Aadya Sanghi

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PURPOSE

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The purpose of a brand is its direct aim (which was set during the creation of the brand) and is the last pillar in the fashion business industry. In simple terms, a company’s purpose is its goal (usually its long-term goal, which can be one or many). Purpose helps create value in the long run for all the various stakeholders involved. 

A brand’s philosophy comprises its mission, vision, and value proposition, and a company can showcase its “most authentic self” (Silva, 2020). While a brand’s mission operates more towards the brand’s current trajectory, the same company’s vision could be completely different. The vision is usually focused towards steady and valuable growth within a brand. A value proposition is created when the company itself, its target customer’s needs, and its products all interlink together. Below is a diagram illustrated by Jones and Waddell (Medium, 2019) that demonstrates this idea in a more straightforward manner.

Figure 5: Value proposition demonstrated by Jones and Waddell (Medium, 2019)

How a brand transcribes and markets its purpose to its target audience also plays an essential role in increasing profit. For example, a study recently found that 74% of consumers in the UK read and research a brand’s purpose and values before making their purchase (Bishop, 2021). Similarly, Gen Z is more highly likely to buy from a brand whose purpose matches its values, which is why it is imperative that companies effectively communicate their brand philosophy and purpose to their targeted consumers to increase sales. 

Brands like Netflix and Nike have time and time again been found to stand for their “social activism” (Curry, 2020) in a very public manner which has always attracted more and more customers their way – because consumers, now more than ever, are expecting brands to act against social wrongdoings to bring about fast and radical change. Makeup brand Charlotte Tilbury partnered with a UK charity called ‘Women for Women’ and pledged to donate over £1 million to empower women across the globe (Barnett, 2022) – this acts as an excellent example of a brand that stays true to its purpose while also engaging in positive goodwill, which adds to their brand image. As consumers become more familiar with sustainable terms such as upcycling, they become attracted to brands that use their manufacturing capabilities to create sustainable garments using similar methods. Upcycling gives “multiple lives” to a garment, and such is the creation of UK-based designer Gary Harvey’s pieces (Gwilt, 2020). Below is a collage of some pieces made using upcycled clothes by Harvey for the 2011 Oscars (Firth, 2011).

Figure 6: Upcycled clothes by UK designer Gary Harvey. (British Vogue, 2011)

REFERENCE LIST:

Barnett, D. (2022) What Brands Can Learn From Charlotte Tilbury On Instagram, Fashionmonitor.com. Available at: https://www.fashionmonitor.com/blog/T62/what-brands-can-learn-from-charlotte-tilbury-on-instagram (Accessed: November 5, 2022). 

Bishop, E. (2021) 74% of UK consumers consider brand values before purchasing, Market Business News. Available at: https://marketbusinessnews.com/consumers-consider-brand-values/270190/ (Accessed: November 5, 2022). 

Curry, L. (2020) How brands can follow through on the values they’re selling, Harvard Business Review. Available at: https://hbr.org/2020/08/how-brands-can-follow-through-on-the-values-theyre-selling (Accessed: November 5, 2022). 

Firth, L. (2011) Gary Harvey: A man for all awards seasons, British Vogue. Available at: https://www.vogue.co.uk/article/gary-harvey-creates-livia-firths-oscars-dress (Accessed: November 4, 2022). 

Gwilt, A. (2020), “A Practical Guide to Sustainable Fashion.” London: Fairchild Books. page. 148.

Silva, P. (2020) Why philosophy has much to do with brand-building (and what that looks like), Forbes. Available at: https://www.forbes.com/sites/piasilva/2020/11/19/why-philosophy-has-much-to-do-with-brand-building-and-what-that-looks-like/?sh=1e868d0371f9 (Accessed: November 8, 2022). 

PHOTO – 

Firth, L. (2011) Gary Harvey: A man for all awards seasons, British Vogue. Available at: https://www.vogue.co.uk/article/gary-harvey-creates-livia-firths-oscars-dress (Accessed: November 4, 2022). 

Waddell, S. and Jones, J. (2019) How to identify your brand’s value proposition, Medium. Available at: https://medium.com/swlh/how-to-identify-your-brands-value-proposition-62611e6c59e4 (Accessed: November 5, 2022). 

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PROFIT

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One of the most vital pillars within the fashion business industry is the pillar of ‘profit’. In economic terms, profit is the amount of financial benefit any company receives after selling a good or service (Hethorn and Ulasewicz, 2015) – which could hold monetary or asset-based value.

Even though the COVID-19 pandemic brought about 2 annum of “disruptions” (McKinsey, 2021), it played a monumental role in empowering companies to market their products to satiate the hunger within their consumers for goods and services (inside the fashion industry). Due to this, around “75% of fashion executives believe that better trading conditions” will increase profits immensely now (McKinsey, 2021). Before the pandemic, globally, the entire fashion industry’s joint revenue was close to 1.5 trillion Pounds (Fashion United, 2021). And while it may have fluctuated during the pandemic, it still accounts for one of the largest profit-gaining industries in the world (Fashion United, 2021).

Figure 3: The fashion industry’s impact on stakeholders. (McKinsay&Company, 2022)

Whether it be economic recessions or the COVID-19 pandemic, brands need to remain competitive under various unprecedented economic times. Below is an illustration of how companies feel during such times. But brands can still try to stay competitive by focusing on the consumers who have already shopped with them. Since consumers are more likely to remain loyal to a brand they have already tried, chances are they would do the same during an economic recession, too (Forbes, 2020). Moreover, since there is less cash influx, consumers would not want to try new brands with which they do not share any previous experience. In the COVID-19 pandemic’s case, the brands could have focused on building more strategy and not be afraid to try out new advances and technology that might have helped them to create a better user experience for their homebound consumers (especially in the case of application building and the smooth running of online shopping).

Figure 4: How uncertain economic times fit in business models. (Horizon Marketing, 2022)

Although creativity and commerce usually do not merge well with each other, most companies and their creative directors have to make sure that they are bridging this gap as much as possible in order to create products that have a high demand as well as design qualities to it. One easy way to achieve this is by the method of collaboration and working to see what areas each aspect of a company lacks (Business of Fashion, 2021). Working on resolving both such issues can help bridge this gap.

REFERENCE LIST:

Clausen, E. (2020) Marketing rules to follow during Uncertain Economic Times, Forbes. Available at: https://www.forbes.com/sites/forbesagencycouncil/2020/04/03/marketing-rules-to-follow-during-uncertain-economic-times/ (Accessed: October 23, 2022). 

Hedrich, S. (2022) State of Fashion 2022: An uneven recovery and new frontiers, McKinsey & Company. Available at: https://www.mckinsey.com/industries/retail/our-insights/state-of-fashion (Accessed: October 23, 2022). 

Hethorn, J., & Ulasewicz, C. (eds). (2015). Sustainable Fashion: What’s Next? A Conversation about Issues, Practices and Possibilities. New York: Bloomsbury. Chapter 7. 

Sherman, L. (2021) At gap, how Community Culture Powers Creative Output, The Business of Fashion. Available at: https://www.businessoffashion.com/articles/news-analysis/at-gap-how-community-culture-powers-creative-output/ (Accessed: October 23, 2022). 

Vazzana, C. (2021) Global Fashion Industry Statistics, FashionUnited. Available at: https://fashionunited.com/global-fashion-industry-statistics (Accessed: October 23, 2022). 

IMAGES

Gonzalo, A. et al. (2021) Fashion’s digital transformation: Now or never, McKinsey & Company. Available at: https://www.mckinsey.com/industries/retail/our-insights/fashions-digital-transformation-now-or-never (Accessed: October 23, 2022). 

horizonmarketing_co (2022) The value of marketing in Uncertain Economic Times , Horizon Marketing. Available at: https://horizonmarketing.co/the-value-of-marketing-in-uncertain-economic-times/ (Accessed: October 23, 2022). 

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PEOPLE

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Today’s planet is filled with billions of people from different cultures and racial backgrounds – such is the pillar of ‘People’ within the fashion industry, which enhances any company’s horizons by including diversity, and representation for a broader range of brand recognition.

Brands, be it in the fashion industry or any other, have been targeting different generations of consumers to increase their output as well as their brand image – which is why it is imperative that, now more than ever, brands create a diverse and inclusive portfolio to attract more of the ‘new leaders’ – the Gen Z (Moran, 2022). As fashion consumers, Gen Z is the “digital natives” (Drapers, 2022) who have adapted to the fast-paced methods of online shopping, discount sales and promo codes. As described in the image from Mckinsey&Company below, Gen Z differs extremely from their older counterparts – including their behaviour and their consumption patterns, which vary from generation to generation. While Gen X cared more about their “status” and “luxury” (Francis and Hoefel, 2018) when buying items, Gen Z chose to focus on consuming ethically made and “unique” (Francis and Hoefel, 2018) products. This highlights how Gen Z are working towards a more sustainable and ethical future. Gen Z’s consumption patterns highly depend on a company’s transparency towards its manufacturing regulations.

Figure 1: How generations differ. (McKinsey&Company, 2022)

Bandwagon marketing and testimonial advertisements are some of the ways in which brands have tried to adapt to the evolving and accepting mindsets of Gen Z. As a generation, they care about their ethics and principles, resulting in them mostly shopping from brands that “align with their core value” (LS:N Global, 2021). As explained in an article by CNN (Ebrahimji, 2020), Nike started a campaign on anti-racism in June of 2020 in order to focus on how “sports can break down barriers too” (Ebrahimji, 2020). This resulted in increased positive engagement within Nike’s social platforms as most Gen Z consumers worldwide supported this movement.

Figure 2: Nike’s ad campaign to end racism. (Cosmopolitan, 2020)

Since there are multiple studies that show that “ethically-diverse companies” are more successful than the rest (BOF and Mckinsey&Company, 2022), having people skills can increase a brand’s engagement with their consumers in a positive light – making them more loyal. Here are some essential people skills that a fashion company needs to increase their sales to become more successful. From agility to flexibility, brands can focus on various skills to create a safer and more inclusive environment for their workers and consumers alike. This would increase their consumer reach, especially within Gen Z.

REFERENCE LIST:

Ebrahimji, A. (2020) Nike is saying ‘don’t do it’ in a message about racism in America, CNN. Available at: https://edition.cnn.com/2020/05/30/business/nike-dont-do-it-message-trnd/index.html (Accessed: October 16, 2022). 

Francis, T. and Hoefel, F. (2022) ‘true gen’: Generation Z and its implications for companies, McKinsey & Company. Available at: https://www.mckinsey.com/industries/consumer-packaged-goods/our-insights/true-gen-generation-z-and-its-implications-for-companies (Accessed: October 16, 2022). 

Moran, G. (2022) Gen Z and millennials 2022, Drapers. Available at: https://www.drapersonline.com/guides/gen-z-and-millennials-2022 (Accessed: October 16, 2022). 

Moran, G. (2022) Maximise your people performance to deliver great in-store experiences, Drapers. Available at: https://www.drapersonline.com/insight/the-industry-view/maximise-your-people-performance-to-deliver-great-in-store-customer-experiences (Accessed: October 16, 2022). 

Scott, S. and Buller, A. (2021) Generation Z research brands before buying, LS:N. Available at: https://www.lsnglobal.com/news/article/26521/stat-generation-z-research-brands-before-buying (Accessed: October 16, 2022). 

IMAGES

Francis, T. and Hoefel, F. (2022) ‘true gen’: Generation Z and its implications for companies, McKinsey & Company. Available at: https://www.mckinsey.com/industries/consumer-packaged-goods/our-insights/true-gen-generation-z-and-its-implications-for-companies (Accessed: October 16, 2022). 

Midwood, M. (2020) Nike releases a powerful anti-racism campaign, Cosmopolitan. Available at: https://www.cosmopolitanme.com/health-fitness/nike-releases-a-powerful-anti-racism-campaign (Accessed: October 16, 2022). 

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PLANET

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The four pillars of a successful and sustainable fashion business are planet, people, profit and purpose. Using natural resources provided by the planet without a limit could lead to their extinction, which is why it is imperative that consumers and producers alike help create a better world for the generations to come through various sustainable practices.

Reusing, recycling, repairing, and thrifting are some of the ways through which consumers and producers can rethink and make more mindful adaptations in their consumption and/or production habits. The aforementioned terms can aid in turning the economy into a circular economy as opposed to the usual linear economy. The circular economy involves a method of production and consumption through which resources are utilised to their maximum capacity. Hence, in the fashion industry’s context, products, such as clothing, that are in rotation for usage for an extended period ‘create value repeatedly’ (Lee, 2021), which results in minimum pollution and wastage.

A glimpse of how circularity in fashion works. (Gueye, 2021)

As businesses slowly shift into a sustainable model, it is essential to understand what it means. Sustainability is an aim set by companies and humans alike in order to make the world a more resourceful place for the next generations. This can be achieved by preventing the depletion of scarce resources while being environmentally conscious, making it the ‘most crucial transformation’ (Nieto-Rodriguez, 2022) in any business model. And while this remains the literal meaning of sustainability – in the fashion industry’s context, sustainability plays a significant role in producers’ and consumers’ production and consumption patterns. With more awareness, fashion consumers are switching from buying rapidly produced and consumed fast fashion clothes to slow fashion. Slow fashion puts an emphasis on durability via design concepts that strive to be classic and seasonless. The traditional method of production results in minimum pollution, and ethical manufacturing of the garments help create a socially-conscious environment for the workers.

All the SDGs are displayed.

17 Sustainable Development Goals were set in place by the United Nations in 2015 in order to ‘promote economic prosperity and good health while protecting (the) environment’ (Costa, 2019). While multiple SGDs such as responsible consumption and production, reduced inequalities, clean water and sanitation will help reduce pollution by the fashion industry – SDG number 13, Climate Action, plays an integral role in fighting the climate crisis, which could directly impact all the other aforementioned SGDs. Since harmful greenhouse gases (such as carbon dioxide and methane) are released into the atmosphere via the burning of fossil fuels in factories, it is imperative that the fashion industry takes action. They could do so by ‘liaising with a multitude of stakeholders’ and ‘working under different laws and legislation’ as compared to factories in other industries (Gwilt, 2020).

References:

Lee, L. (2021) Business of Fashion [online] 

Available at:

https://www.businessoffashion.com/opinions/sustainability/a-more-circular-fashion-industry-will-require-a-collective-effort/

(Accessed: 10 October 2022)

De Costa, J. (2019) Forbes [online]

Available at:

https://www.forbes.com/sites/forbesnonprofitcouncil/2019/11/14/an-improvement-science-approach-to-goal-setting/?sh=4f745e3542e2

(Accessed: 10 October 2022)

Nieto-Rodriguez, A. (2022) Harvard Business Review [online]

Available at:

https://hbr.org/2022/10/project-leaders-will-make-or-break-your-sustainability-goals

(Accessed: 10 October 2022)

Gwilt, A. (2020) A Practical Guide to Sustainable Fashion. London: Bloomsbury.

Gueye, S. (2021) Ellen Macarthur Foundation 

Available at:

https://ellenmacarthurfoundation.org/articles/the-trends-and-trailblazers-creating-a-circular-economy-for-fashion

(Accessed: 10 October 2022)

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A favourite fashion brand: Jacquemus

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Every time a person wearing a strappy linen dress walks by or someone carries a mini bag, viewers are sure to know the designer behind those pieces – that is the legacy founder Simone Porte-Jacquemus is starting to create for his brand.

Founded in 2009, Jacquemus grew in popularity in the summer of 2018 when the founder introduced extremely tiny bags called “Le Chiquito” and “Le Bambino.” Although initially deemed ‘impractical’, a gradual hype was built as viewers saw famous faces like Kendall Jenner, Rihanna and Lizzo wearing the mini bags at red carpet events; pushing Jacquemus’ steady-growing popularity to become one of the most recognised brands worldwide. With a high demand from consumers and positive recognition towards mini bags, brands such as Christian Dior, Balenciaga, and Bottega have also diversified in the past three years to add mini and micro bags to their catalogue – to which some argue Jacquemus was the sole inspiration.

Glimpse from the Autumn/Winter 21 collection “L’année 1997”. (Vogue, 2022)

What sets the brand apart from its counterparts is its sustainability mixed with its affordable prices. Compared to other competing luxury French labels, Jacquemus bags are priced at a much lower price point – making them more appealing to younger as well as working consumers. Not to mention the highly aesthetic and equally interactive Instagram posts photographed and curated by the founder himself, which makes the brand more accessible even in its form of communication. These values set Jacquemus a bar above the rest, especially among younger crowds. Furthermore, Jacquemus’ founder has made a conscious decision to showcase his collections twice a year (for summer and winter) in a co-ed show (compared to the usual four showings) – the brand’s transparency hits the bull eye of various consumers in the fashion industry.

Glimpse from the Spring/Summer 22 collection “L’amour”. (Vogue, 2022)

With a vision far ahead of his time, Simone Porte-Jacquemus is now on his way to becoming one of the most successful French designers of the past decade – with annual sales projected to reach 200 million Euros by the end of 2022, as mentioned in BoF’s ‘BoF 500’ article. Jacquemus has also landed a multi-year partnership with Nike, whose first collaboration collection sold out in less than 24 hours on the website.

Jacquemus has now opened its first stand-alone flagship store in the heart of Paris, in the famous Avenue Montaigne. The boutique is a nod to Jacquemus’ latest collection, “La Papier”, with a beige monochromatic theme and includes two popcorn vending machines that act as unique selling points of attraction for the consumers.

The new store is located on Avenue Montaigne. (Instagram, 2022)

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