Rui He

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Profit

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Since decades ago, capitalism has fuelled the industrial-technological and green revolution, altering how countries trade to fasten society’s development toward wealth (Kin, 2021). Therefore, high profit earning is always the vital pillar companies chase for power and longer survival.

In 2021, the worldwide revenue of the apparel market was approximately 1.55 trillion dollars, and women’s apparel occupied much higher revenue than children’s and men’s. In the forecast, the global value might increase to almost 2 trillion dollars by 2026 (Smith, 2022). The global sportswear market showed a growing trend. It was worth more than 350 billion dollars in 2021 and is estimated to grow by roughly 20% (439 dollars) in 2026 (Smith, 2022). Meanwhile, the second-hand’s apparel market has become a global phenomenon, expecting to grow 127% by 2026(Reinhart, 2022).

Under different economic periods, the willingness of customers to spend could change. For example, people in an unhealthy economic time might not have a stable income, so the demand for buying is low. However, there are strategies to remain competitive under unpredictable environments. First, brand globaliastion could reduce the risk of brands over-rely on a single economic. Multiple sources of profit could recover the loss of brands operating in one region. Therefore, while other brands struggle with budget shortages, global brands could be flexible on financial control for promotion to remain competitive.

Meanwhile, Henry Ford said, “A man who stops advertising to save money is like a man who stops a clock to save time.” Since the rivals cut marketing costs, it might be an opportunity for brands to drive and maintain awareness to build substantial market share ((Akyüz & Ercilasun, 2014). Therefore, brands should keep track of customers’ behavior to adjust their marketing strategy. Such as, in an economic downturn, focusing on advertising goods with correct and clear information, including motives like durability and overall quality, could gain customer trust to buy (Shrager, 1991).

Despite the uncertain economy, the gap between creativity and commerce could affect brand reputation all the time. Business is about clarity and measurability, but art loves mystery and multiple interpretations (Ahmed, 2013). More effective interchanges between the arts and commerce would start with communication rather than strategies, ensuring that both have the same value and aims to part. Otherwise, it is easy to misunderstand the audience by using unclear and inconsistent brand messaging, which could cause collaboration to fail(budget wasted).

Ahmed, A. (2013) Bridging the gap between art and business. The Guardian, October. Available at: https://www.theguardian.com/media-network/media-network-blog/2013/oct/16/bridging-gap-art-business (Accessed: October 23, 2022).

Akyüz, A. and Ercilasun, M. (2014) “The role of advertising during recession,” International Conference on Eurasian Economies 2014 [Preprint]. Available at: https://doi.org/10.36880/c05.01141.

Clausen, E. (2020) Marketing Rules To Follow During Uncertain Economic Times. Forbes, 3 April. Available at: https://www.forbes.com/sites/forbesagencycouncil/2020/04/03/marketing-rules-to-follow-during-uncertain-economic-times/?sh=54ecf2c24a36 (Accessed: October 23, 2022).

Kin, M.W. (2021) “It’s done so much for human well-being, but it’s far from perfect. Will capitalism as we know it evolve into something new?,” BBC, 27 May. Available at: https://www.bbc.com/future/article/20210525-why-the-next-stage-of-capitalism-is-coming (Accessed: October 22, 2022).

Reinhart, J. (ed.) (2022) thredUP’s Annual Resale Report. publication. thredUP. Available at: https://www.thredup.com/resale/#decade-in-resale (Accessed: October 23, 2022).

Smith, P. (2022) “Revenue of the apparel market worldwide from 2013 to 2026.” Available at: https://www-statista-com.arts.idm.oclc.org/forecasts/821415/value-of-the-global-apparel-market (Accessed: October 22, 2022).

Smith, P. (2022) “Size of the activewear market worldwide from 2020 to 2027.” Available at: https://www-statista-com.arts.idm.oclc.org/statistics/613169/size-of-the-global-sportswear-market/ (Accessed: October 23, 2022).

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PEOPLE

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One of the pillar’s element – people, their consumption and purchasing value toward fashion companies has altered as the generation grows. Gen Z is people aged from 1995 to 2010 and has been hyper-connected to world-digital natives since they were born. They seem more open to fresh ideas and diversified knowledge than earlier generations (Francis and Hoefel, 2018). As consumers, they are more likely to enjoy online shopping because they find it relaxing or fun. Also, the group is willing to pay for premium personalised services and products to be unique. Lastly, there is increasing ethical concern among Gen Z. In 2022, 46.8% of Gen Z said they had abandoned a purchase that did not align with their values (Moran, 2022). Therefore, brands might need to adopt new strategies to attract Gen Z customers.

There are serval ways how brand could attract Gen Z customers. Relating to the uniqueness that Gen Z is seeking, brand could provide personal tests to help consumers find the ideal products, which could make it fun while increasing interactivity during online service. Second, involve sustainability into brand’s value chain could promote brand reputation among ethical group. For instance, Condé Nast (2020) noted that collaboration between relevant organisations is now seen as a crucial enabler of the systemic shift that will be required to produce, communicate, sell, use, and engage with fashion in the future more sustainably. Brands could invest money in these institutions or teams and cultivate strong partnerships across areas to benefit themselves to achieve an ethical value.  As a result, cultivating an ethical image may entice Gen Z to become devoted customers.

(Burberry Group Plc)

Partner with different sectors could promote ethicalness as well as brand diversity, which enabling everyone to exchange knowledge and contribute knowledge to benefit the whole community. For example, Burberry’s global Diversity and Inclusion strategy (DI) centers on valuing and embracing diversity and fostering an atmosphere. They established strategic alliances with charities and communities worldwide, and technically upgrading their HR systems platform allows Barberry to analyse their colleague diversity toward better decision-making for DI (Burberry, 2022).

Given how quickly the world is changing, it is crucial for brands to utilise their abilities efficiently. Consequently, there are some recommendations on how businesses should increase their competitiveness by selecting the talents. As customers frequently use e-commerce, data analysis skills for big data might be essential for fashion brands. Tech specialists could help brands understand customers’ tastes, then give advises for product promotion in the long run. Also, communication skill is vital when people are under diverse workplace. Brand might have more innovative ideas if employee could exchange their knowledge, and understanding different cultures and background.

References

burberry Corporate Website. 2022. Home. [online] Available at: <https://www.burberryplc.com/en/index.html> [Accessed 16 October 2022].

Condé Nast, 2020. The Sustainable Fashion Glossary. [online] Available at: <https://www.condenast.com/news/conde-nast-launches-sustainable-fashion-glossary> [Accessed 15 October 2022].

Francis, T. and Hoefel, F., 2018. The influence of Gen Z—the first generation of true digital natives—is expanding.. [online] McKinsey & Company. Available at: <https://www.mckinsey.com/industries/consumer-packaged-goods/our-insights/true-gen-generation-z-and-its-implications-for-companies> [Accessed 14 October 2022].

Moran, G., 2022. Gen Z and Millennials 2022. [online] Drapers. Available at: <https://www.drapersonline.com/guides/gen-z-and-millennials-2022> [Accessed 14 October 2022].

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4-Practical-Environmental-Sustainability-Activities

Planet

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As one of the pillars of sustainability, planet is the origin of creation and lives, and the fashion industry relies on natural production materials. For example, cotton is essential for fashion, but an extensive quantity of water is needed for crop yield and dye process (Condé Nast, 2020). Sustainability in the fashion industry may be responsible to the planet to ensure their long-term development.

Refers to the triple bottom line, many fashions business adopt strategies becoming globalised to boost profit, which does benefit society and the economy by providing jobs and GDP, but it leads to massive pollution on the planet. There are some ways in which businesses act responsibly for the planet.

(World Design Organization, 2020)

According to the Sustainability Development Goal, responsible consumption and production are vital within the fashion industry. Circular economy (CE) is a way fashion business could adopt to utilize recourses during production. CE turns goods at the end of their service life into resources for others. For instance, reusing unrecyclable products or repairs rather than buying new ones. Therefore, reprocessing of goods and materials generates jobs and saves energy while reducing resource consumption and waste (Stahel, 2016).

Also, slow fashion could be wildly introduced because it allows raw materials to grow naturally and items to be produced slowly in small batches, which reduces resource consumption and waste (Cline, 2012). Over-consumption is always a big issue; reducing consumption in fast fashion could effectively decrease waste during mass production. On the other hand, it may be insufficient for businesses to sustain profit due to the higher prices of slow fashion items compared to mass-produced apparel (Jung and Jin, 2016).

However, education and awareness need to be spread to consumers. There is an attitude-behavior gap between fashion consumers’ interest in environmental protection and ethical consumption. (Niinima¨ki, 2010). Even though business is trying to be environmentally friendly, it is hard to let consumer purchase sustainable brands and decrease a large amount of consumption. Therefore, this phenomenon could let the business down by being ethical but with low profit. Based on this situation, the brand could adjust its mission to sustainability so it could attract customers’ value on environmental importance.

In conclusion, sustainability is a long-term business goal that businesses can only achieve gradually. Steadily adjusting the production line and product’s lifespan and effective use of material could make business more sustainable. Nevertheless, important is how businesses could drive customers’ motivation to have good buying habits.

Cline, E., 2012. Overdressed. New York: The Penguin Group, p.122.

Condé Nast, 2020. The Sustainable Fashion Glossary. [online] Condé Nast. Available at: <https://www.condenast.com/glossary> [Accessed 7 October 2022].

Gwilt, A., 2020. A practical guide to sustainable fashion. London: Bloomsbury Visual Arts, p.77.

Hill, J. and Lee, H., 2015. Sustainable brand extensions of fast fashion retailers. Journal of Fashion Marketing and Management, 19(2), pp.205-222.

Jung, S. and Jin, B., 2016. Sustainable Development of Slow Fashion Businesses: Customer Value Approach. Sustainability, 8(6), p.540.

Stahel, W., 2016. The circular economy. Nature, 531(7595), pp.435-438.

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DSC1206-1208x805-1

TOTEME

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Based in Stockholm, the brand explores the appeal of a modern uniform through distinct design cues, meticulous craftsmanship, and methodic repetition.

(The Business of Fashion, 2022)
(Gaut and Florsheim, 2022)

Elin Kling and Karl Lindman launched TOMEME in 2014, they may represent minimal aesthetics, but thay never stop refining and adjusting to transcend seasonal trends. Referring to brand vision, the style is perfect for Gen Z, who value unique and high-quality clothing in the workplace or while going to school. In contrast to brands that focus on luxury pattern design, they value creating an idea of Uniform. Personally, the mix of simplicity and an incredible feeling of design quality appealed to me. Moreover, I love the triangle cashmere and pullover knit with extra-long ends and a fluid scarf, as it is unique, and I rarely see it from other brands.

Surprisingly, they are open about their supply chain to their customers! On their official website, I found that TOMEME is committed to long-term sustainability and environmental stewardship. 57% of the items are in Europe, with the remainder in China, and the brand’s trusted partners handle 70% of the manufacture. Furthermore, TOTEME works actively to increase transparency throughout the supply chain. The aim is to reach full traceability for every piece – from raw materials to finished products – in 2025 (Sustainability, 2022).

Besides that, TOTEME is one of the members of STICA. By utilizing the strength and influence of the apparel and textiles sector, the group exponentially accelerates progress toward science-based sustainability targets and Global Sustainability Goals (SDGs).

Meanwhile, The Swedish Chemical Group (a collaboration with the Swedish Research Institute, Rise) provides TOTEME with expertise on the most recent chemical regulations and updates on future dangerous materials (Sustainability, 2022), which ensures TOTEME keeps updated with the latest news and research to improve brand sustainability.

In conclusion, although TOTEME isn’t famous as other big fashion brands, its ambition is to bring positivity and contribute to the planet. They relate to the course Better Lives and the three themes: sustainability, social responsibility, and diversity. TOMEME always performs a role model for me, by actively joining associations to receive environmental resources and support, ensuring a fair workplace for workers, and positively involving production in different countries to encourage the economic. Therefore, This brand deserves to be known.

The Business of Fashion. 2022. The Business of Fashion. [online] Available at: <https://www.businessoffashion.com/organisations/toteme> [Accessed 5 October 2022].

TTOTEME. 2022. Totême official online store – ready-to-wear clothing & accessories. [online] Available at: <https://int.toteme-studio.com/?gclid=Cj0KCQjw1vSZBhDuARIsAKZlijQc_wR5AfhtVStrwXnKn6Ck8LBJfwfgSmMANpJnY2ioiSbQ6QyOi-YaAqV6EALw_wcB&gclid=Cj0KCQjw1vSZBhDuARIsAKZlijQc_wR5AfhtVStrwXnKn6Ck8LBJfwfgSmMANpJnY2ioiSbQ6QyOi-YaAqV6EALw_wcB> [Accessed 5 October 2022].

TOTEME. 2022. Sustainability. [online] Available at: <https://int.toteme-studio.com/pages/sustainability?gclid=Cj0KCQjw1vSZBhDuARIsAKZlijQ8cNriDhf0v2NvG_prZo_NK4IlIDJBCShnsoicNk_ariQ4tiatCWAaAlFuEALw_wcB&gclid=Cj0KCQjw1vSZBhDuARIsAKZlijQ8cNriDhf0v2NvG_prZo_NK4IlIDJBCShnsoicNk_ariQ4tiatCWAaAlFuEALw_wcB> [Accessed 5 October 2022].

Gaut, A. and Florsheim, L., 2022. Toteme co-founders Karl Lindman and Elin Kling at the brand’s new Manhattan store. Lindman sits in a chair by Swedish designer Mats Theselius, and the artwork on the wall is by German artist Conny Maier.. [image] Available at: <https://www.wsj.com/articles/toteme-store-new-york-soho-11658848273> [Accessed 5 October 2022].

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