Caitlin Hulme

Purpose is the fourth and final pillar in relation to fashion business, this is essentially the reason why a brand exists, in order to solve a problem or meet a need in society. That purpose informs the brand’s vision, mission, story, visual identity, decision-making, and more. They strive to create a sense of well-being for the customer; Shah and Marks describe well-being as “more than just happiness. As well as feeling satisfied and happy, well-being means developing as a person, being fulfilled, and contributing to the community” (Shah and Marks 2004). For example, the ‘Superman T-shirt Study’ conducted by Professor Karen Pine, from the department of Psychology at the University of Hertfordshire conducted an experiment, where some of her students would complete an exam in a superman t-shirt, and then the rest just their ordinary clothing. She explained : “When wearing a Superman t-shirt, the students rated themselves as more likable and superior to other students. When asked to estimate how much they could physically lift, those in a Superman t-shirt thought they were stronger than students in a plain t-shirt, or in their own clothing.” (Karen Pine, 2014) This research shows how people’s mental processes and perceptions can be primed by clothing, as they internalise the symbolic meaning of their outer layers. 

Brand values determine a brand’s identity, message and personality. These brand principles guide story, actions and behaviours which is what creates customer loyalty and is what sets the brand up with a positive image. “Investing in and knowing brand values is fundamental to ensuring that a brand remains unique” (Nettl, 2018) A brand who has openly prioritised its purpose toward people and the planet is Lush, founded by Mark Constantine in 1995. Lush has been invested in sustainability from the get-go; they create solid beauty bars like shampoo, conditioners and cleansing balms to reduce water usage and plastic packaging; saving nearly 6 million plastic bottles globally As well as putting the prioritising the planet, they also care for their customers. In 2021, they have decided to take on a leadership role by shutting down all their social media accounts. As Lush CEO Mark Constantine puts it, “I’ve spent all my life avoiding putting harmful ingredients in my products. There is now overwhelming evidence we are being put at risk when using social media.” With brands like Lush leading the way to a more positive, sustainable society, there has been an increase in the number of brands who have begun to prioritise their purpose for people and the planet, in order to create a state of wellbeing within society. 

Bibliography 

Hetan Shah (27^th September 2017) New Economics Foundation ‘A Wellbeing Manifesto for a Flourishing Society’ Available at: https://neweconomics.org/2014/09/wellbeing-manifesto-flourishing-society (Accessed: 30/11/22) 

Nittl (2018) ‘Ultimate Guide to Incorporating Brand Values into your Business’ Available at: https://www.nettl.com/ie/importance-brand-values/#:~:text=Brand%20values%20determine%20your%20brand’s,unique%20in%20a%20saturated%20market. (Accessed: 2/11/22) 

Sarah Knapton (31^st May 2014) The Telegraph ‘Wear a Superman Tshirt to Boost Exam Success’ Available at: https://www.telegraph.co.uk/news/science/science-news/10866021/Wear-a-Superman-t-shirt-to-boost-exam-success.html (Accessed: 2/11/22) 
 

The term ‘Profit’ refers to the financial aspect of the fashion industry, in 2021, the global fashion industry came in at $1.55 trillion and is expected to reach $1.7 trillion by 2022. The industry provides 30 million people working within the fashion and textile industry. According to (Forbes, 2020) on top of the biggest apparel companies rank is Louis Vuitton Moet Hennessy, which includes some of the largest luxury brands such as Louis Vuitton, Christian Dior and Givenchy. The company has a market value of $194 billion and assets of more than $108 billion, making it the 73rd largest publicly traded organization in the world. ‘Profit’ is one of the four pillars of fashion business, and technically speaking describes the financial benefit realized when revenue generated from a business activity exceeds the expenses, costs, and taxes. 

However, according to the ‘Mckinsey Company’, in 2019/20 the fashion industry posted a 20% decline in revenues due to the pandemic. A record 69% of companies were value destroyers in 2020, according to the latest reading of the ‘McKinsey Global Fashion Index’. About 7% of companies left the market entirely, either due to financial distress or because they were bought by rivals. However, this year the Mckinsey report returned to creating their list of ‘super winners’, but with an adapted approach; smoothing pandemic-induced distortions by calculating the average economic profit over both 2019 and 2020. The top five performers by economic profit revealed were Nike, Inditex, Kering, LVMH, and Hermes. ‘The prominence of luxury brands among the top performers was attributable to the economic resilience of wealthier demographics, leading to a continuing demand for bags, luxury jewelry, and ready-to-wear’ (Mckinsey Report, 2022). 

It has become increasingly difficult for brands to remain competitive during these uncertain economic times. However, with social media being ever present, it has allowed companies within the industry to create a brand image and build awareness amongst their customers as they are more visible to their audience. The “Two-Step Flow of Communication” hypothesis emerged in 1944 and was created by Paul Lazarsfeld, Bernard Berelson and Hazel Gaudet. The purpose of the study was to examine what influenced people to vote during political campaigns. Their findings can now be used to reflect on social media within our generation, suggesting that ‘the flow of information and influence from the mass media to their audiences involves two steps: from the media to certain individuals, and from them to the public’ (Gabriel Weimann, 2015) 

Fashion blogging essentially works the same way; there is one blogger who has followers who will receive sponsored goods and information from brands, which then reaches the blogger’s followers, and their opinion leads the opinion of a multitude of followers. Fundamentally, blogging has helped improve the quickness of products reaching the marketplace. The power of blogs is so evident, that even the classic printed media have resorted to launching their own blogs on their websites, for example Vogue Magazine who poached Suzy Menkes to become the editor of Vogue’s own blog in 2014. ‘On average about 18% of private bloggers turn to the help of professional editors before posting and around 50% ask someone to look over the post before making it live’ (Crestodina, 2018).  

With social media being the biggest marketing platform currently, it is becoming increasingly more accessible for companies within the fashion industry to promote their brand and create an image for themselves that will appeal to our generation. For example, fashion labels from Cos to Cartier sponsor contemporary artists and art events because they all tap into a certain demographic’s sense of culture and credibility. Hence explaining how it corresponds to 2% of the world’s Gross Domestic Product (GDP). 

Bibliography 

Ajaz Ahmed (2013) The Guardian ‘Bridging the Gap between Art and Business’ Available at: https://www.theguardian.com/media-network/media-network-blog/2013/oct/16/bridging-gap-art-business (Accessed: 21/10/22) 

Fashinnovation (2022) ‘Fashion Industry Statistics: The 4^th Biggest Sector is Way More Than Just About Clothing’ Available at: https://fashinnovation.nyc/fashion-industry-statistics/ (Accessed: 21/10/22) 

Gabriel Weimann (2015) ScienceDirect ‘Two-Step Flow of Communication’ Available at: https://www.sciencedirect.com/topics/social-sciences/two-step-flow-of-communication#:~:text=The%20concept%20of%20the%20’two,from%20them%20to%20the%20public. (Accessed: 21/10/22) 

Mckinsey & Company (2022) ‘State of Fashion 2022: An uneven recovery and new frontiers’ Available at: https://www.mckinsey.com/industries/retail/our-insights/state-of-fashion (Accessed: 21/10/22) 

Olga Mitterfellner (2019) ‘Fashion Marketing and Communication: Theory and Practice Across the Fashion Industry’ London: Routledge, p. 82. (Accessed:21/10/22) 

Sustainability is a goal that consists of fulfilling the needs of current generations without compromising the needs of future generations, whilst ensuring a balance between economic growth, environmental care, and social well-being. In Fashion Business, the goal for sustainability is categorised into four pillars: planet, people, profit, and purpose. To combat this, the circular economy (seen in figure 1) has been introduced. It is a “framework that tackles global challenges like climate change, biodiversity loss, waste, and pollution.” (Ellen Macarthur, 2022) 

Figure 1. (Explainer ‘What is a Circular Economy‘, 2014)

The ‘Circular Economy’ is a system that is being heavily encouraged within the fashion industry, which was responsible for a staggering 1.715 million tonnes of CO2 emissions in 2015. It is estimated to grow a further 63% by 2030. Yves Saint Laurent once famously said “fashion fades, style is eternal”, which as of recently has been proven to no longer be true. 

To continue the combat of climate change, in 2015, The United Nations developed Sustainable Development Goals (SDGs), which are a universal call to action to end poverty, protect the planet and ensure that all people enjoy peace and prosperity. These SDGs are a collection of 17 global goals (seen in figure 2) adopted by all United Nations Member States and are designed to be a “blueprint to achieve a better and more sustainable future for all” (United Nations, 2015). 

Figure 2. (United Nations Sustainable Development Goals, 2015)

The Fashion industry plays an extensive role in the destruction of the planet, every year 120 billion garments are produced, only 1% of which are expected to be recycled and reused. Most consumer fashion is stuck in a linear model with most used clothes perceived as having no value and being disposed of at a rapid pace. However, if the consumer attitude begins to change toward purchasing products, it could encourage a huge shift in the fashion industry which could potentially put the circular economy at the heart of the fashion industry’s approach.

Many brands have already begun to adapt to this new economy and produce pieces that will not have a negative impact on the planet. For example, the brand Patagonia has found a way to harvest cotton organically, founder Youvin Chouinard stated that “Organic methods support biodiversity and healthy ecosystems, improve the quality of soil, and often use less water. Compared to growing conventional cotton, there is a 45% reduction in CO₂ emissions and a 90% reduction in water as a result of growing organic cotton.” (Yvon Chouinard, 1966). Since then, Patagonia has pledged 1% of sales to the preservation and restoration of the natural environment, as well as donating $89 million to domestic and international grassroots environmental groups which have helped to make a difference within their local communities. With Patagonia leading the way into a more sustainable future, we can slow down the progression of environmental issues. 

Reference list: 

Concern Worldwide (9 June 2021) ‘Explained: The Sustainable Development Goals’ Available at: https://www.concern.org.uk/news/explained-sustainable-development-goals?gclid=EAIaIQobChMI9pWsnPPQ-gIVz-3tCh3JEwTuEAAYASAAEgIMX_D_BwE (Accessed: 7 October 2022) 

Ellen Macarthur Foundation (2009) ‘What is a Circular Economy?’ Available at: https://ellenmacarthurfoundation.org/topics/circular-economy-introduction/overview (Accessed: 8 October 2022) 

Eshha Chaabra (2015) Forbes ‘Patagonia Rallies for an Earth Tax’. Available at: https://www.forbes.com/sites/eshachhabra/2015/09/09/patagonia-rallies-for-an-earth-tax/?sh=1138bca67340 (Accessed: 7 October 2022) 

Hethorn, J., & Ulasewicz, C. (2015) ‘Sustainable Fashion: What’s next?’ Available at: https://onlinelibrary.wiley.com/doi/abs/10.1111/fcsr.12266 (Accessed: 7 October 2022) 

United Nations (2015) ‘Sustainable Development Goals’ Available at: https://www.un.org/en/ (Accessed: 6 October 2022) 

Parsons graduate Alexa Elkaim began embarked on her journey with the aim to create ‘the perfect pair of pants’. Inspired by her love of vintage clothing, she created an alternative to the standard five-pocket denim jeans. Since then, the LA-based designer chose to capitalize on the success of her design and expanded into new categories, leading to the launch of Miaou in 2017. Since then, major celebrity influences such as Emily Ratajowski, Alexa Demie, and Gigi Hadid have become constant consumers of her brand. With her love of vintage clothing and sustainability still in mind, her brand aims to uphold a common set of principles for ethics, social responsibility, and environmental protection. They contribute at least 1% of their annual sales to their mission of funding collective environmental organisations dedicated to the environment. They manage to cater to current trends whilst maintaining a sustainable image, hence the brand’s sudden yet well-deserved popularity.