Amelia Malouf

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Profit

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The pillar, Profit, is understood in the Fashion Business Context as a firm’s goal to maximise financial gain, and therefore boost the brands market share in the fashion industry. Profits can either be reinvested into the business, distributed amongst shareholders, or retained by the owner (Kenton, 2022). 

As stated in McKinsey’s 2016 Report, “fashion is one of the world’s most important industries, driving a significant part of the global economy”. The revenue in the apparel market, including women’s, men’s, and children’s apparel, amounts to £1.14tn in 2022 and is expected to show a volume growth of 10.4% in 2023 (Statista, 2022).  Online shopping is an increasingly prevalent sector of the industry, with an overall market value of 668 billion US dollars in 2021, and an expected value of 1.2 trillion USD by 2025 (Statista, 2022).

Women’s apparel generates over 133 billion USD more than men’s or children’s apparel markets (Statista, 2022). As consumer’s interest in fast fashion increases, Zara, H&M and Uniqlo hold the largest global market share, and 95% of sales in the apparel market are attributable to non-luxury garments (Statista, 2022). The second-hand apparel industry is expected to grow to a value of 218 billion US dollars in 2026, due to increased demand from environmentally conscious younger consumers (Smith, 2022).

Following the COVID-19 pandemic, brands have amplified their focus on how to remain competitive during uncertain economic times. Brands should ensure flexibility and faster decision making in all areas of their operating models to accommodate to disrupted consumer behaviour. Strategic digital adoption is a necessary tool for brands, as young consumers are demanding sophisticated digital interactions that integrate the “human touch” (Amed & Berg, 2021). As 57.7% of the emerging generations in 2022 are concerned with sustainability and ethics (Moran, 2022), brands can utilise social media to “communicate their social and environmental endeavours” (Peterson, 2015) and ensure brand consistency during uncertain times (Clausen, 2020).

Figure 1 (Welty, 2022)

Traditionally, creative directors bridged the gap between creativity and commerce by embodying an artistic persona that was “not ordinary”, and thus elevating the value of their designs through elitism (Wolff, 1993), as evident in Charles Frederick Worth’s presentation of himself as an eccentric artist. Former Creative Director of Off-White, Virgil Abloh, tapped into a “certain demographic’s sense of culture and credibility” (Ahmed, 2013) by using “artification” to elevate streetwear products, such as Nike sneakers, as seen in Figure 1, into objects of exclusivity (Crane, 2019). However, the growing accessibility to both fashion (De Souza Crook, 2018) and cultural and social capital (Crane, 2019) has increasingly transformed people into artists, due to the blurring of ideas and knowledge (Crane, 2019).

RESOURCES

Ahmed, A. (2013) Bridging the gap between art and business, The Guardian. Guardian Media Group. Available at: https://www.theguardian.com/media-network/media-network-blog/2013/oct/16/bridging-gap-art-business (Accessed: October 27, 2022).

Amed, I. and Berg, A. (2021) The State of Fashion 2021 report: Finding promise in perilous times, The Business of Fashion. Bloomsbury Publishing. Available at: https://www.businessoffashion.com/reports/news-analysis/the-state-of-fashion-2021-industry-report-bof-mckinsey/ (Accessed: October 27, 2022).

Amed, I. et al. (2016) The State of Fashion 2017 , McKinsey & Co. Bloomsbury Publishing. Available at: https://www.mckinsey.com/~/media/McKinsey/Industries/Retail/Our%20Insights/The%20state%20of%20fashion/The-state-of-fashion-2017-McK-BoF-report.pdf (Accessed: October 27, 2022).

Clausen, E. (2020) Council post: Marketing rules to follow during Uncertain Economic Times, Forbes. Forbes, Inc. Available at: https://www.forbes.com/sites/forbesagencycouncil/2020/04/03/marketing-rules-to-follow-during-uncertain-economic-times/?sh=55f65d204a36 (Accessed: October 26, 2022).

Crane, D. (2019) “Fashion and artification in the French luxury fashion industry,” Cultural Sociology, 13(3), pp. 293–304. Available at: https://doi.org/10.1177/1749975519853667.

De Souza Crook, J. (2018) Compelling Fashion Business: Bridging The Divide Between Creative Vision And Commercial Reality, London College of Fashion. UAL. Available at: https://www.arts.ac.uk/colleges/london-college-of-fashion (Accessed: October 27, 2022).

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 27, 2022).

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

Smith, P. (2022) Secondhand apparel market value worldwide 2021-2026, Statista. Ströer Media. Available at: https://www.statista.com/statistics/826162/apparel-resale-market-value-worldwide/ (Accessed: October 27, 2022).

Statista (2022) Apparel – worldwide: Statista market forecast, Statista. Ströer Media. Available at: https://www.statista.com/outlook/cmo/apparel/worldwide?currency=GBP (Accessed: October 27, 2022).

Statista (2022) Global fashion e-commerce market value 2025, Statista. Ströer Media. Available at: https://www.statista.com/statistics/1298198/market-value-fashion-ecommerce-global/ (Accessed: October 27, 2022).

Peterson, D. (2015) “Social Media as a Tool for Social Change,” in Sustainable fashion what’s next?: A conversation about issues, practices and possibilities. London: Bloomsbury Publishing Inc, pp. 76-99. Available at: https://www-bloomsburyfashioncentral-com.arts.idm.oclc.org/encyclopedia-chapter?docid=b-9781501312250&tocid=b-9781501312250-chapter4&pdfid=9781501312250.ch-004.pdf (Accessed: October 26, 2022).

Welty, M. (2022) Ranking all of the off-white X nike sneakers by Virgil Abloh, Complex. Complex Media, Inc. Available at: https://www.complex.com/sneakers/ranking-off-white-nike-sneakers-worst-to-best/ (Accessed: October 27, 2022).

Wolff, J. (1993) “Social Structure and Artistic Creativity,” in The Social Production of Art. London: Palgrave, p. 11. Available at: https://link.springer.com/chapter/10.1007/978-1-349-23041-9_2#citeas (Accessed: October 27, 2022).

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People

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As understood in Fashion Business, the pillar, ‘People’, explores the relationship between brands and their consumers, and the impacts of different consumers on the fashion industry. Generational shifts are having an increasing impact on the way businesses operate and people consume (Francis & Hoefel, 2019). Companies must rethink how they include diversity and embrace technology in the era of the first generation of true digital natives; Generation Z.

(Moran, 2022)

Consumers in Gen Z have been heavily exposed to the global world through their access to the internet, which has ultimately produced a generation that “consumes the search for truth” (Francis & Hoefel, 2019). Companies should consider Gen Z’s focus on access rather than possession, individualism, and ethical decision-making (Francis & Hoefel, 2019). While 51% of Gen Z respondents are willing to “pay more for sustainable and ethical fashion” (Moran, 2022), almost paradoxically, 71% expect to shop more than, or at the same level, as they did before the pandemic, as seen above (Moran, 2022).

To attract Gen Z consumers, companies should aim to be “social entrepreneurs” (Ulasewisz, 2015). By inserting themselves into cultural conversations where it is appropriate and natural for them, companies will emotionally engage with the values of their customers. However, it is also important that brands consider carefully what values appropriately align with their business values, as consumers may become sceptical by brands overly seeking to emotionally engage (Mitterfellner, 2019).

As Gen Z consumers are heavily engaged with the digital world, online shopping services should be an experience that is “relaxing” and “fun” (Francis & Hoefel, 2019). Brands should improve their technological processes due to the growing demand for ‘instant fashion’, as 45% of Gen Z respondents “want same day deliveries” (Moran, 2022). Further, in-store shopping is still valued, as around one-third of Gen Z customers are interested in atmosphere and store environment and enjoy being “disconnected” (Moran, 2022). Companies can attract Gen Z by appealing to this need for curated spaces. As stated by Roger Tredre (2019), “a retailer who provides more reasons to visit a store beyond the purchase of product inevitably widens the customer base”.

As defined in the Conde Nast Glossary (2020), “diversity refers to the recognition and respect for differences between individuals, communities and cultures”. ASOS is responding to diversity by valuing inclusivity. Their technology that “[shows] the product on different size models” (Edwards, 2018) has been praised for its celebration, and normalisation, of different body types. The Be Diverse goal, as part of their 2030 strategy, ‘Fashion with Integrity”, aims to represent all body types, cultures, and individuals across the business (ASOS, 2022). 

As 51.3% of Gen Zers and Millennials increasingly value diversity in fashion brands, (Moran, 2022) companies must integrate inclusivity throughout the entire business model. Businesses should strive align their brand identity with purpose and meaning (DILLON) to create a business culture that employees and consumers can emotionally engage with (Mitterfellner, 2019). By considering individuals’ personal and professional experiences with diversity, a fashion brand can shape a positive business culture that will be reflected in improved business success in the new era of Gen Z consumers.

Resources

ASOS (2022) Fashion with integrity, ASOS plc. ASOS plc. Available at: https://www.asosplc.com/fashion-with-integrity/ (Accessed: October 16, 2022).

Condenast.com (2020) Condé Nast – Glossary. Routledge. Available at: https://www.condenast.com/glossary/key-elements-of-fashion-and-sustainability/diversity (Accessed: October 8, 2022).

Dillon, S. (2018). “Fashion Entrepreneurship and Management” in The Fundamentals of Fashion Management. London: Bloomsbury Visual Arts, pp. 158-185. Available at: http://dx.doi.org/10.5040/9781474271233 (Accessed October 16, 2022)

Francis, T. and Hoefel, F. (2018) ‘True Gen’: Generation Z and its implications for companies,  McKinsey & Company. McKinsey Global Institute. 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).

Josifovska, M. (2022) Generation Z statistics – truelist 2022, TrueList. TrueList. Available at: https://truelist.co/blog/generation-z-statistics/ (Accessed: October 14, 2022).

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

Mitterfellner, O. (2019). Fashion Marketing and Communication: Theory and Practice Across the Fashion Industry. Taylor & Francis Group, Milton, pp. 173-177. Available from: ProQuest Ebook Central. (Accessed: 16 October 2022).

Purvis, A. (2020) Gen-z shopping behaviors: How retailers can tap into younger generations, Quadient. Neopost. Available at: https://www.quadient.com/blog/gen-z-shopping-behaviors-how-retailers-can-tap-younger-generations#:~:text=Gen%20Z%20craves%20in%2Dstore%20shopping&text=According%20to%20recent%20data%2C%2073,disconnect%20from%20the%20digital%20world (Accessed: October 15, 2022).

Ulasewicz, C. (2015) “Social Responsibility and Innovation in the Sewn Products Industry,” in Sustainable fashion what’s next?: A conversation about issues, practices and possibilities. London: Bloomsbury Publishing Inc, pp. 27–50. Available at: https://www-bloomsburyfashioncentral-com.arts.idm.oclc.org/encyclopedia?docid=b-9781501312250. (Accessed: October 15, 2022).

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Planet

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One of the four pillars discussed within the Fashion Business context is ‘Planet’. The pillar explores the “huge environmental impact” (Creagh, 2018) of the fashion industry’s processes, and the subsequent need for sustainability to avoid irreversible damage. Sustainability is defined by the United Nations Brundtland Commission as “meeting the needs of the present without compromising the ability of future generations to meet their own needs” (United Nations, 1987). Since the emergence of environmentalism in 1960s youth (Hethorn & Ulasewicz, 2015), consumers’ demand for sustainable fashion is growing, driving designers to consider a garment’s life cycle (Gwilt, 2020).

Ellen MacArthur Foundation, 2019

A circular economy aims to reduce waste and pollution by emphasising the continuous flow of materials back into the planet (Condenast.com, 2020). The Ellen MacArthur foundation is a central organisation that strives to “accelerate the transition to the circular economy” by representing the long-term benefits of the shift, such as the butterfly diagram (seen above) (2010). It demonstrates that, although critics have questioned the inevitable end to recycling due to degradation of certain materials (Stanislaus, 2018), the process of regeneration on a large range of materials could outweigh the disadvantage of the small number of non-recyclable materials.

Sustainable fashion is a process of shifting current ideology and practices to accommodate future prosperity and wellbeing for people and the environment (Condenast.com, 2020). The United Nations Environmental Program’s (UNEP) three key pillars of sustainability; economic, societal, and environmental; underpin the motives of sustainable fashion (2019). Designers must understand the phases in the life cycle of the garment to reduce their negative environmental and social impacts by implementing appropriate sustainable design strategies (Gwilt, 2020).

The 12th Sustainable Development Goal (SDG), Responsible Production and Consumption, is “about doing more and better with less” to preserve the already degraded resources and environment (United Nations, 2020). This SDG heavily correlates with the fashion industry due to the increase in fast fashion, which produces 92 million tonnes of textiles waste per year, is responsible for 20% of global wastewater and produces twice the amount of clothing today than in 2000 (Igini, 2022). While some progress can be seen to reduce overproduction in the fashion industry, such as the increase in made-to-order independent brand shopping through Instagram and TikTok (Gwilt, 2020), many larger companies continue “greenwashing” their marketing to divert attention from their unethical work practices. Zara’s recent line of “sustainable fashion” diverts attention from their crisis of overconsumption, evident in their production of 26 collections annually (Leach, 2022).

Fashion must shift to a demand-driven model which would reduce its carbon footprint of 84% (Morgan, 2022). As the environmental crisis is worsening, the responsibility lies on not only the consumer, but also the designer to reduce their levels of waste and create a sustainable future.

Resources

Condenast.com (2020) Condé Nast – Glossary. Routledge. Available at: https://www.condenast.com/glossary/key-elements-of-fashion-and-sustainability/circular-economy. (Accessed: October 8, 2022).

EllenMacArthurFoundation.org (2010) Circular economy introduction, How to Build a Circular Economy. Ellen MacArthur Foundation. Available at: https://ellenmacarthurfoundation.org/jobs-further-information. (Accessed: October 8, 2022).

Ellen MacArthur Foundation (2019) The Butterfly Diagram: Visualising the circular economy, The Butterfly Diagram: Visualising the Circular Economy. Ellen MacArthur Foundation. Available at: https://ellenmacarthurfoundation.org/circular-economy-diagram (Accessed: October 9, 2022).

Gelles, D. (2022) Billionaire no more: Patagonia founder gives away the company, The New York Times. The New York Times Company. Available at: https://www.nytimes.com/2022/09/14/climate/patagonia-climate-philanthropy-chouinard.html. (Accessed: October 9, 2022).

Gwilt, A. (2020) “Chapter 2,” in Practical guide to sustainable fashion. London: Fairchild Books, pp. 24–25.

Hethorn, J., & Ulasewicz, C. (eds). (2015). “Chapter 1,” in Sustainable Fashion: What’s Next? A Conversation about Issues, Practices and Possibilities. New York: Bloomsbury, pp. 22-26.

Igini, M. (2022) 10 stunning fast fashion waste statistics, Earth.Org. Earth.Org. Available at: https://earth.org/statistics-about-fast-fashion-waste/. (Accessed: October 9, 2022).

Leach, F. (2022) View: Don’t be fooled by Zara’s new ‘carbon emissions’ collection, EuroNews. Alpac Capital. Available at: https://www.euronews.com/green/2022/06/26/clothes-made-from-carbon-emissions-why-zaras-new-line-is-just-more-greenwashing. (Accessed: October 9, 2022).

Stanislaus, M. (2018) Barriers to a circular economy: 5 reasons the World Wastes so much stuff (and why it’s not just the consumer’s fault), World Resources Institute. WRI. Available at: https://www.wri.org/insights/barriers-circular-economy-5-reasons-world-wastes-so-much-stuff-and-why-its-not-just. (Accessed: October 9, 2022).

Moran, G. (2022). Collaborating for Change: Sustainability Report 2022, Drapers. Ascential. Available at: https://www.drapersonline.com/guides/collaborating-for-change-sustainability-report-2022 (Accessed: October 7, 2022)

UK Parliament (2018). Sustainability of the Fashion Industry Inquiry launched. UK Parliament. House of Commons. Available at: https://committees.parliament.uk/committee/62/environmental-audit-committee/news/100131/sustainability-of-the-fashion-industry-inquiry-launched/ (Accessed: October 8, 2022).

UNEP (2019) Sustainable development | economic and social council, United Nations. United Nations. Available at: https://www.un.org/ecosoc/en/sustainable-development#:~:text=ECOSOC%20operates%20at%20the%20centre,%E2%80%94economic%2C%20social%20and%20environmental. (Accessed: October 9, 2022).

United Nations (2020) Sustainable consumption and production, United Nations. Department of Global Communications. Available at: https://www.un.org/sustainabledevelopment/sustainable-consumption-production/. (Accessed: October 9, 2022).

United Nations (1987) Sustainability, United Nations. Department of Global Communications. Available at: https://www.un.org/en/academic-impact/sustainability. (Accessed: October 8, 2022).

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My favourite fashion brand – Ganni

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Since husband-and-wife duo, Ditto and Nicolaj Reffstruf, took over the company in 2009, Ganni has grown to become one of Denmark’s most renowned fashion labels. The brand boasts a fun and colourful style, whilst also balancing sophistication with playfulness, placing themselves in the sweet spot between high end and high street fashion. As explained by the label’s Creative Director, Ditto Reffstrup, “It’s all about the contrast”, an inherently feminine style in combination with individuality and comfort.  

The brand’s viral hashtag “#GanniGirls”, invites women of all “age, occupation and origin” to celebrate confidence and unpredictability in their attitude towards fashion. The Ganni girl embraces her individuality and feels comfortable in her own skin, which Ganni’s creative director, Ditto, believes starts from within. A #GanniGirl is a mindset, more than a type of attire, however, is reflected in the clothing she wears.  As a young woman, I seek to replicate the #GanniGirl attitude, whereby embracing my femininity with confidence and having fun with it are essential to navigating the challenges I may be faced with in an everchanging city.

Furthermore, as stated by Ganni’s sustainability and CSR director Lauren Bartley, the brand feels a “moral obligation” to promote and achieve sustainability and responsibility in their business practices. Ganni has implemented a sustainability and CSR strategy, called the Responsibility Gameplan, which aims to achieve 44 goals related to “people”, “planet”, “product” and “prosperity” by 2023. Whilst they do not claim to be sustainable, under the belief that no fashion retailer can be truly sustainable in “the current system”, their three-year strategy focuses on continuous improvement of their work practices in order to better themselves in today’s shifting climate. Ganni recently achieved B-Corp certification with 90.6 points, reinforcing their commitment to sustainability and responsibility as a business and astronomically exceeding the average company score of 50.9 points. I applaud Ganni for their constant mission to better themselves as a responsible business, particularly within the fashion industry, due to its detrimental impact on the environment. Their attitude towards achieving the highest standards of responsibility, despite its challenges, is an inspiration and proves the potential for the sustainable future of fashion.

References

Bartley, L. (2022). Ganni: ‘We want to leave the fashion industry better than we found it’. Drapers. [online] 24 Feb. Available at: https://www.drapersonline.com/insight/ganni-we-want-to-leave-the-fashion-industry-better-than-we-found-it [Accessed 3 Oct. 2022].

Carnaby (2020). The #GanniGirls are Coming. [online] www.carnaby.co.uk. Available at: https://www.carnaby.co.uk/magazine/ganni-girls-are-coming/ [Accessed 3 Oct. 2022].

Nast, C. (2022). Ganni Is Officially A B Corp. [online] British Vogue. Available at: https://www.vogue.co.uk/fashion/article/ganni-b-corp [Accessed 3 Oct. 2022].

Net-A-Porter (n.d.). The inside story of a fashion cult… [online] NET-A-PORTER. Available at: https://www.net-a-porter.com/en-gb/porter/article-b008229e7775429f/fashion/art-of-style/ganni [Accessed 3 Oct. 2022].

Nguyen, A. (2021). What Is a ‘Ganni Girl’? [online] The Cut. Available at: https://www.thecut.com/2021/10/what-is-a-ganni-girl.html#:~:text=That%20is%20Shazam [Accessed 3 Oct. 2022].

Reffstruf, D. (n.d.). The Original Ganni Girl | Liberty. [online] www.libertylondon.com. Available at: https://www.libertylondon.com/uk/features/fashion/the-original-ganni-girl.html [Accessed 3 Oct. 2022].

Reffstrup, D. (2020). #GANNIGIRLS For Change – Responsible Fashion Movement | GANNI UK. [online] Ganni. Available at: https://www.ganni.com/en-gb/ganni-universe.html [Accessed 2 Oct. 2022].

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