MacArthur Foundation (EMF) defines a circular economy as one that designs waste and pollution, keeps products and materials in use, and regenerates natural systems. EMF believes that for the fashion industry to thrive, not just survive, it needs to fundamentally redesign its operating model and decouple financial success from natural resource consumption. The transition to a circular system has the potential to unlock enormous economic opportunities for brands willing to innovate and invest in new ways of doing business. (Textile exchange, no date).

What is sustainability in relation to fashion?

The clothing industry has become one of the largest polluting industries in the world. Every ton of textile products produced pollutes 200 tons of water, and every kilogram of fabric produced emits 23 kilograms of carbon dioxide gas. (Tree-Nation, 2022). High energy consumption, high pollution and labor-intensive, have become the three original sins of the fashion industry criticized. Nowadays, people’s economic conditions are better than accidents, and the frequency of buying clothes is also higher, resulting in countless clothes that are unsaleable and idle every year, which will cause secondary pollution again after being discarded. People need to do something to improve sustainability execution. UNECE, in partnership with the Food and Agriculture Organization of the United Nations and the Forest Organization, intends to promote forest fibers as a sustainable alternative to environmentally damaging fabrics. (UNECE,2021). At the same time, Olga Algayerova, UNECE Executive Secretary, said: “It is clear that the fashion industry needs to make changes. He needs to become greener and support transformations like a healthier working environment. Transforming the fashion industry into a sustainable development goal drivers.” (UNECE, 2021). Pollution concerns everyone. News often broadcasts about the large amount of pollution caused by a fashion factory’s sewage discharge. Meanwhile, people buy clothes when they want to buy . The root of this phenomenon is the culture of overconsumption. To reduce clothing pollution, we must start from our own reasonable consumption.

SDG 12 and the impact on the fashion industry

GOAL 12 – Ensure sustainable consumption and production patterns

Goal 12 Responsible consumption and production. Sustainable consumption and production means promoting the efficient use of resources and energy, building sustainable infrastructure, and providing access to basic public services, green and decent jobs and improvements for all Quality of Life. Sustainable consumption and production aims to “produce more, better, and less”, increasing the net welfare gains from economic activity by reducing resource consumption, degradation and pollution throughout the life cycle while improving the quality of life.

SDG 12 is particularly committed to ensuring sustainable consumption and production patterns and structures over eight goals, addressing the use of natural resources, chemical waste, fossil fuels and integrating sustainable practices into the production cycle – all of which apply to the fashion industry. (UNECE,2018). However, it’s not just producers who can make a difference. Target eight under the Goal addresses consumers’ right to know to better understand sustainability issues – an area that has received little attention from the fashion industry. For producers, waste in retail, production and supply chains needs to be cut in half. Reduce waste generation through prevention, reduction, recycling and reuse activities. To achieve sustainable management and efficient use of natural resources. For consumers, it is necessary to strengthen everyone’s awareness of sustainability and awareness of environmental pollution. Achieving this goal requires cooperation and resonance between producers and consumers.

REFERENCES:

Future Learn. 2017. “The four pillars of sustainability”. Available at: https://www.futurelearn.com/info/courses/sustainable-business/0/steps/78337 (Accessed: 10/10/22)

Evans, M. 2020. “What Is Environmental Sustainability?” Available at: https://www.liveabout.com/what-is-sustainability-3157876 (Accessed: 10/10/22)

Gladek, E. 2019. “The Seven Pillars of the Circular Economy” Available at: The Seven Pillars of the Circular Economy (metabolic.nl) (Accessed: 10/10/22)

Textile exchange. No date. “No title”. Available at: Circularity – Textile Exchange (Accessed: 10/10/22)

Tree- Nation. 2022. “The impact of the fashion industry on our planet”. Available at: The impact of the fashion industry on our planet | Tree-Nation – Project’s updates (Accessed: 10/10/22)

UNECE. 2021. “UN Alliance supports Moldova’s efforts to turn its fashion industry into a driver of sustainable development”. Available at: UN Alliance supports Moldova’s efforts to turn its fashion industry into a driver of sustainable development | UNECE (Accessed: 10/10/22)

UNECE. No date. “Fashion and the SDGs: what role for the UN?” Abailable at: RFSD_2018_Side_event_sustainable_fashion.pdf (unece.org) (Accessed: 10/10/22)

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balenciaga-new-logo

My favorite fashion brand: Balenciaga

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Rather than saying I like Balenciaga, I actually prefer designer Demna. In my opinion, many brands are pursuing fashion trends, how can they maximize their benefits. And Demna began to inject strong personal emotions into the brand during the vetements period. He expresses his emotions in the brand, feeling like the madness before it fades away. And this emotion capturing the psychology of young people and making it a brand with its own strong style.

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