Nazneen Sawhney

The profit is the third pillar of sustainability and the marginal monetary benefit received but a firm in return of selling goods and services.  Profit can be described as “money that is earned in trade or business after paying the costs of producing and selling goods and services” (Cambridge Dictionary). Profit is the capital that a company can use for various purposes, such as investing in new products, replacing equipment, nurturing employees, etc. With a good profit base, enterprises can have the premise of continuous development. (Indeed, 2020). 

The size of the fashion industry is comparatively larger than other businesses. It differs from season to season, on weather, trend changes and with uncertain conditions for example, covid-19. Before Covid-19 hit, the fashion industry was worth $1.7 trillion. During the pandemic, the worth of the fashion industry had decreased to $1.45 trillion, that is by -18.1%. (McKinsey, 2022). Post pandemic, consumers indulged in something termed as ‘revenge-shopping’, bringing up the industry’s worth between $1.5 and $1.7 trillion in 2021. (Fashion United). 

For an economy to be successful, institutions must meet the needs and desires of consumers majorly it being disposable income. Each sector in the industry needed to respond to these changes accordingly to remain competitive. During covid19, the marketing sector had the most influence on the consumers for the sales of the clothes being produced. Second most important were the finance sector. As they economy went down during covid19, it was important for the industry to lower their prices to sell off their inventories.  Zara is the world’s largest clothing retailer, being responsible for churning out roughly 840 million garments every year in 6,000 stores worldwide. (Chua, 2019).  having an unique selling point in fashion industry can increase the rate of any firm being comparative competitive and successful. Gucci is one of the best-known Italian brands popular for their luxurious clothes and leather products. The brand is exclusively preferred by the Gen Y people for their edgy unorthodox designs. Gucci’s USP, so to speak, is their unique craftsmanship. Going by the records, the top three Gucci items explored by shoppers online are flip-flops, shoes, and belts. With a brand value of $ 12.7 billion, Gucci is one of the richest brands in the fashion world.

Creative directors in the fashion industry play a crucial role in bridging the gap between creativity and commerce. They are responsible for translating artistic vision into commercially successful products and strategies. Here are several ways in which creative directors achieve this balance: Creative directors mayneed to have a deep understanding of current market trends, consumer behaviour, and competitors. This knowledge helps them create designs and campaigns that resonate with the target audience. Additionally, Creative directors should work to establish and maintain a strong brand identity. This involves defining the core values, aesthetic, and messaging of the brand and ensuring that these elements are consistently reflected in all creative endeavours.

https://fashinza.com/brands-and-retail/tips/top-10-luxury-fashion-brands-and-their-usps/#

There are four pillars of sustainability, Planet, People, Profit and Purpose. People are defined as a diverse group of consumers with, different ages, race, gender, religion etc, who have a direct relationship with brands. Different brands aim to market their product to these consumers. The current and the most known consumers of the fashion industry are “gen z”.

Gen z includes those born between the mid-1990s to the early 2010s. they are described as unique but realistic and well educated in terms of self, social, economic and political awareness. Generation Z has been called the most critical consumer group until now and has a different view of consuming than previous generations. They are the latest to enter the workforce and have a strong purchasing power. With a bigger demand for higher-quality items, brands must earn their place in Generation Z’s wallets. Gen Z consumers are more likely to buy sustainable, high-quality, products. 73% of Generation Z consumers are willing to pay 10% more for sustainable products, according to a report from first insight. 

Gen z isn’t the easiest to please in terms of purchasing products. To influence them, brands need to be unique and go out of the box. 45% of gen zers say that a brand “appearing trustworthy and transparent” is a big motivating factor for engagement. By making social media accounts of brands not only about selling but also create content that’s explicit about what your values are and share as much of your brand’s story as you can. Collaborating with influencers is a very effective way to market to Gen Z. It’s all part of that brand authenticity: Gen Z wants to buy from brands they trust, and they hear about brands they trust from people they trust.

One of the major examples of diversity is shown by Nike the sportswear brand: Someday We Won’t Need This Day” It has long excelled in diverse advertising, showcased by the Nike Pro Hijab for Muslim female athletes, adaptive activewear for people with disabilities, and plus-size athletic wear. It supports International Women’s Day and envisions a future where the day is unnecessary due to full acceptance and equality.

There are people skill needed for a fashion brand to be successful. Communication skills are needed internally between team members to operate efficiently. If there isn’t good communication between the team, there cannot be a good working flow. At the same time, communication skills are also essential externally to speak to the right audience. And build relationships with press, editors, or other fashion professionals outside the company. These are critical skills, especially for those who want to work in PR, marketing and social media, where the main job is to communicate and convey the brand’s message through a social post or marketing campaign.

https://voyado.com/resources/blog/generation-z-online-shopping-habits/

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THE PLANET 

The four pillars of sustainability are Planet, People, Purpose and Profit. Currently, Planet takes an extremely important role in the sustainability of the fashion industry. 

The industry has undergone a remarkable expansion in the last two decades, especially with the consolidation of the fast fashion approach, which is the business model of replicating high fashion designs, standardized fashion items mass producing them at low cost and selling it quickly in retail stores (Fletcher, 2010). Due to this, the level of greenhouse gasses emissions has increased immensely.  The fashion industry therefore hold accountability for 10% of global carbon emissions (Conca, 2015) and 20% of global wastewater emissions (Cho, 2021). 

THE CIRCULAR ECONOMY 

 A circular economy supports activities that preserve value in the form of energy, labour, and materials. What it means is that the fashion industry will design for durability, reuse, remanufacturing, and recycling to keep products, components, and materials circulating in the economy. The circular economy has a few principles which will furthermore benefit the environment: the elimination of pollution, waste and a new clearer environment.(Ellen MacArthur Foundation, 2023). 

FASHION SUSTAINIBILTY 

An online survey was administered with a huge sample of 402 Italian consumers. The most important result was an incorrect evaluation of sustainability resulting in a different consumers’ attitude towards circular economy. It showed that most of the respondents were willing to buy bio-based, sustainable clothing as well as other bio-based products. However, in the second-hand market, the participants were reluctant to purchase used clothes, even though they expressed no concern about buying other used items. The Sustainable Development Goals are formed by the UN to achieve a better and more sustainable future for all. One of the goals is to responsibly produce and consume which is about ensuring sustainability patterns which is key to sustain livelihoods of current and future generations. Shifting our energy supplies to more sustainable ones are one of the main changes we must make if we are going to reduce our consumption levels.

Fast fashion clothing has recently dropped in prices due to the lower cost materials used. This means the quality of materials used may damage the environment in various ways. 

Fast fashion also has a human cost: textile workers, primally women in developing countries, are often paid derisory wages and forced to work long hours in harsh conditions (UNEP,2018; WRI,2019). Use of chemicals in clothes production also raise serious health concerns, both for the workers and consumers. Additional impacts on health also arise from the pollution mentioned previously. 

To fix this there are few things can be done; Governments need to implement policies and regulations that include measures such as setting targets for reducing waste generation, promoting circular economy practices, and supporting sustainable procurement policies. 

Individuals can adopt more sustainable lifestyles as well. This can involve consuming less, choosing products with lower environmental impacts, and reducing the carbon footprint of day-to-day activities.

Bibliography:

https://www.sciencedirect.com/science/article/abs/pii/S0007681317301015

https://ellenmacarthurfoundation.org/the-circular-economy-in-detail-deep-dive#:~:text=A%20circular%20economy%20favours%20activities,materials%20circulating%20in%20the%20economy.

https://www.sciencedirect.com/science/article/abs/pii/S0959652621039500

https://www.genevaenvironmentnetwork.org/resources/updates/sustainable-fashion/https://www.un.org/sustainabledevelopment/sustainable-consumption-production/

https://www.un.org/sustainabledevelopment/sustainable-consumption-production/