People
The triple bottom line is a sustainability structure that examines a company’s social, environment, and economic impact in terms of People, Planet and Profit (Elkington J, 1994). People is seen to be the most important pillar as people is the one who make changes (London College of Fashion Lecture, 2023).
Generation Z refers to people who is born between 1996 and 2010 and is currently the second youngest generation (McKinsey, 2023). It is predicted that Gen-Z consumers will exceed Millennials in 2036 (The State of Fashion, 2023), which will become the biggest segment of consumers. Brands need to attract Gen Z consumers by knowing them. Gen Z customers are called ‘digital natives’, they are the first generation to grow up with the internet and having social media as part of their life. 92% of Gen Z customers prefer online shopping (Drapers, 2023). Despite social media, belonging to an inclusive, supportive community is what Gen Z consumers are interested in, which means they have strong values related to racial justice and sustainability (McKinsey, 2023). According to McKinsey &Company’s 2018 study ‘Delivering through Diversity’, companies with most ethically and culturally varied executive teams are 33% more likely to outperform homogeneous competitors with regard to profitability (McKinsey, 2018).
Fashion businesses should, therefore, aim to make consumers experience diversity and sustainability. An example of a brand working towards this is ‘Di Petsa’, a business led by 95% of female employees founded by Dimitra Petsa, is one of few luxury labels to incorporate maternity wear into its collections, which can be worn during pregnancy and after, by using stretch fabric (Vogue, 2021). The designer’s intention was to change the patriarchal perception in the fashion industry as designers cover women up to show empowerment whereas some women do not want to be covered up. Secondly, to design for all sizes, ages and gender expressions. Di fills the gap in the market in terms of luxury maternity wear and designs garments that are interesting, beautiful, and youthful. Di Petsa carries out made-to-order shopping system for customers, with customized pieced made to fit their body shape, instead of following the traditional sizing. This approach has made the brand adored by younger customers as the designer said, ‘young people are shopping differently today. They want something that is special and customized for their bodies’.
In conclusion, businesses with ethics and sympathy will be more successful as they know more about customers with different cultural background as well as providing an equal, inclusive, and diverse environment for employees. IT skill is important as well due to the development of technology, artificial intelligence will be more involved with people’s life.
Bibliography
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Elkington, J. (2017) Enter the triple bottom line, Johnelkington. Available at: https://johnelkington.com/archive/TBL-elkington-chapter.pdf (Accessed: 11 October 2023).
Hunt, D.V. et al. (2018) Delivering through diversity, McKinsey & Company. Available at: https://www.mckinsey.com/capabilities/people-and-organizational-performance/our-insights/delivering-through-diversity (Accessed: 09 October 2023).
Maguire, L. (2021) Celebrity favourite di petsa on scaling bespoke fashion, Vogue Business. Available at: https://www.voguebusiness.com/companies/celebrity-favourite-di-petsa-on-scaling-bespoke-fashion (Accessed: 12 October 2023).
Moran, G. (2023) Gen Z and millennials 2023, Drapers. Available at: https://www.drapersonline.com/guides/gen-z-and-millennials-2023 (Accessed: 11 October 2023).