Lauryna Marciuleviciute

About Lauryna Marciuleviciute

Posts by Lauryna Marciuleviciute:

PROFIT

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One of the most crucial pillars of the Fashion Business School is Profit. Profit represents the financial aspect of the industry. This particular pillar depicts the difference between the amount earned and the amount spent in the production of a garment.

TopConcept, Freepik, 2020

Fashion is one of the key industries, which contributes to a large amount of the overall global economy. With the fashion industry growing at such a fast pace and fast fashion booming, its value of the industry is equivalent to 3 trillion dollars. “That means, it corresponds to 2% of the world’s Gross Domestic Product” (Fashinnovation, 2022). These numbers showcase the huge impact the fashion industry has on the global economy. Therefore, the financial status of a country can be majorly dependent on this industry. For instance, in Bangladesh, the garment industry employs over 4.4 million people which contributes more than 11 percent to the country’s GDP. In other words, the fashion and garment industry is a central pillar of the country’s economy.

Ilana Winterstein and Christie Miedema of Clean Clothes Campaign for Aljazeera, The garment industry is ignoring the plight of its workers, 2021

Within the fashion industry there are several sectors that dominate the market including womenswear, menswear, kidswear, footwear, luxury… These different sectors specialize themselves in individual markets which makes them more profitable. For instance the womenswear sector is one of the dominating sectors in the industry, “the global women wear market size was valued at USD 1,386.1 billion in 2018” (GrandViewResearch, 2019). With the immense profit and economic growth this market brings to the industry, it is clear to see why this sector is flourishing.

In addition, to keep a sector thriving a brand needs to become adaptive in uncertain economic times. For example, during the COVID-19 pandemic most of the brands had to transition from in store shopping to online shopping because of the restrictions. This was a great alternative to keep business alive, create profit and exceed customers expectations.

Percentage change in online purchases due to the coronavirus (COVID-19) pandemic in the United Kingdom from March 2020 to February 2021, Statistica, 2021

As visible on the graph above, the majority of the respondents started online shopping more than before the pandemic. That is exactly why a brand should be clever about their distribution since the demand in the industry is always growing.

Lastly, economic leverage is not the only skill a brand needs to be profitable, creativity and commerce go hand in hand when discussing a brand’s financial algorithm and appeal to the public. Creative directors have to adapt to the new way of shopping – social media, that is exactly why most brands are in search of ambassadors to represent them in the media. Brand ambassadors can be anyone from influencers, bloggers or even celebrities who would promote a brand in exchange for a fee. According to Olga Mitterfellner, there are several criterias of how a brand chooses their ideal ambassador. “X has several thousand or hundred followers and they are a perfect fit for the brand” “The blogger is active on different platforms such as blog, YouTube,Instagram, Twitter etc. The brand can choose to do a campaign either on several platforms or just the strongest one.” The idea of teaming up with a public figure benefits both parties since the brand gets to grow their audience and make more profit and the influencer receives PR, builds a relationship with the brand and gets paid.

References:

Mitterfellner, O 2019 Chapter 5- social media, blogs, and opinion- leaders: who is leading your opinion? 

https://ebookcentral.proquest.com/lib/ual/reader.action?docID=5981798

Ilana Winterstein and Christie Miedema of Clean Clothes Campaign for Aljazeera, The garment industry is ignoring the plight of its workers, 2021

https://cleanclothes.org/blog/the-garment-industry-is-ignoring-the-plight-of-its-workers

GrandViewResearch, Women Wear Market Size, Share & Trends Analysis Report By Type (Top Wear, Bottom Wear, Sports & Active Wear, Intimates & Sleepwear, Footwear, Accessories), By Distribution Channel, And Segment Forecasts, 2019 – 2025, 2019

https://www.grandviewresearch.com/industry-analysis/women-wear-market

JÚLIA VILAÇA, FASHION INDUSTRY STATISTICS: THE 4TH BIGGEST SECTOR IS WAY MORE THAN JUST ABOUT CLOTHING,Fashinnovation, 2022

Fashion Industry Statistics: The 4th Biggest Sector Is Way More Than Just About Clothing

FashionUnited, Global Fashion Industry Statistics, 2021

https://fashionunited.com/global-fashion-industry-statistics

TopConcept, Freepik, 2020 

https://www.freepik.com/premium-vector/shopping-mall-sales-illustration-cartoon-customer-buyer-people-choose-clothes-hanging-hangers-retail-store-shop-boutique-modern-interior-buy-fashion-trendy-garments-background_10216481.htm

Percentage change in online purchases due to the coronavirus (COVID-19) pandemic in the United Kingdom from March 2020 to February 2021, Statistica, 2021

https://www.statista.com/statistics/1230225/changes-in-online-buying-among-uk-consumers-since-covid-19/

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PEOPLE

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When introducing the Four Pillars of the Fashion Business School, one of the most talked about subjects is: People. This particular pillar describes the consumer and the targeted audience of the fashion industry. Nowadays, the chosen public is Gen Z. Generation Z is the generation born between 1997 and 2012, following millennials. “It is the youngest and is considered the most ethnically diverse population.” (Reevoy, 2022). When it comes to fashion, Gen Z is known for being experimental and open minded to different styles and trends, in other words, their biggest influence is social media. From the aspect of marketing, knowing that Gen Z is extremely reliant on social media platforms makes it easier for a brand to reach its audience “TikTok use has grown year on year: Gen Z use the video app at twice the rate of millennials (50.3% Gen Z vs 25.7% of millennials)” (Drapers, Gen Z and Millennials 2022). Furthermore, with the new generation being keen on evolving fashion trends, Gen Z is also dependent on sustainability. “Generation z are increasingly concerned for the planet, with 94% believing that action is needed relative to sustainability, and that we need to come together to solve important issues.” (Dr. Duffy, 2022).

Gen Z and Millennials: How Younger Consumers Are Shopping for Fashion, TOPPAN, 2021

Moreover, for a brand to appeal to Gen Z, it requires three main criterias: being trendy, sustainable and inclusive. Of course, with the rapidity of new trends appearing it is difficult for a brand to lean towards sustainability rather than fast fashion since it’s cheaper to produce and faster to sell. However, with the new expectations of Gen Z, brand sustainability plays a huge part. In addition, Gen Z takes in count the image of the brand and its inclusivity. Gen Z values brands not trying to blend in with the others and showcasing their acceptance for smaller communities. For instance, the Jaded London campaign in collaboration with LGBT Foundation has gained major positive feedback from Gen Z for showcasing how accepting and open the brand is about including the LGBTQ+ community “We are extremely proud to be working in partnership with LGBT foundation. We are truly inspired by the LGBT community and feel very passionate towards supporting LGBT Foundation.” (Grant Goulden, Co Founder of Jaded London, 2018).

LGBT Foundation teams up with Jaded London for Rainbow inspired collection, LGBT Foundation, John Walding, 29 June 2018

In conclusion, in today’s world, Gen Z is the number one targeted consumer. Even though this audience seems easy to reach with the use of social media, it does come with its expectations. Gen Z is in search of a brand ready to follow trends, maintain sustainability and showcase inclusivity and diversity in their image.

References:

 Gen Z and Millennials 2022, Drapers, Moran, G. (2022)

Gen Z and Millennials 2022

LGBT Foundation teams up with Jaded London for Rainbow inspired collection, LGBT Foundation, John Walding, 29 June 2018

https://lgbt.foundation/news/lgbt-foundation-teams-up-with-jaded-london-for-rainbow-inspired-collection/191

Generation Z members say they want sustainable clothes but buy fast fashion instead, research says, PhysOrg, Tony Trueman, SEPTEMBER 1, 2022

https://phys.org/news/2022-08-members-sustainable-fast-fashion.html

GenZ is redefining comfort and fashion – Explained, Reevoy, Bharvi Dasson, June 30, 2022

https://www.reevoy.com/post/genz-is-redefining-comfort-and-fashion-explained

Gen Z and Millennials: How Younger Consumers Are Shopping for Fashion, TOPPAN, 2021

https://toppandigital.com/guides/gen-z-and-millennials-how-younger-consumers-are-shopping-for-fashion/

Gen Z and Millennials 2022
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Planet

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Fashion and sustainability go hand in hand while referring to the wellbeing of the planet. Planet is one of the four pillars contributing to sustainability including: People, Profit and Purpose.

Alamy/Javier Hirschfeld, 2020

To begin, the idea of sustainable fashion focuses on “a clothing supply chain that is ecologically and socially responsible” (EarthDay, 2022). In other words, being conscious of the consumption amount and being able to limit it in order to provide the future generations with the needed resources. In addition, the pillar “Planet” thoroughly focuses on the state of the environment and how the natural resources of the planet are being overused by the fashion industry. “The fashion industry represents a key environmental threat,” (Kirsi Niinimäki, 2022). The shocking aspect of the fashion industry is the toll that it takes on the environment. According to The UN, a kilogram of cotton is needed for the production of a single pair of jeans. Since cotton usually grows in dry environments, producing this kilo requires about 7,500–10,000 litres of water. That’s about 10 years’ worth of drinking water for one person. However, it is relieving to see certains brands, such as Levi’s, trying to reduce the environmental impact by offering consumers the possibility to upcycle denim products. 

17 Sustainable Development Goals, The Global Goals, 2015

In order to preserve the planet’s resources and to transform the planet, the United Nations in 2015 created a list of 17 sustainable development goals to help navigate people into becoming conscientious for the benefit of everyone. 

The 13th goal created by the UN refers to “climate action”. It is linked to taking action against climate change and “promoting greater prosperity across the globe” (Global Goals, 2015). Fashion makes a huge contribution to climate change.  In 2018, the sector was responsible for some 2.1 billion metric tons of greenhouse-gas (GHG) emissions which is about 4 percent of the global total (McKinsey, 2020). Distinguishing the strong impact the industry has on climate change becomes relevant when understanding that the consumers are reliable for this type of overproduction. Of course, with the huge wave of fast fashion it is difficult to take the time and reconsider buying a product and think about the wellbeing of the planet. Whatsoever, if consumers don’t opt to follow the guidelines recommended by the Global Goals, it will be hard to achieve the 17 SDGs by 2030.


References:

Can fashion ever be sustainable? BBC By Christine Ro, 11th March 2020

https://www.bbc.com/future/article/20200310-sustainable-fashion-how-to-buy-clothes-good-for-the-climate

What Is Sustainable Fashion? EarthDay, 2021

Fashion for the Earth

Climate Action, Global Goals, 2015

https://www.globalgoals.org/goals/13-climate-action/

Fashion On Climate, McKinsey by Achim Berg, Anna Granskog, Libbi Lee, and Karl-Hendrik Magnus, August 26th 2020

https://www.mckinsey.com/industries/retail/our-insights/fashion-on-climate

Fast fashion is ruining the planet – here’s how to make it sustainable, New Scientist by Graham Lawton, 1 June 2022

https://www.newscientist.com/article/mg25433892-300-fast-fashion-is-ruining-the-planet-heres-how-to-make-it-sustainable/

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My Favourite Fashion Brand: Prada

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Prada, an Italian luxury fashion house founded in 1913, showcasing simplicity and elegance through timeless fashion pieces. I believe that fashion brands should not necessarily be outrageous nor expensive to be titled as luxury. Prada stands for top quality and that is exactly why it has become one of the biggest luxury brands in the world. I am very fond of how the brand sticks to its roots by repurposing ideas from past time periods. For instance, the iconic and extremely popular off the shoulder nylon handbag has made a return from the early 2000s and modernized to appeal to today’s consumer. The effortless but creative time travel makes it easy for the customer to experience the best of both worlds – classic and trendy.

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