Sophia Pandeli

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Purpose

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By Sophia Pandeli

The pillar purpose is also one of the four pillars of fashion business school. The pillar purpose has a lot to do with the term well being. To define a problem such as well-being it would be “General health and happiness” relating to “emotional, physical and physiological wellbeing” (Oxford English Dictionary). Adding to this are different types of well-being such as physical, financial, emotional, subjective and social. These factors make up the meaning of the purpose pillar in fashion business school. 

Types of wellbeing 

Brand philosophy is extremely important due to the fact that it’s the values , ethics and principles that define the brand and organisation (Bhasin, H. 2019) . The reason this is important is because if a brand doesn’t have good philosophy behind it it can completely destroy their reputation of the brand and organisation causing it not to develop or grow into a success. Furthermore this will mean not gaining loyal consumers to support the brand because of its lack of brand philosophy behind the brand in order for it to flourish. Brand philosophy is also made up of different factors such as mission which is where the brand is now and why does it exist – an example could be that the brand exists as they want to develop new clothes created from old ones to induce sustainability into the brand (Gwilt, A. 2014). In addition to this vision is also a factor of brand philosophy which is where does the brand want to grow into and be in the future and lastly value proposition which is what is important to the brand and how do they want to operate it. This makes it very important to a brand as it gives it a purpose and a reasoning behind it for it to grow and flourish into a success.

Furthermore brands communicate their purpose to Gen Z by firstly understanding the message that the brand is looking to deliver (Meyer, E.F. 2018) so that the brand can know how to communicate with Gen Z in order to appeal to them and stand out from other brands. Another way brands communicate with Gen Z is by knowing that Gen Z is their target audience and knowing what would get them intrigued Into purchasing from the brand (Brandfolder , no date). For example Gen Z has been brought up in the digital age so by promoting and advertising via social media and the internet brands will be able to communicate better with Gen Z. 

Bibliography:

  • – Bhasin, H. (2019) What is Brand Philosophy? importance of having a brand philosophy, Marketing91. Available at: https://www.marketing91.com/brand-philosophy/ (Accessed: October 25, 2022) 
  • – Brandfolder (no date) How to build a comprehensive brand communication strategy Brandfolder. Available at: https://brandfolder.com/resources/brand-communications-strategy/ (Accessed: October 25, 2022) 
  • – Gwilt, A. (2014) A Practical Guide to Sustainable Fashion (Accessed: October 25, 2022) 
  • – Meyer, E.F. (2018) Council post: How to connect with your audience and authentically communicate your brand,  Forbes. Forbes Magazine. Available at: https://www.forbes.com/sites/forbesagencycouncil/2018/08/06/how-to-connect-with-your-audience-and-authentically-communicate-your-brand/ (Accessed: October 25, 2022) 

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Profit

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By Sophia Pandeli

The pillar of profit is one of the four pillars in fashion business school, profit is what allows the fashion industry to thrive on being bigger and better. Profit is an extremely important factor in the fashion world as without profit the fashion industry would collapse. The value of the fashion industry in 2021 reached $1.55 trillion.

Fashion is one of the largest industries in the world, in fact, the seventh-largest economy in the world. In 2021 the revenue from the fashion industry was $1.7 trillion dollars and before COVID – 19, the global fashion industry’s revenue was estimated between $1.7 and $2.5 trillion (Fashion United, 2022).

There are various factors within the fashion industry for example manufacturing, distribution, marketing, retailing, advertising, and promotion. Manufacturing has changed over the years due to technological advances that are available. This means the performance of manufacturing for the fashion industry is faster, better and in the long run – cheaper. Ideally, the supply and the demand of goods should be balanced (Mitterfellner, O. 2019) to ensure the manufacturing process won’t create too much or too little goods for the industry so that there is the perfect amount of goods for consumers to buy to create profit instead of a loss. Furthermore, distribution in the fashion industry in 2022 also relies on technology as e-commerce creates profit for the fashion industry. In ‘Glossy’s Annual Report on the state of fashion sales and distribution channels in 2022 – owned websites were the most common distribution channels, at 87%. The second was retailer stores, at 52% (Lu, L. 2022). Retailing’s performance grows due to e-commerce and expands the fashion industry’s revenue. In addition advertising and promoting have also become easier due to how popular and engaging social media and online websites are globally and will increase the performance advertising and promoting has for the fashion industry.  

E-commerce fashion 

A brand can remain competitive in uncertain times by having a strong unique selling point that appeals to the target market the business is advertising to. Having a strong unique selling point will give a brand a huge competitive advantage in comparison to other brands as it will appeal to consumers and grow the brand because of this even in uncertain economic times. 

Creative directors bridge the gap between creativity and commerce by thinking like an artist so that when thinking about commerce it’s with a creative approach to ensure the business is intriguing and desirable for consumers to want to purchase from. This gives the business a friendly image that isn’t just about business advantage but also about creating products that will be loved by consumers (The Meaning Team 2018).

– Fashion United (2022) 

Global Fashion Industry Statistics, fashionunited.com. Available at: https://fashionunited.com/global-fashion-industry-statistics. 

[Accessed 19 October  2022]

-Lu, L. (2022) 

Glossy Annual Report 2022: The state and future of fashion brand distribution, Glossy. Available at: https://www.glossy.co/fashion/glossy-annual-report-2022-the-state-and-future-of-fashion-brand-distribution/ 

[Accessed 19 October 2022] 

  • –Mitterfellner, O. (2019) Fashion Marketing and Communication. Routledge.

[Accessed 20 October 2022]

– Radonic, D. (2021) 

The Most Important Fashion Industry Statistics in 2021, Fashion Discounts.

Available at: https://fashiondiscounts.uk/fashion-industry-statistics/.

[Accessed 19 October  2022]

  • – The Meaning Team (2018)

Bridging the gap between art and business (2018) Meaning Conference

Available at: https://meaningconference.co.uk/blog/bridging-gap-between-art-business.

[Accessed: 20 October 2022]

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People

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By Sophia Pandeli

People is one of the 4 pillars of fashion business school. They are what creates the fashion industry and the reason why the industry is the way it is in today’s society. Furthermore, people use fashion to express themselves and showcase who they are to experiment with different ways of being themselves (McKinsey 2019 ‘True Gen’) or follow trends and be influenced, especially with social media, Gen Z has the access to discover new fashion trends and shop from the palm of their hands. 

Gen Z consumers are the most likely to shop via social media and the internet out of all generations however in a survey conducted by IBM, hybrid shopping is the primary method for 36% of Gen Z consumers (2022 consumer study: Consumers want it all, 2022). In addition to this, they place high importance on the brand’s ethics and corporate responsibility they look into more sustainable and diverse brands. 

To attract Gen Z consumers a fashion brand should be as sustainable as possible. A Gen Z consumer would be more inclined to purchase from a sustainable brand rather than a brand that isn’t and doesn’t have good ethics behind it (Gen Z Consumer Behaviour: What You Need to Know | Talon. One, 2022). Another thing is that advertising on social media would also attract Gen Z due to the digital age that they’re in, a brand would get more recognition from Gen Z consumers via social media and the internet. Furthermore, to attract Gen Z, there should be diversity involved within the brand and modelling/advertising the brand. This means that not only does the brand use diverse models and offers them to advertise their products but also has them working within the brand and behind the scenes. For example, a brand that has responded to diversity is Fenty Beauty and Savage x Fenty Clothing. Fenty is a worldwide known brand designed and created by the famous Rihanna, her desire when creating her brand was to be inclusive and diverse and she has been a success with this desire as she uses models to represent her brand from different cultures and backgrounds and who have different body shapes and sizes from each other.   

  An image of Savage x Fenty’s diverse and inclusive models representing the Fenty brand

The key people skill a fashion brand needs to be successful is to have good communication with people as people may have interesting ideas and thoughts which could be highly useful to a fashion brand’s success. Also to have a successful fashion brand you need to have an inclusive mindset in order to have a brand people want to work with and purchase from. 

Bibliography:

– GEN Z CONSUMER BEHAVIOUR: WHAT YOU NEED TO KNOW | TALON.ONE

 (Gen Z Consumer Behaviour: What You Need to Know | Talon. One, 2022)

 Talon. one. 2022. Gen Z Consumer Behaviour: What You Need to Know | Talon.One. [online] Available at: <https://www.talon.one/blog/gen-z-consumer-behavior-what-you-need-to-know> [Accessed 12 October 2022].

– 2022 CONSUMER STUDY: CONSUMERS WANT IT ALL

  (2022 consumer study: Consumers want it all, 2022)

 IBM. 2022. 2022 consumer study: Consumers want it all. [online] Available at: <https://www.ibm.com/thought-leadership/institute-business-value/report/2022-consumer-study>  [Accessed 12 October 2022].

– McKinsey (2019) ‘True Gen’: Generation Z and its implications for companies [Accessed 12 October 2022]

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Planet

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By Sophia Pandeli

Planet is one of the 4 pillars of fashion business school. The fashion industry has a massive impact on our planet, but this is not always beneficial to our environment. Over time fashion brands have started to find ways and look into being more sustainable to save our planet but there is still a lot more the fashion industry needs to do to protect and help the planet and our environment. In the fashion industry, we have a circular economy which is extremely important as it captures the value of clothing before, during and after use. (MacArthur, 2022) This means that once clothes have been used and the owner is wanting to dispose of that item of clothing, recycling them into new clothes helps our planet and allows the value of the materials that have been used to be captured at different levels. Another thing is to ensure clothing is durable and not so disposable so that people won’t be comfortable just getting rid of and wasting perfectly good items of clothing. To be sustainable in fashion these things matter as sustainability is an approach that sources, manufactures and designs clothes ethically to decrease the harmful impacts it may have on our planet. In 2022 fashion brands and we as consumers are certainly trying to become more sustainable when purchasing clothes for example selling old clothes on websites and apps such as Depop and Vinted or purchasing from these apps. Also, there has been a huge rise over the last couple of years in people purchasing from charity shops. The small acts we do as consumers do build up and help the environment and the planet. Fashion brands have also started to consider these things and become more sustainable by using recycled and upcycled materials, starting to go vintage, cutting carbon emissions and using more high-quality and long-lasting materials. (What Is Sustainable And Ethical Fashion?, 2022) A huge SDG is to promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all, this has a massive impact on the fashion industry due to how clothes are made in countries across the world and the high rates of child labour that this includes. The fashion industry has started to get called out for their terrible pay, the awful way these workers get treated and their young age. The United Nation’s goal is to end child labour by 2025 in all its form. This will change the way the fashion industry produces its clothing for the better and start to turn the fashion industry into more of a more sustainable one. (united nations)

Bibliography:

– MACARTHUR, E.

Fashion and the circular economy

MacArthur, E., 2022. Fashion and the circular economy. [online] Archive.ellenmacarthurfoundation.org. Available at: <https://archive.ellenmacarthurfoundation.org/explore/fashion-and-the-circular-economy> [Accessed 7 October 2022].‌

– WHAT IS SUSTAINABLE AND ETHICAL FASHION?

(What Is Sustainable And Ethical Fashion?, 2022)

Sustainable Jungle. 2022. What Is Sustainable And Ethical Fashion?. [online] Available at: <https://www.sustainablejungle.com/sustainable-living/ethical-sustainable-fashion/> [Accessed 7 October 2022].

– THE 17 GOALS | SUSTAINABLE DEVELOPMENT                                                                                                          THE 17 GOALS  United Nations | Sustainable Development, 2022) Sdgs.un.org. 2022. THE 17 GOALS | Sustainable Development. [online] Available at: <https://sdgs.un.org/goals> [Accessed 7 October 2022].

‌

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My favourite fashion brand – CHANEL

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2.55 classic Chanel flap bag

Chanel a classic fashion brand that has been around for many years. The reason why Chanel is undoubtedly one of my favourite fashion brands is due to the timeless classic pieces they design and create. Chanel began in the capital of France – Paris, the founder ( Gabrielle Chanel) started off by owning her own hat boutique under the name ‘Chanel Modes’ these hats were worn by huge French actresses of her time. This gave Chanel a huge stepping stone at the young age of 21 which then gave her the resources to open up the very first Chanel store in Deauville. Gabrielle Chanel had a huge influence on revolutionising the fashion industry by using materials specifically used for men’s clothing with her very own sports line which hugely impacted how women’s clothing was made. One of the main reasons why Chanel is my favourite fashion brand is due to the history it holds. Chanel is a timeless brand and one of the most classic brands of all time. For as long as I can remember I have always dreamt of owning a classic flap 2.55 Chanel handbag as I believe it is such an iconic item of the fashion world and even an investment, this bag was created in 1955 the reasoning for the bag being named 2.55 is due to the date of the creation of the bag. Furthermore, Chanel has an incredible variety of iconic and significant items that they have designed and created for example their Chanel NO.5 perfume launched in 1921 and still till this day is a well-known and highly purchased perfume. Also soon after Chanel launched their makeup collection in 1924, I love the fact that Chanel not only designed beautiful high-quality pieces of clothing and accessories but also created spectacular fragrances and a stunning makeup collection. Chanel is also adored by incredible icons such as Marilyn Monroe who loved the Chanel NO.5 perfume and was quoted in Life magazine, this in itself shows how loved and known Chanel as a brand was by the world including huge Hollywood stars and celebrities of the world. I will always believe that Chanel will be one of the biggest most classic brands of all time and for this reason, it will always be a favourite brand of mine.

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