PEOPLE
The people pillar represents all the stakeholders involved in the fashion industry. From the customers to the designer, from the supplier to the manufacturer, who had played a role in the process of fashion. In the fashion industry, people have been divided into different generations according to the year they were born. Before, there were the Maturists, Baby Boomers, and Generation X. Now we have Generation Y and Z. In the future, there will be Alphas and Betas. As we can see, people always is a significant factor in the fashion business.
Gen Z is currently the second-youngest generation (McKinsey, 2023), with millennials before and Generation Alpha after. The first key characteristic of Gen Z is digital native. Gen Zers chat, search, shop, and even date online, and follow many influencers and celebrities on social media. This helps Gen Z respond to the world trend and find out more opportunities for their future. On the other hand, there are many difficulties that Gen Z is facing. The reports by McKinsey and European respondents found that Gen Zers are more likely to have mental issues and self-stigma. Gen Zers also face different crises, for instance, the pandemic, inflation, economic crises, climate change, lack of resources, and so on (McKinsey, 2023). Therefore, Gen Z is faced with many threats as well as opportunities.
As Gen Z becomes a large group of customers in the fashion business, brands should develop strategies to attract Gen Z. For example, the brands may cooperate with celebrities and influencers (Brzezicki, 2022). Then, build the online platform for buying services. Moreover, Gen Z cares about ethical factors, they agree on the balance for people of diverse and underrepresented. Also, the environmental factor pays attention to rigorous sustainable and green practices (McKinsey, 2023). Furthermore, the brands should be more creative in advertisement, and build a community around the brand (Brzezicki, 2022). To target Gen Z, brands should focus on current events to adapt to changes and build better reputations and loyalty. The ThirdLove, which is a lingerie company launched in 2013. A range of bras has been created with 78 different sizes for women to choose from. Additionally offered in a variety of ‘nude’ hues to accommodate a larger range of skin tones (Nadra Nittle, 2018). To demonstrate the brand’s diversity, the company also publishes several of its programs and goals focused on women and people of color.
Many different people skills need to be applied in fashion brands to achieve success. First, good communication and negotiation skills, help to be good at building relationships with potential customers and negotiating agreements with suppliers. Also, there may be maths skills required. To calculate income statements, cash flow statements, and other financial concepts that have an impact on their organization (Dillon, 2018), it will be beneficial to have a basic understanding of mathematics and the ability to put mathematical principles to work. An extensive understanding of the fashion industry is also needed, a fashion entrepreneur must be informed about the fashion business and the latest trends. Lastly, entrepreneurs need to have a lot of ambition and drive to start, maintain, and achieve long-term success.
Bibliography:
Nadra Nittle (2018). Brands like Fenty Beauty and ThirdLove use inclusion as a selling point. [online] Vox. Available at: https://www.vox.com/the-goods/2018/12/7/18129445/brands-inclusion-fenty-third-love-victorias-secret [Accessed 13 Oct. 2023].
Brzezicki, A. (2022). Marketing to Gen Z: What the new wave of consumers want. [online] Bazaarvoice. Available at: https://www.bazaarvoice.com/blog/marketing-to-gen-z/ [Accessed 12 Oct. 2023].
McKinsey (2023). What is Gen Z? | McKinsey. [online] www.mckinsey.com. Available at: https://www.mckinsey.com/featured-insights/mckinsey-explainers/what-is-gen-z [Accessed 13 Oct. 2023].
Dillon, S. (2018). The fundamentals of fashion management. New York: Bloomsbury Visual Arts.