Carina Yang

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Purpose

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In addition to achieving the profit goal, brands should also stick to their purposes. Purpose determines the existence significance and long-term development direction of a brand in the industry. Brand philosophy, including the brand’s mission, vision and value proposition, guides the brand and decision-makers to make good choices and adopt appropriate strategies. This also requires Corporate Social Responsibility in a disguised way, which means that enterprises should also consider improving the lives of workers who have no voice in the industry, their families, and the community in which they reside and society at large, as well as sustainability (Londrigan, M.P., & Jenkins, J.M., 2018).

Taking Warby Parker as an example, the brand has a clear purpose of providing glasses with good design and affordable prices to help people easily cope with vision problems. At the same time, Warby Parker also pays attention to the groups who have poor eyesight due to their inability to obtain glasses and have obstacles to their realisation of educational goals, employment or activities of daily life. It can be said that Warby Parker has provided significant benefits for consumers and made contributions to society.

Sharing economy is also an interesting concept, bringing benefits from the sustainability perspective. Girl Meets Dress is an organization that provides luxury dress rental services for each consumer’s life’s special occasion with the core concept of sharing (GMD, n.d.). Sharing economy like this expands the use of a piece of clothing as much as possible to make it play its best role, especially for this luxury dress that is only worn on special days. Sharing economy is excellent for the environment and consumers who love fashion and trends.

The concept of a brand can often build a more stable bridge between the brand and consumers. The increasing proportion of Gen Z in the mainstream consumer group means that brands must pay attention to communicating with them.  In 2021, 51.3% of Gen Z and millennial shoppers said environmental and ethical sustainability was either fairly or very important. This year, that has grown to 57.7% (Drapers, 2022). Therefore, a significant purpose related to this will have an advantage among Gen Z consumers for the brand.

Figure 1(Drapers, 2022)

Gen Z has been surrounded by the Internet since birth and takes online shopping as an interest, so it would be a better choice for brands to publicize their purpose and products online. Brands can also seek cooperation with popular bloggers with the same values and communicate with and attract Gen Z consumers from various perspectives.

References

Drapers, 2022. Gen Z and Millennials 2022. [online].

Available at: https://www.drapersonline.com/guides/gen-z-and-millennials-2022 [Accessed 16 October 2022].

Girl Meets Gress, n.d. What is GMD. [online].

Available at: https://hire.girlmeetsdress.com/pages/how-it-works# [Accessed 30 October 2022]

Londrigan, M.P., & Jenkins, J.M., 2018. Fashion Supply Chain Management. [online].

https://www-bloomsburyfashioncentral-com.arts.idm.oclc.org/encyclopedia-chapter?docid=b-9781501317798&tocid=b-9781501317798-chapter3&pdfid=9781501317798.ch-003.pdf [Accessed 30 October 2022]

Figure 1

Drapers, 2022. Gen Z and Millennials 2022. [online].

Available at: https://www.drapersonline.com/guides/gen-z-and-millennials-2022 [Accessed 16 October 2022].

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Profit

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Although the concepts of “creativity” and “commerce” in the fashion industry are often controversial, as in other industries, profit is crucial to the fashion industry and is one of the most critical factors supporting the development of the industry. In 2021, the global income of the fashion market will be about 1.5 trillion dollars (Smith, 2022).

The pandemic in 2020 has caused a severe and continuous blow to the global economy, including the fashion industry. However, with the spike of so-called “revenge buying” in the late epidemic, the fashion economy somehow recovered in 2021(BOF, 2022). Based on statistics, the revenue of the women’s wear market in 2021 far exceeded that of men’s wear and children’s wear, and the gain of the women’s wear market in China alone reached 150.92 billion US dollars (Smith, 2022). On the other hand, the performance of e-commerce is also awe-inspiring. In 2022, the market size will reach 312.2 billion dollars, of which income from China accounts for the majority (Statista, 2021).

In the case of similar economic shocks, fashion brands must focus on maintaining competitiveness in uncertain economic times. Promotions and shopping channels on social media also play a more significant role in the marketing of fashion brands. As a shared experience, social media promotes interaction and connection among various groups (Domenica, 2015). The immediacy of social media significantly reduces the distance between consumers and brands. Consumers can quickly get timely updates on products or track new fashion trends. Through this, fashion brands can create or master trends to guide consumption. Especially for Gen Z, whom the Internet has surrounded since childhood, the use of social media by brands is a good strategy. Therefore, the sustainable development of similar fashion e-commerce with high convenience, including the meta-universe, should be expected. 

(Vogue, 2012)

In the fashion industry, creativity should also be valued in addition to business. This will focus on how to bridge the gap between creativity and commerce. According to brands like Maison Margiela, Chanel, and Off-white, it is crucial to maintain the characteristics of designers or other creators, such as photographers and stylists. Commodities need to represent designers in some detail, such as Maison Margiela’s label, Chanel’s tweed, and Off-white’s plastic tag. They promote the reputation of designers and convey the concept of brands while fulfilling their business mission.

References

BOF, 2022. The State of Fashion 2022 Report. [online]. 

Available at: https://www.mckinsey.com/~/media/mckinsey/industries/retail/our%20insights/state%20of%20fashion/2022/the-state-of-fashion-2022.pdf [Accessed 7 October 2022].

Domenica Peterson, 2015. Social Media as a Tool for Social Change. [online].

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 20 October 2022]

Smith, P., 2022. Global apparel market – statistics & facts. [online].

Available at: https://www.statista.com/topics/5091/apparel-market-worldwide/#dossierKeyfigures [Accessed 23 October 2022]

Statista, 2021. Fashion eCommerce report 2021. [online].

Available at: https://www.statista.com/outlook/dmo/ecommerce/fashion/worldwide [Accessed 23 October 2022]

Figure 1

Vogue, 2012. The Meaning of Margiela. [online].

Available at: https://www.vogue.co.uk/gallery/the-meaning-of-margiela [Accessed 23 October 2022]

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People

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People focuses on the role of people in the fashion industry and the corresponding impact on the industry. Gen Z,  the new generation of people born from 1995 to 2010, is a new consumer group in the fashion industry. Unlike previous generations, in particular, Gen Zers are digital natives, surrounded by technology and the Internet all their lives. 

Compared with Gen X’s close attention to material and Gen Y’s close attention to self, Gen Z cares more about uniqueness and unlimited(McKinsey, 2018). In the fashion industry, as a consumer, Gen Z has three typical consumption habits: consumption as access rather than possession, consumption as an expression of individual identity and consumption as a matter of ethical concern. At the same time, with the development of science and technology, they also expressed a strong interest in online shopping.

To attract Gen Z, brands should shift their focus to the online sales and promotion of products, even explore the field of the meta-universe, since 61.6% of Gen Z say they are familiar with the metaverse concept (Drapers, 2022). At the same time, considering that unlimited access to goods and services is valuable to Gen Z, brands should try to increase the stickiness between brands and customers by working hard on services while ensuring high-quality products.

McKinsey reports that fifty-eight per cent of A-class and 43 per cent of C-class consumers say they are willing to pay more for personalised offerings(McKinsey, 2018). In this regard, brands can provide customised services or launch collections that express personal identities, such as a series of products with consumers’ initials or constellation characteristics.

Furthermore, Gen Z also attaches great importance to diversity and other ethical concepts. Seven out of ten Gen Zers say it is vital to defend causes related to identity(McKinsey, 2018). Ralph Lauren has a good performance in this respect. Its two product lines, Lauren Petite and Lauren Curve, especially pay attention to consumers of different races and shapes.  

Figure 1 (McKinsey, 2018)

On the other hand, people working in the fashion industry are also crucial. As a mixture of fashion and technology, Farfetch has been looking for fashion industry workers from a technology background(BOF, 2022). In the current trend of the times, skills closely related to technology will become critical people skills to help fashion brands succeed.

References

Drapers, 2022. Gen Z and Millennials 2022. [online].

Available at: https://www.drapersonline.com/guides/gen-z-and-millennials-2022 [Accessed 16 October 2022].

Mckinsey, 2018. ‘True Gen’: Generation Z and its implications for companies. [online].

Available at:https://www.mckinsey.com/industries/consumer-packaged-goods/our-insights/true-gen-generation-z-and-its-implications-for-companies [Accessed 16 October 2022].

BOF, 2022. The State of Fashion 2022 Report. [online]. 

Available at: https://www.mckinsey.com/~/media/mckinsey/industries/retail/our%20insights/state%20of%20fashion/2022/the-state-of-fashion-2022.pdf [Accessed 7 October 2022].

Figure 1: 

Mckinsey, 2018. ‘True Gen’: Generation Z and its implications for companies. [online].

Available at:https://www.mckinsey.com/industries/consumer-packaged-goods/our-insights/true-gen-generation-z-and-its-implications-for-companies [Accessed 16 October 2022].

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截屏2022-10-09 15.23.13

Planet

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As one of the four pillars of the Fashion Business School, Planet specifically focuses on sustainability in relation to fashion. It intends to raise the awareness to seek for the better fashion industry that cares for our planet and ensures consistent development and growth of the industry. 

The relationship between sustainability and fashion is interactive. According to Drapers, the fashion industry alone contributes to about 10% of global carbon emissions and 20% of worldwide water waste (Drapers, 2021), which can be counted as one of the most wasteful on the planet and greatly reduces sustainability. But at the same time, fashion also depends on sustainability for survival and development. Sustainability is recognized as one of the main factors that offers fashion’s biggest opportunities for growth (Mckinsey, 2022). This two-way relationship makes it obvious that sustainability in the fashion industry is a must.

(Mckinsey, 2022)

As a result, the economic model is gradually shifting from traditional linear economy (make, use, dispose) to circular economy, which repair, reuse, adapting are the key concepts. This ensures that every single product and every piece of material can be used to the maximum extent and play its value as much as possible. Further more, it means that people’s consumption habits need to be changed. People need to rethink the value of their ‘things’ and the relationship between themselves and the ‘things’ as well as the planet to support the operation of circular economy.

Among the 17 SDGs that Planet focuses on, Good Health and Well-Being is one SDG that belongs to the economic pillar and closely related to the fashion industry. The basic needs of people in health and well being has an impact on the fashion industry, which in turn helps the industry to achieve this SDG. Whether a fashion product has fulfilled its own mission: to cover the body or to keep warm, determines people’s psychological and physiological health. While pieces that are more high-end, decorative or with brand effect can promote people’s well being. For example, on the basis of ensuring that fashion is healthy for people, the pieces made of superior materials such as silk or cashmere have further improved people’s sense of experience in well being and their physical and psychological satisfaction. In addition, the fashion industry is also paying more attention to this SDG. For instance, Ralph Lauren uses 25% of the tag price of the goods sold by its Pink Pony line for cancer related treatment to achieve the SDG of Good Health and Well-Being.

References

Isabella F., 2021. Colorful Standard: ‘We do not believe in seasons, trends or Sales’. [online]. Available at: https://www.drapersonline.com/insight/colorful-standard-we-do-not-believe-in-seasons-trends-or-sales [Accessed 7 October 2022].

Mckinsey, 2022. The State of Fashion 2022 Report. [online]. Available at: https://www.mckinsey.com/~/media/mckinsey/industries/retail/our%20insights/state%20of%20fashion/2022/the-state-of-fashion-2022.pdf [Accessed 7 October 2022].

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Ralph Lauren FW22

A favorite fashion brand-Ralph Lauren

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In fact, my taste and preference have been changing all the time. It is hard to name my “favorite” brand, but Ralph Lauren is the brand that I am most impressed with recently.

One month ago, I happened to see the fashion show of Ralph Lauren FW22. At that moment, I felt an impact of grace and strength, a kind of “androgynous” beauty. I still remember the emotion of that moment until today.

Ralph Lauren is a fashion brand from the United States with many branches. I appreciate its breath of the American dream as well as its timelessness.

As Ralph Lauren himself said, “I don’t design clothes, I design dreams.”, whenever I see pieces from Ralph Lauren, I often think of the “Great Gatsby”, the green light and the toast. Ralph Lauren is full of passion and yearning for the American dream. But returning to the fashion items themselves, they reveal a very special and low-key sense of upper class society. This contrast also reveals the unique charm of Ralph Lauren. As the core element of Ralph Lauren, “American dream” makes it different from other brands.

At the same time, Ralph Lauren is always fashionable and timeless. Not only because of its consistent design style, but also because the American dream never ends. Most people always dream of such success, luxury and achievement, and Ralph Lauren is the symbol of such glory. As Coco Chanel said, “La mode se d é mode, le style jamais.”, Ralph Lauren is such a classic existence with strong style and emotion.

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