Hiu Tung Wan

Every brand that exists has its purpose – to make a positive change in people’s lives. A business purpose explains the motivation for the founding of a company. It outlines both the goals of the company and what makes it special. (Indeed Editorial Team, 2021)

Brand philosophy such as mission, vision, and value defines the organization’s general atmosphere and culture and creates the company’s business procedures. (Hitesh, 2019) It is important since it is an effective branding tool. It’s a huge competitive advantage when customers think a brand is distinctive and aligns with their personal beliefs. (Marilyn, 2022) Also, the philosophy can help assist the brands in making decisions as when the brands are familiar with the principles that guide the brand, they are in a far better position to handle challenging situations. (Hitesh, 2019) The philosophy can help brands form a community of people with the same value and avoid making mistakes.

When assets and services are shared among private individuals, an economic system is said to be in the “sharing economy.” (Simon, 2020) The ride-sharing, short-term rental, coworking, and grocery delivery industries are some notable examples of the sharing economy (The balance, 2021) such as Uber, Airbnb, cocoon Club, etc. The rise of the sharing economy has altered consumer behavior and introduced new methods of gaining access to resources.

To communicate brands’ purpose to Gen Z, knowing how to capture their attention is imperative. Since Gen Z, is the generation that has spent their whole lives using technology and the internet, social media is a good tool to catch their interest. Brands can make use of customizable news feeds which can obtain Gen Z’s attention more selectively according to their online accessing behavior. Brands can also utilize the power of celebrities to communicate with Gen Z as they have a significant and positive effect on consumers which benefits the brand (Mitterfellner, 2019) According to psychological studies (Amos, Holmes, and Strutton, 2008), this is because customers may desire to imitate the celebrity, they will trust the celebrity’s endorsement, they can remember the commercial much better when the celebrity is there, and they will associate the celebrity’s positive traits with the product. Another important aspect of communicating brands’ purpose to Get Z is to intentionally place the end user at the center of the conversation to satisfy their needs and promote well-being. (Hethorn, 2015, p.73) To conclude, to communicate to Gen Z effectively, capturing their attention with successful marketing campaigns and knowing what they need and satisfy them is essential.

References

Bhasin, H. (2019) What is Brand Philosophy? importance of having a brand philosophy, Marketing91. Available at: https://www.marketing91.com/brand-philosophy/ (Accessed: October 26, 2022). 

Hethorn, J., Ulasewicz, C. and McDonough, W. (2015) Sustainable fashion – what’s next?: A conversation exploring issues, practices, and possibilities. New York: Fairchild Books. 

Indeed career guide | indeed.com (no date). Available at: https://www.indeed.com/career-advice (Accessed: October 26, 2022). 

Lovick, S. (2022) What is the sharing economy?, BusinessBecause. BusinessBecause. Available at: https://www.businessbecause.com/news/insights/6736/what-is-the-sharing-economy (Accessed: October 27, 2022). 

MITTERFELLNER, O. L. G. A. (2019) Fashion Marketing and Communication: Theory and practice across the fashion industry. S.l.: ROUTLEDGE. 

What is the sharing economy? (2021) The Balance. The Balance. Available at: https://www.thebalancemoney.com/what-is-the-sharing-economy-5188892 (Accessed: October 27, 2022). 

Wilkinson, M. (no date) Experts discuss importance of Brand Value in 2022, Latana. Available at: https://latana.com/post/brand-value-worth/#:~:text=%22Brand%20value%20is%20the%20’perceived,a%20really%20powerful%20competitive%20advantage.%22 (Accessed: October 26, 2022). 

Image references:

Image reference

Chanel (2021) Jennie the face of the Chanel Coco Neige 2021/22 collection campaign, CHANEL. Available at: https://www.chanel.com/gb/fashion/news/2021/09/jennie-face-of-coco-neige-21-22-camp.html (Accessed: October 26, 2022). 

Security in the sharing economy (no date) Future Lab – ASSA ABLOY – Studying security trends. Available at: https://futurelab.assaabloy.com/en/security-in-the-sharing-economy/ (Accessed: October 26, 2022). 

“Profit is the financial benefit realized when the revenue generated from a business activity exceeds the costs involved in sustaining the activity in question.” (Will, 2022) As one of the largest industries and the biggest e-commerce industry in the world, the fashion industry generated $1.55 trillion in revenue in 2021, and it is predicted to be worth $1.7 trillion in 2022. (Dunja, 2022) To generate profit, contributions from various sectors of the industry are indispensable.

According to Fashion United (2022), there was a 3.45 billion workforce in the fashion industry in 2021, which accounts for 44% of the global population. This can tell that the size of the fashion industry is very big. Plenty of people from various sectors are included in the fashion industry, such as designers, retailers, visual merchandisers, creative directors, fashion journalists… They all involve creativity in their work to help run the industry, which is a very important tool to be performed in the industry as it helps businesses remain competitive, draw attention and stand out from the market.

It is essential for a brand to remain competitive in uncertain economic times to ensure a profitable business. Since customers’ behavior and consumption habits have a significant impact on business behavior and policy (Hethorn, 2015, p.79), it is important to focus more on strengthening the relationship with existing customers, which can be done through communication. Customers may communicate publicly and directly with businesses through social media, which is a useful tool for holding them accountable for their activities. (Hethorn, 2015, p.76) If consumers’ voices are heard by companies, they will feel emphasized and will develop long-term and trustful relationships with companies. Also, a brand should not retreat from marketing even during uncertain economic times. Instead of cutting the marketing budget that might possibly harm the brand over time and make it easier for less-capable competitors to gain market share, maintaining or boosting advertising during a recession can on the contrary increases market share in the long run according to studies. (Erik, 2020) This shows that a brand should strengthen its brand position during uncertain economic times to remain competitive.

Art and commerce are increasingly connected in the fashion industry. Many creative directors have started bridging the gap between creativity and commerce. The most common way is to launch collaborations on fashion products, such as KAWS x Dior and Louis Vuitton x Stephen Sprouse. Those collaborations have sparked new styles, boost the sales for the brands, and increase public awareness to the artists and their works.

Apart from the collaboration of products, there is a similar way that art and commerce come together. For example, one of the fitting rooms in Louis Vuitton’s flagship stores is decorated with wallpapers that are designed by Damien Hirst. More and more brands are launching collaborations with art, which indicates that it is a new form of expression and marketing to gain public attention and popularity.

Reference

Clausen, E. (2020) Council post: Marketing rules to follow during Uncertain Economic Times, Forbes. Forbes Magazine. Available at: https://www.forbes.com/sites/forbesagencycouncil/2020/04/03/marketing-rules-to-follow-during-uncertain-economic-times/ (Accessed: October 21, 2022).

Global Fashion Industry Statistics (no date) FashionUnited. Available at: https://fashionunited.com/global-fashion-industry-statistics (Accessed: October 20, 2022).

Hethorn, J., Ulasewicz, C. and McDonough, W. (2015) Sustainable fashion – what’s next?: A conversation exploring issues, practices, and possibilities. New York: Fairchild Books.

Kenton, W. (2022) Profit definition plus gross, operating, and net profit explained, Investopedia. Investopedia. Available at: https://www.investopedia.com/terms/p/profit.asp (Accessed: October 20, 2022).

Radonic, D. (2022) The most important fashion industry statistics in 2022, FashionDiscounts. Available at: https://fashiondiscounts.uk/fashion-industry- (Accessed: October 20, 2022).

Image reference

Manon Garrigues, translated by H. L. (2018) Kaws and dior create the prettiest set of Men’s Fashion Week Spring/Summer 2019, Vogue France. Vogue France. Available at: https://www.vogue.fr/fashion-culture/fashion-exhibitions/story/kaws-dior-homme-kim-jones-show/2815 (Accessed: October 21, 2022).

Serio, K. (2020) Louis Vuitton’s Stephen Sprouse Collab was (and is) the brand’s best, PurseBlog. Available at: https://www.purseblog.com/louis-vuitton/louis-vuittons-stephen-sprouse-collab-was-and-is-the-brands-best/ (Accessed: October 21, 2022). Tilton Fenwick: Butterfly Wallpaper, Damien Hirst Butterfly, Damien Hirst (2012) Pinterest. Available at: https://pin.it/1ikcoAS (Accessed: October 21, 2022).

Tilton Fenwick: Butterfly Wallpaper, Damien Hirst Butterfly, Damien Hirst (2012) Pinterest. Available at: https://pin.it/1ikcoAS (Accessed: October 21, 2022).

People – as one of the four pillars of sustainability, is described as the consumers in the economy. In general, consumers can be categorized in terms of their age, gender income or occupation. (Michael, Rebekah and Josephine, 2012) It is common to see that consumers are classified in terms of generation as maturists, baby-boomers, generation X, millennial and generation Z. (Fourhooks, 2015)

Generation Z, the group born after 1995, (Fourhooks, 2015), are the first generation to have spent their whole lives immersed in technology and the internet. Because of this, they differentiate out from previous generations of consumers. (Moran, 2022) The characteristic of Gen Z is that they look for inspiration and pleasure as well as convenience and quickness. As they age, Gen Z are the potential and future targeted customer group for many brands and retailers. (Moran, 2022)

As the Gen Z ages, their consumption patterns will change regularly, thus businesses and retailers must pay attention to them if they want to be successful and competitive in the market. To attract Gen Z, knowing what they like and making use of the technology and innovation is essential. Gen Z now expect to get their purchases as quickly and easily as possible due to advances in technology. Moran (2022) stated that 45% of respondents want same-day or instant deliveries from fashion brands and retailers, which is an idea to attract Gen Z. In addition, Gen Z engages a lot in social media like Instagram, TikTok and they are becoming more aware of the new concept – metaverse, which 61.6% of Gen Z claim to be familiar with the idea. (Moran, 2022) Thus, brands can gather their business into social media and virtual world to attract Gen Z. For example, Gucci has partnered with Zepeto to customize avatars in virtual world. (Don-Alvin, 2021) Therefore, to attract Gen Z, a brand can engage technological advancement into its business and create what they want, and make them feel fascinating.

Since Gen Z have developed a knowledge of sustainability, inclusion and diversity, these concepts will benefit both society as a whole and fashion brands in the long run. Thus, many brands have started to respond to diversity. (Mitterfellner, 2019, p.176) For example, in response to complaints from customers who cannot find the ideal foundation shade for their skin tone, Rihanna-founded cosmetics company Fenty Beauty created the forty shade foundation campaign. This campaign has made a significant effort to embrace people with a variety of skin tones which have gained lots of praises. (Aamina, 2018)

To be successful as a fashion brand, some key people skills are needed. “Really successful companies know what consumers want and are willing to change to meet their needs.” (Tisch and Weber, 2007) Thus, user-centered innovation is one of the key skills for success. A brand needs to have open communication with customers to know what they truly want and need. It should gain feedback from customers from a direct system instead of indirect communication channel. (Hethorn, 2015, p.73) Therefore, the brand can improve the quality and use-problems of its products more thoroughly, retain customers and build long-term relationship with them. Furthermore, customers are seeking for brands who use sustainable practices so enable them to tread lightly on Earth. (Hethorn, 2015, p.27) Thus, being social entrepreneurship is a key people skill. A brand should take social and environmental problem into account in their business to protect the ecosystem and attain social equity, in order to achieve sustainability, which is a key for a brand to be successful in the modern society.

References

Adegeest, D.-A. (2022) Gucci partners with Zepeto to personalise avatars and Virtual World, FashionUnited. FashionUnited. Available at: https://fashionunited.com/news/fashion/gucci-partners-with-zepeto-to-personalise-avatars-and-virtual-world/2021020837944 (Accessed: October 12, 2022).

The Generation Guide – Millennials, gen X, y, Z and baby boomers (2015) FourHooks. Available at: http://fourhooks.com/marketing/the-generation-guide-millennials-gen-x-y-z-and-baby-boomers-art5910718593/ (Accessed: October 12, 2022).

Hethorn, J. and Ulasewicz, C. (2015) Sustainable fashion: What’s next?: A conversation about issues, practices and possibilities. New York: Bloomsbury, Fairchild Books, an imprint of Bloomsbury Publishing Inc. (Accessed: October 14, 2022)

Mitterfellner, O. (2020) in Fashion Marketing and Communication: Theory and practice across the fashion industry. London: Routledge, p. 176. (Accessed: October 14, 2022)

Moran, G. (2022) Gen Z and millennials 2022 report, Drapers. Available at: https://www.drapersonline.com/insight/drapers-bespoke/gen-z-and-millennials-2022-report (Accessed: October 13, 2022).

Solomon, M., Russell-Bennett, R. and Previte, J. (2012) Consumer behaviour ebook. Melbourne: P. Ed Australia. (Accessed: October 12, 2022)

SULEMAN, A. A. M. I. N. A. (2021) How fashion and Beauty Brands Embrace Diversity in their marketing, ZD Blog. Available at: https://www.zilliondesigns.com/blog/fashion-beauty-brands-diversity-marketing-designs/ (Accessed: October 13, 2022).

References for Images

The Generation Guide – Millennials, gen X, y, Z and baby boomers (2015) FourHooks. Available at: http://fourhooks.com/marketing/the-generation-guide-millennials-gen-x-y-z-and-baby-boomers-art5910718593/ (Accessed: October 12, 2022).

Gucci® UK Official Site: Redefining Luxury Fashion (no date) GUCCI® UK Official Site | Redefining Luxury Fashion. Available at: https://www.gucci.com/uk/en_gb/ (Accessed: October 13, 2022).

How fashion and Beauty Brands Embrace Diversity in their marketing (2021) ZD Blog. Available at: https://www.zilliondesigns.com/blog/fashion-beauty-brands-diversity-marketing-designs/ (Accessed: October 13, 2022).

Planet, as one of the four pillars of sustainability, is connected subconsciously with the Sustainable Development Goals (SDGs) raised by the United Nations. The goals are advocated to enhance health and education, lessen inequality, and promote economic growth while combating climate change and striving to protect our forests and oceans. (United Nations). To put sustainability into account, the circular economy is now an alternative to the conventional linear economy, which is a regenerative system and minimizes resource input, waste, emissions, and energy leakage by delaying, sealing, and constricting material and energy loops. (Science Direct, 2017)

Being the second largest polluter in the world (Greenmatch,2021), the economic activities of the fashion industry are creating noticeable impacts on the well-being of ecosystems and communities across the world. (Conde Nast Glossary) The fashion business generates 10% of world carbon dioxide emissions every year (The Guardian, 2020); and there is 20% of global water waste and 20-35% of ocean microplastics come from the fashion industry. (Vogue, 2020) The supply chain of the fashion industry is notoriously complicated, and it includes activities that perpetuate child labour, modern slavery, poverty, compromise animal welfare, and are related to human well-being. (Conde Nast Glossary) This phenomenon has urged global citizens to think of the role of sustainability within the fashion industry, that it has become a crucial tool for being present in the fashion industry and consumer society to minimize the negative impact generated by the fashion industry and encourage sustainable development for long term goals to help protect the environment and ensure future generations have access to natural resources. (Bandera, 2022)

The 6th SDG – “clean water and sanitation” has strong relevance and an impact on the fashion industry. The production process of fashion garments requires a huge amount of water and chemicals that will contribute to water pollution. For example, many denim manufacturers use synthetic dyes commonly referred to as mordants that are not biodegradable, so they remain in the water supply long after their use in making jeans has ended. These include Picric acid, Ecosin Y and Basic fuchsin. This issue has led some companies to switch from synthetic dyes to natural ones that break down more easily in nature hence meeting the ultimate goal of not using harmful chemicals (Omotoso, 2018). For example, some companies now use vegetable dye instead of petroleum-based dyes to produce denim products. This indicates that the SDG has successfully encouraged manufacturers to minimize the negative impacts on the environment from industrial processes involved in production.

References

Bandera, G., 2022. How the fashion industry pollutes our water | FairPlanet. [online] FairPlanet. Available at: <https://www.fairplanet.org/story/how-the-fashion-industry-pollutes-our-water/> [Accessed 9 October 2022].

Condenast.com. n.d. Condé Nast – Glossary. [online] Available at: <https://www.condenast.com/glossary/social-cultural-and-economic-impacts-of-fashion> [Accessed 8 October 2022].

Geissdoerfer, M., Savaget, P., M.P. Bocken, N. and Jan Hultink, E., 2016. The Circular Economy – A new sustainability paradigm?. [online] Science Direct. Available at: <https://www.sciencedirect.com/science/article/abs/pii/S0959652616321023> [Accessed 8 October 2022].

Greenmatch.co.uk. 2016. Fast Fashion: The Second Largest Polluter. [online] Available at: <https://www.greenmatch.co.uk/blog/2016/08/fast-fashion-the-second-largest-polluter-in-the-world> [Accessed 8 October 2022].

Omotoso, M., 2018. How Denim Manufacturing Impacts the Environment. [online] Fashion Insiders. Available at: <https://fashioninsiders.co/features/opinion/how-denim-manufacturing-impacts-the-environment/> [Accessed 9 October 2022].

Sdgs.un.org. n.d. THE 17 GOALS | Sustainable Development. [online] Available at: <https://sdgs.un.org/goals> [Accessed 8 October 2022].

Silvestri, R., 2021. Fast Fashion is Still a Big Threat to Our Environment — Here’s What Needs to Change. [online] Vogue Arabia. Available at: <https://en.vogue.me/fashion/fast-fashion-2021-statistics/> [Accessed 9 October 2022].

the Guardian. 2020. Fast fashion speeding toward environmental disaster, report warns. [online] Available at: <https://www.theguardian.com/fashion/2020/apr/07/fast-fashion-speeding-toward-environmental-disaster-report-warns> [Accessed 9 October 2022].

My favourite fashion brand is Ader Error, it is a unisex brand from South Korea. The products of Ader Error colourful and playful. The reason why I like this brand is because it is innovative and creative – it always launch projects that keep the brand fascinating and attractive. For example, it collaborated with Maison Kitsune, Zara, EastPak. The collaboration with Zara has even drew a lot of people’s attention.