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Every brand has a purpose, examples include raising awareness and promoting wellbeing. Brand purpose is particularly important for customers, especially Gen Z. This is supported by a Forbes repOrr that found that Gen Z are so conscious of brand ethos now that they are actually willing to spend “an incremental 10 percent or more on sustainable products” (Forbes, 2020). Brands have to adapt to these shopping patterns of Gen Z and acknowledge that customers are willing to boycott companies that don’t practice ethcial behaviours. The demand for an ethcial purpose is rising and brands are now expected to communicate their purpose to their customers.

An example of a brand that has entirely embraced the demands of an ethical purpose, is Rare Beauty by Selena Gomez. The foundations of Rare Beauty is embracing your individuality and uniqueness, ”Rare Beauty can be more than a beauty brand. […] You’re not defined by a photo, a like, or a comment. Rare Beauty isn’t about how other people see you. It’s about how you see yourself.” (Glamour, 2020). As well as this Rare Beauty established “The Rare Impact Fund” which has pledged $100 million for mental health services to individuals in underserved communities. In order to achieve this, Rare Beauty is donating 1% of all sales to the fund. 

Like Rare Beauty, ’Wellbeing’ is a concept often prioritised by brands. While it is such a widespread term it can often be hard to describe. According to the American Psychological Association (APA) ’wellbeing’ is “A state of happiness and contentment, with low levels of distress, overall good physical and mental health and outlook, or good quality of life.”. While some brands, like Rare Beauty, have communicated their purpose without distracting from their products, other brands such as Goop have fully commercialised the concept of wellbeing by heavily endorsing ’wellness’ products. Goop has marketed wellness products with false and unreliable scientific claims to Gen Z audiences by claiming that it will improve their wellbeing. One of their most notable controversies is the infamous ‘Rose quartz egg’ that claimed to ‘balance hormones and regulate menstrual cycles’. In 2018, Goop suffered a $145,000 (£112,000) loss for making these unscientific claims (BBC, 2020).

According to the CFI, the sharing economy can be described as “an economic model in which goods and resources are shared by individuals and groups in a collaborative way such that physical assets become services” (Corporate Finance Institute, 2021). The sharing economy is relevant in today’s climate as it eliminates waste and the need for people to own all of their possessions. For consumers, the sharing economy is particularly beneficial as it makes everyday costs more affordable. “The basis of the sharing economy is simple: by using the internet to expand our networks, the needs of one consumer can easily be met by another community member.” (IE University Driving Innovation, 2020). In practice, Uber is a good example of this. Uber drivers can work as much or as little as they choose to, by providing consumers near them the service of a taxi for a reasonable cost.

Reference List:

Allure (2020) Selena Gomez’s Rare Beauty Line Is Coming Soon, and We Got to Try It Early., Available at: https://www.allure.com/story/selena-gomez-rare-beauty-makeup-line-interview-review (Accessed: 28/10/22).

BBC (2020) Gwyneth Paltrow’s Goop series on Netflix slammed by NHS chief., Available at: https://www.bbc.co.uk/news/health-51312441 (Accessed: 28/10/22).

CFI (2021) Sharing Economy., Available at: https://corporatefinanceinstitute.com/resources/knowledge/other/sharing-economy/ (Accessed: 28/10/22).

Forbes (2020) Sustainable Retail: How Gen Z Is Leading The Pack., Available at: https://www.forbes.com/sites/gregpetro/2020/01/31/sustainable-retail-how-gen-z-is-leading-the-pack/ (Accessed: 28/10/22).

Glamour (2020) Rare Beauty: Selena Gomez’s Beauty Line Is Finally Here., Available at: https://www.glamour.com/story/selena-gomez-rare-beauty-line-details (Accessed: 28/10/22).

IE University Driving Innovation (2020).,Available at: https://drivinginnovation.ie.edu/what-are-the-advantages-of-the-sharing-economy/ (Accessed: 28/10/22).

Figure Reference List:

Allure (2020) Selena Gomez’s Rare Beauty Line Is Coming Soon, and We Got to Try It Early., Available at: https://www.allure.com/story/selena-gomez-rare-beauty-makeup-line-interview-review (Accessed: 28/10/22).

Goop (2020) Rose Quartz Egg., Available at https://goop.com/goop-wellness-rose-quartz-egg/p/ (Accessed: 28/10/22).

IE University Driving Innovation (2020).,Available at: https://drivinginnovation.ie.edu/what-are-the-advantages-of-the-sharing-economy/ (Accessed: 28/10/22).

Profit is one of the 4 pillars of the fashion business school, It is one of the most important as it encourages the industry to prosper as well as develop . The fashion industry statistics show that the apparel and textile sector is the 4th biggest in the world (Major, J.S. and Steele, V. 2018) resulting in an increase in the industries profit. Especially after covid, and the mass amount of online shopping done resulted to Ecommerce growing fast, the pandemic pushed even more U.S. consumers online and pushed to spend frequently. Digital Commerce 360 estimates the pandemic contributed an extra $218.53 billion to ecommerce’s bottom line over the past two years. In 2020, the coronavirus added $102.08 billion in U.S ecommerce, and it added $116.45 billion in 2021, according to Digital Commerce 360 . Therefore majorly increasing the retail industry due to customers being forced to stay indoors a lot of people shopped within their free time. However due to the high demand of products there would have been a mass amount of over consumption resulting in mass production as well as wastage which is not sustainable, this would be taken into account when consumers make decisions on their purchases.

The fashion industry currently consists of four levels, the production of raw materials, principally fibres and textiles but also leather and fur. The production of fashion goods by designers, manufacturers, contractors, and others; retail sales; and various forms of advertising and promotion. (CBInsights 2021) it is becoming harder for these sectors to perform especially when selling to a market such as generation z who have strong beliefs in sustainability. It is more expensive to become sustainable within a business especially due to covid due to decrease in certain sales therefore making it challenging for brands to afford to be sustainable as majority of consumers within this generation are more socially responsible and are aware of what products they purchase and how their being produced.

Moreover today, fashion technology is growing at a faster pace than ever as technology is evolving it is providing more opportunities for the industry. Robots that sew and cut fabric, algorithms that predict style trends, clothes to be worn in virtual reality, an array of innovations show how technology is automating, personalising, and speeding up the fashion space(,,,,) , this would allow brands to reach consumers specific needs and understand what specifically needs to be produced to meet the needs of the market.

In addition a brand can remain competitive in uncertain economic times by taking inactive and creating a stronger brand image, past crises also show that brands that have the strongest brand positioning and equities emerge stronger during a crises than brands that are mainstream. Premium and luxury sectors tend to perform much better during recessions than average segments, hence the ability to create extreme value is critical for navigating successfully through a crisis. However brands who are non luxury brands would not have the funding to invest into things like marketing as well as developing their products like luxury brands. Some examples of how to adapt through a economic struggle

Nurture and protect employees and give them perspective (e2fashion.com n.d.)

• create extreme value, you need to refocus on brand equity building in times of crisis. The best brands focus on their core values and make sure the brand storytelling is precise, specific, insight-driven, and differentiating, which creates meaningful value for their customers.

• Innovate and become more influential , by adapting to the current issues and seeing how they could make it easier for consumers to buy or wjhat they need such as during covid majority of retail brands took thinner business online as this was how consumers were purchasing products. or even moving their whole business online as it would work out cheaper than having a store

• Transform digitally

• one of the biggest business impacts of The Pandemic is that it’s highlighted just how important e-commerce has become. Luxury brands have been a combination of tradition and arrogance. Luxury thrives on exclusivity; a luxurious in-store experience; and luxury brands are notoriously controlling about their image. But the future is online – which is why LVMH’s latest ‘cabinet reshuffle’ shows how even luxury brands are being forced to sit up and take e-commerce seriously. (DMARGE. (2020).)

For creative directors to engage and bridge the gap to the audience about creativity and commerce, they must market their product in a way that evolves art as well as skill. Many consumers like to purchase products with a story and extravagant displays . Therefore, if brands portray a message of meaning through their products, it is more likely customers would relate and purchase the product. the invention of the Little Black Dress from coco Chanel incorporated comfort as well as creativity. Wearing a fitting black dress might be a go-to for all western-clothing-clad women today. But it was Coco who invented it, removing uncomfortable frills, corsets, and laces from women’s clothing. she was adapting to the trends of the current era emerging creativity and commerce and to this day her work is constantly worn and continues to be adapted to the target market.

Referencing

Major, J.S. and Steele, V. (2018). Fashion industry. In: Encyclopædia Britannica. [online] Available at: https://www.britannica.com/art/fashion-industry.

‌CBInsights (2021). The Future Of Fashion: From Design To Merchandising, How Tech Is Reshaping The Industry. [online] CB Insights Research. Available at: https://www.cbinsights.com/research/fashion-tech-future-trends/.

‌www.fibre2fashion.com (n.d.). Brand Strategy: Rules for Uncertain Times. [online] www.fibre2fashion.com. Available at: https://www.fibre2fashion.com/industry-article/8630/brand-strategy-rules-for-uncertain-times [Accessed 26 Oct. 2022].

‌DMARGE. (2020). Louis Vuitton’s Digital Moves Evidence That Luxury Brands Are Finally Taking E-Commerce Seriously. [online] Available at: https://www.dmarge.com/lvmh-taking-e-commerce-seriously [Accessed 26 Oct. 2022].

Roberta, V. (2021). Building a legacy: Chanel’s Luxury Marketing Strategy. [online] TheStrategyStory. Available at: https://thestrategystory.com/2021/04/03/chanel-marketing-strategy/.

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Historically, brands usually aimed their marketing at a specific demographic excluding a large diverse and realistic audience. The Eurocentric beauty standards within Fashion and other industries have dominated advertisement, entertainment, etc – meaning we have been a part of a global conditioning that developed during the colonial era. The affect of this exclusive demographic has created an underlining assumption of superiority in certain classes, races, sizes and other factors of appearances when in reality, this goes against the belief of many, especially people in Gen Z – they now ‘represent a broad – and for most fashion businesses, crucial – swathe of consumers’ (Moran, G. 2022, Drapers, Gen Z and Millennials 2022). We can see evidence of this, not only in the fashion industry and beauty trends (double eyelid surgery in East Asian cultures with Dr Mikayo saying ‘makes Asian’s more attractive’) but also in Global South news. Disasters in places such as Syria and Afghanistan do not get broadcasted as much as disasters like the War in Ukraine, for example. 

The reality of our society is far from what used to be represented in media. Our cultures inhabits people in all sizes, races, ages and sexualities. Times are changing as the media has a much more vast representation of people. Brands are able to appreciate different cultures and express them through clothing and advertisement – for example the Dior Cruise Collection. However, problems are still made when rather than cultural appreciation, cultural appropriation takes place. Moreover, there is still a lingering sense of underlining misogony with women being grabbed and groped in pictures – objectified and the male gaze theory (Laura Mulvey and the male gaze in the 21st century, 2016, Emily Lowe) being a large factor behind a lot of campaigns and the unrecognised white privilege with images in campaigns normalising the privilege of white people, putting them in the forefront of images, and people of other races in the background (an example,Tom Ford).

These problems are gradually being recognised and called out (cancel culture) by the younger generation, commonly known as Gen Z. People are pushing away from and boycotting brands that do not support the new perspective that Gen Z has brought to life. Companies like Brandy Melville, Pretty Little Thing and Abercrombie&Fitch are slowly going downhill or already have lost a lot of money due to their lack of sizing, treatment of workers and lack of diversity. In order for brands to adapt to their new, large demographic, they must evolve by not only paying their workers a reasonable wage and having advertisements excluding a large amount of diverse people but also being transparent and honest with their customers – not just using terms ‘sustainable design’, ‘second life’ and ‘slow fashion’ just to attract customers (Social Responsibility and Innovation in the Sewn Products Industry by Connie Ulasewicz) having the company be diverse from within not just their advertisements. Using influences and characters that the audience and customer can connect with will also encourage Gen Z to utilise the brand – for example Fenty by Rihanna and Skims by Kim Kardashian. 

Ref List:

Moran, G. 2022, Drapers, Gen Z and Millennials 2022 – 

Gen Z and Millennials 2022

Laura Mulvey and the male gaze in the 21st century, 2016, Emily Lowe 

Laura Mulvey and the male gaze in the 21st century

https://www-bloomsburyfashioncentral-com.arts.idm.oclc.org/encyclopedia-chapter?docid=b-9781501312250&tocid=b-9781501312250-chapter2&pdfid=9781501312250.ch-002.pdfSocial Responsibility and Innovation in the Sewn Products Industry

by

Connie Ulasewicz

Profit is the third pillar of sustainability which relates to the economic perspective. The economic backbone of sustainability is where most businesses see themselves standing. To be sustainable, a business must make a profit. In fact, however, profit at any cost is not at all what the economic pillar is all about. Activities that fit into the economic pillar include compliance, proper governance, and risk management(Beattie, 2021).

Global fashion industry statistics show that the industry could reach 103 – 108% of its 2019 size by 2022. According to the US fashion industry statistics, the US fashion market will be worth around £143.7 billion by 2022(Radonic, 2022). The figure below shows the existing as well as the predicted trends in the US fashion market(Ariella, 2022).

Profit is financial success, with the UK fashion industry being predicted to reach a worth of £60.1 billion in 2022 (Statista, 2020) it is an important aspect to be considered. With the industry statistically having high total sales, products produced and number of employees it is seen as a large global industry.

The industry as a whole is expanding with specific sectors such as jewellery and accessories expected to continue expanding at a CAGR of 8.1% (Matter Of Form, 2022). Due to the impact of Covid-19 the global fashion e-commerce sector is predicted to reach $765 billion in 2022. North America was the largest region within the fashion ecommerce market in 2019 and Asia Pacific is predicted as the fastest-growing region in this forecast period. (ReportLinker, 2020)

With fashion ecommerce growing at a substantial rate the opportunity for brands to optimize social media marketing and expand their online presence will be the key to success. Corteiz is an example of a streetwear brand that built success through only advertising on social media. Now gaining over 400,000 followers on Instagram and 120,00 on twitter it has become an established and incredibly successful brand. With social media marketing being cheaper yet more direct that traditional advertising it is easily a strategy that fashion brands can take advantage of. 

The global fashion influencer market is valued at $1.5 billion and has a predicted growth rate of 35.7% by 2027. (MillionInsights, 2021) This means that choosing influencers to collaborate with and use as tools of promotion is another way to reach a brands target audience and successfully build brand awareness across multiple consumer bases. This personal and more informal form of promotion meets the two-step flow theory by Katz and Lazarsfeld and implies that influencers act as opinion leaders. Therefore, they have the power to encourage and influence their ‘followers’ especially when the target audience for what they are promoting matches their own consumer base.

The role of a creative director is to act as the creative lead merging statistics with creation. They develop ideas and lead their team to create projects that match the overall aesthetic and house style of the brand as well as meets the promotional needs to engage and capture the interest of their target audience. A creative director’s main goal is to capitalise using creative techniques.

AGCAS Editors (2021). Creative director job profile | Prospects.ac.uk. [online] www.prospects.ac.uk. Available at: https://www.prospects.ac.uk/job-profiles/creative-director  [Accessed 24 Oct. 2022]

Chitrakorn, K. (2022). Why everyone’s talking about Corteiz. [online] Vogue Business. Available at: https://www.voguebusiness.com/fashion/corteiz-clint-and-the-future-of-streetwear [Accessed 24 Oct. 2022]

Mitterfellner, O. (2020). Fashion marketing and communication : theory and practice across the fashion industry. Abingdon, Oxon ; New York, Ny: Routledge [Accessed 24 Oct. 2022]

www.millioninsights.com. (n.d.). Fashion Influencer Marketing Market Size, 2027 | Industry Report. [online] Available at: https://www.millioninsights.com/industry-reports/global-fashion-influencer-marketing-market  [Accessed 24 Oct. 2022] 

MOF Team (2021). The Future of the Jewellery Industry: Trends & Insights | Matter Of Form. [online] www.matterofform.com. Available at: https://www.matterofform.com/news/articles/jewellery-industry-trends  [Accessed 24 Oct. 2022]

‌ReportLinker (2020). Fashion E-Commerce Global Market Report 2020-30: Covid 19 Growth and Change. [online] GlobeNewswire News Room. Available at: https://www.globenewswire.com/news-release/2020/07/09/2060323/0/en/Fashion-E-Commerce-Global-Market-Report-2020-30-Covid-19-Growth-and-Change.html [Accessed 24 Oct. 2022]

Shepherd, J. (2022). Social Media Marketing for Fashion Brands: A Strategy That Works…. [online] The Social Shepherd. Available at: https://thesocialshepherd.com/blog/social-media-strategy-fashion-brands [Accessed 24 Oct. 2022]

Profit is the third pillar of sustainability related to the fashion industry and economics. Global fashion industry statistics show that the industry could reach between 103% to 108% of its 2019 in 2022. (McKinsey 2022) The industry has a labor force of 3,384.1 million. Its value is equivalent to 3 trillion dollars. That means, it corresponds to 2% of the world’s Gross Domestic Product. (Fashion United 2021)

Fashion’s largest companies across luxury, high street, and sportswear have yet to gain sufficient momentum with their sustainability policies and practices to transform the industry by 2030. （BOF 2022）Recycling is economically beneficial, yet much of the discarded clothing and textile waste in the United States fails to reach the recycling pipeline. The United States textile recycling industry annually salvages approximately 12 pounds per capita, but 70 pounds per capita still goes to our landfills (Council for Textile Recycling 2014). A recently established program, wear, donate, recycle has been established by the Council for Textile Recycling to reach zero post-consumer textile waste entering our landfills by 2037. The updated release of the Global Recycled Standard Version 3 has implemented changes that encourage companies to be transparent in the use of reclaimed materials and to be more transparent throughout their supply chain (Lamicella 2014)

The percentage of survey respondents who expect global economic conditions to improve in the next year has fallen from 49 percent in 2019 to nine percent in 2020. （BOF &McKinsey 2020）One way to excite audiences in an age of overstimulation is to create a bit of healthy competition between shoppers. For example, you can set up a hashtag or Instagram contest (with an alluring prize, of course), and ask your audience to submit their own content. The competitive spirit drives engagement rates up at a low cost to your brand because you only need to deliver a handful of rewards. (Tamas 2020) With Instagram Shopping, you should incentivize customers to give you their consent and opt-in to a loyalty program and newsletter. These rewards should be chosen carefully to keep your profit margin safe. (BOF & McKinsey 2020)

What is needed to create an advantage goes deeper and beyond the trading of artifacts and skills. It is the habitual sharing of interdisciplinary ways of thinking that empowers companies to innovate. Community-minded entrepreneurs and artists working with interactive technology are much closer on the commerce/arts spectrum than the tired stereotypes of the corporate tycoon in the corner office and the oil painter in the garret. (What is needed to create advantage goes deeper and beyond the trading of artifacts and skills. It is the habitual sharing of interdisciplinary ways of thinking that empowers companies to innovate. Community-minded entrepreneurs and artists working with interactive technology are much closer on the commerce/arts spectrum than the tired stereotypes of the corporate tycoon in the corner office and the oil painter in the garret. (MATT 2020)

References:
FASHION INNOVATION 2022 FASHION INDUSTRY STATISTICS: THE 4TH BIGGEST SECTOR IS WAY MORE THAN JUST ABOUT CLOTHING Available at: https://fashinnovation.nyc/fashion-industry-statistics/ Accessed: October 23, 2022

Dunja, R.2022 The Most Important Fashion Industry Statistics in 2022 Available at https://fashiondiscounts.uk/fashion-industry-statistics/ Accessed: October 23, 2022

MATT 2020 Why We Need to Bridge the Gap Between Art and Commerce Available at: https://www.thehippocket.com.au/bridge-gap-art-commerce/ Accessed: October 23, 2022

Janet, H and Connie, U 2015 Sustainable Fashion Economic Impact of Textile and Clothing Recycling 204-230 Available at: October 24, 2022https://www-bloomsburyfashioncentral-com.arts.idm.oclc.org/encyclopedia-chapter?docid=b-9781501312250&tocid=b-9781501312250-chapter9&st=Economic+impact+of+textile+and+clothing+recycling Accessed: October 24, 2022

When asked what the fashion industry is to people, most relate just to the creative side of it and forget that this is one of the biggest industries in the world and, if ranked, would represent the seventh-largest economy (McKinsey,2017). It has many sides: marketing, design, retail, production, management, and social responsibilities… Even though fashion brands can love creating and producing, most of them are more focused on the profit they will make out of it. The growth of the fast fashion movement, aided by social media, is outpacing the growth of the sustainable fashion movement. Fashion consumers buy over 80 billion new pieces of clothing annually, making it profitable, over 400% more than what we consumed just two decades ago (fashion united, no date), making it profitable. As a side of the positive revenue, the environment suffers from overconsumption. (Henthorn, J., & Ulasewicz, C, 2015).

Before the 2020’s pandemic, the fashion industry’s global revenue was estimated between $1.7 trillion and $2.5 trillion ( fashion united, no date), and after, according to Euromonitor (2021), the global apparel and footwear market size shrunk in 2020 by -18.1% (to $1.45 trillion). Nevertheless, with that came changes in how brands produce and their selling methods; e-commerce was already rising before covid, but it had a significant boom, accounting for nearly 20% of retail sales worldwide. Nowadays, if the brand does not have an online selling platform, they are behind its competitors; most luxury companies see that they need it to adapt their ways of selling and communicating with their customers. With this increased exposure, companies can create new trends in short periods and sell more and more clothing. There are too many seasons and fashion shows to keep track of, and fast fashion retailers receive shipments of new styles daily. (Henthorn, J., & Ulasewicz, C, 2015) Brands have started changing their values to reach the audience and amplify by using social media platforms, being more sustainable and transparent because if they do not keep up, competitors will. Besides that, creative directors have to produce more daily collections rather than just statement pieces to sell. They are translating haute couture designers’ creations into wearable clothing. Nowadays, people want to relate to people, not big celebrities. That is why creating fashion is an exciting, challenging, and often risky business, but solid business models and operational work underpin this highly creative industry. (Grose, Virginia, 2021)

References:

Hethorn, J., & Ulasewicz, C. (Eds.). (2015). Chapter 9-Economic impact of textile and clothing recycling Pages: 204–230

Fashion united ( no date) Global fashion industry statistics. https://fashionunited.com/global-fashion-industry-statistics 

Fashion united (2021) Euromonitor https://fashionunited.com/companies/euromonitor-international

McKinsey (2021) State of Fashion 2022: An uneven recovery and new frontiers

www.mckinsey.com/industries/retail/our-insights/state-of-fashion

McKinsey (2017) State of Fashion 2017: An uneven recovery and new frontiers

www.mckinsey.com/~/media/McKinsey/Industries/Retail/Our%20Insights/The%20state%20of%20fashion/The-state-of-fashion-2017-McK-BoF-report.pdf

Grose, Virginia (2021) A Practical Guide to the Fashion Industry : Concept to Customer, http://ebookcentral.proquest.com/lib/ual/detail.action?docID=6934124.

Profit is one of the fashion business pillars, relating mainly to the financial aspect of the fashion industry. The fashion industry is key contributor towards a healthy economy, ‘if it we’re ranked alongside individual countries GDP the global fashion industry would represent the seventh largest economy in the world’ (Fashion United, 2022). It’s difficult to measure the size of the fashion industry, particularly due to the fact how rapidly the industry changes, ‘about 7% of companies left the market entirely, either due to financial distress or because they we’re bought by rivals’ (McKinsey & Company,2021), along with ‘3,000billion textile and garment companies are entering the market daily’ (Vilaça, J.,2021)

There are multiple sectors within the fashion industry, such as manufacturing, distributing and retailing. Advancements on technology has enabled many start-up brands and new production cycles. For example, ‘mass-market players will begin to follow suit, aiming to respond more rapidly to trends and consumer demand. The result is likely to be a rise in just-in-time-production, reduced levels of overstock and an increase in the importance of small-batch production cycles’(McKinsey & Company,2021). Therefore, technology and shifting consumer needs has enabled quicker, more efficient production and developments in understanding consumer behaviour for the manufacturing sector of the fashion industry. However, ‘According to the Council for Textile Recycling (CTR), the average American throws away 70 pounds of apparel products per year’ (Hethorn and Ulasewicz, 2015), showing a linear waste economy when a circular economy is needed to be more sustainable and environmentally conscious.

The recent pandemic has created instability within the economy along with major problems for certain businesses, for example some brands we’re not able to remain competitive during these times and lost their spot in the industry, forcing them to close down such as Topshop. A brand can remain competitive in uncertain economic times by focusing on their existing customers and keeping their brand loyalty towards them, communicating with customers/clients regularly. ‘There are a ton of studies that show the higher cost of acquiring a new customer relative to nurturing a current relationship’ (Clausen, E. 2020).

Creative directors bridge the gap between creativity and commerce through fashion shows/ exhibitions. For example, the Moschino spring/summer 2021 show, Jeremy Scott, the creative director fitted miniature dresses on mannequins 2 feet tall ‘the exhibition featured 237 looks, opening at The Louvre in Pairs and raising millions of francs for war relief’, showing by being creative and doing something unique can increase a brands profit or in the case of this show raise more money. ‘The exhibit eventually went on to tour the world and is currently part of the Maryhill museum of arts collection’ (Meyer, M. 2022).

Reference list

Amed, I., Balchandani, A., Beltrami, M., Berg, A., Hedrich, S. and Rölkens, F. (2019). Fashion on demand. [online] McKinsey & Company. Available at: https://www.mckinsey.com/industries/retail/our-insights/fashion-on-demand.

Clausen, E. (2020). Council Post: Marketing Rules To Follow During Uncertain Economic Times. [online] Forbes. Available at: https://www.forbes.com/sites/forbesagencycouncil/2020/04/03/marketing-rules-to-follow-during-uncertain-economic-times/?sh=75e463a4a36e [Accessed 24 Oct. 2022].

Fashion United (2022). Global Fashion Industry Statistics. [online] fashionunited.com. Available at: https://fashionunited.com/global-fashion-industry-statistics.

Hethorn, J. and Ulasewicz, C. (2015). Sustainable fashion : what’s next? : a conversation about issues, practices and possibilities. New York: Bloomsbury, Fairchild Books, An Imprint Of Bloomsbury Publishing Inc.‌

McKinsey & Company (2021). The State of Fashion 2022: In search of promise in perilous times | McKinsey. [online] McKinsey. Available at: https://www.mckinsey.com/industries/retail/our-insights/state-of-fashion.

Meyer, M. (2022). 29 BEST Fashion Shows Of All Times (Up To 2022). [online] the VOU. Available at: https://thevou.com/fashion/fashion-shows/#moschino-2021 [Accessed 24 Oct. 2022].

Vilaça, J. (2021). Fashion Industry Statistics: The 4th Biggest Sector Is More Than Clothing. [online] Fashinnovation. Available at: https://fashinnovation.nyc/fashion-industry-statistics/.

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The profit pillar entails a certain revenue which companies obtain from selling their products, fashion brands have to think about the pricing and manufacturing costs of their products to determine the retail price and the profit percentage. Suppliers should also take into consideration the current economic state and the amount of disposable income their customers have. The fashion industry is a major contributor towards a healthy economy as it is currently valued at $1.7 trillion as of 2022 (Zippia, Oct 22). Fashion is one of the most important industries in the world, it has a significant place in the global economy and represents the seventh-largest economy (McKinsey 2017). The covid 19 pandemic took a hit on the fashion industry with major retailers being shut down, however, the post covid ‘revenge shopping’ made the industry grow by 18.1% in 2021 (Euromonitor International 2022).

There are various sectors within the industry such as distribution, manufacturing, advertising, retailing, and promoting. As technology has advanced throughout the years this has helped the fashion industry develop and produce items at a rapid speed and cheaper overall. Manufacturing and retailing was disrupted by covid 19, McKinsey business of fashion predicted that the US a7 China would recover as they are the two manufacturing and retailing powers. However, this would be more difficult for Europe as the number of consumers varies leading to the amount of exposure and profit for the brands to differ along with the trends changing. During the past few years as the pandemic hit, economic times have not been stable, brands have faced challenges such as dealing with debt. This has led brands to remain competitive to keep their spot in the industry, to do this they have to focus on marketing and their marketing strategies. Making new content regularly keeps consumers interested and excited about new products, this could include posting things on social media which is a free platform (Horizon marketing, 2022).

 Also by doing something new and exciting, this can spark consumer interest, for example by collaborating with other brands, for example in 2020 Gucci collaborating with the outdoor apparel brand North Face, this sparked interest within the community and it was a luxury retailer collaborating with a brand that focused on a different area of apparel. The gap between creativity and commerce is bridged through fashion shows and exhibitions, for example, the Balenciaga SS23 show where it was contextual by an artist, the models walked in a mud pit where the mud was brought from pairs and the guests sprayed with mud scent. This catwalk show sparked a conversation for the brand increasing its popularity and therefore profit.

REFERENCES

Colleen Baum, Pamela Brown, Emily Gerstell, and Althea Peng, (march 26, 2020) perspectives for north Americas fashion industry in a time of crisis,https://www.mckinsey.com/industries/retail/our-insights/perspectives-for-north-americas-fashion-industry-in-a-time-of-crisis

Euromonitor, (2022), (https://fashionunited.com/companies/euromonitor-international)

Horizon marketing, (august 8, 2022), the value of marketing in uncertain economic times,https://horizonmarketing.co/the-value-of-marketing-in-uncertain-economic-times/

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