Profit
Profit is the third of four pillars, profit can be seen as a measure of achievement in an industry(Wellers，2018). Profit is crucial for a brand, which needs it to create new ideas and designs; produce new products to attract customers to buy, and generate sustainable benefits to maintain its commercial value and position in the fashion industry， it’s like an infinite circle.
According to McKinsey, fashion is one of the world’s most important industries, driving a significant part of the global economy. It is one of the vital value-creating industries of the world economy(FashionUnited,2023). China, the US, the UK, Germany, and Japan are the world’s largest retail markets. The following chart shows the Worldwide Consumption of Apparel and Footwear.
Fashion is one of the world’s largest and most fragmented industries, divided into multiple product segments and categories. Such as bags, clothes, accessories, and beauty… As follows, I use Dior as an example. Also, the fashion industry is spread across many different types of organizations and widely distributed across regions( Achim Berg, Saskia Hedrich, and Johnathan Leon,2017).
COVID-19 has changed the world over the last two years. The fashion industry suffered its worst year on record, with nearly three-quarters of listed companies losing money. Consumer behavior changed, and supply chains were disrupted( IMRAN AMED, ACHIM BERG,2020). To remain competitive in an uncertain economy, a brand should look beyond its shops, partners, and digitalization. To be more specific， brands can use artificial Intelligence， to maximize the user’s shopping experience, improve the sales system, and enhance the sales process through intelligent automation. Virtual and augmented reality is also a new way of selling， the widespread use of VR allows customers to virtually try on garments before purchasing, thus providing a better fit. Louis Vuitton is a good example， Louis Vuitton and League of Legends collaborate on a new capsule to infuse French haute couture into online gaming(NICOLE PHELPS,2019)
Fashion is more than just the clothes we wear; it is what we wear. It is a powerful form of self-expression, a mirror of culture. The Creative Director ensures that the concept is aligned with the brand’s vision and values， they shape the brand image and translate the brand message into a visual language that resonates with the audience（Yellowbrick，2023）In 1994, Tom Ford joined Gucci， boldly endows the brand a new sexy image combined with a little languid lazy and decadent charming appearance. He not only reversed the sales difficulties faced by it at that time, but also revived Gucci on the road the decline, and even made this once old-fashioned brand become the important modern representative at that time.
Reference
WELLERS（2018）What is profit and why is it important to your business? Available at：https://www.wellersaccountants.co.uk/blog/what-is-profit-and-why-is-it-important-to-your-business(Accessed: 22 October 2023).
FashionUnited （2023）Global Fashion Industry Statistics. Available at：https://fashionunited.com/global-fashion-industry-statistics(Accessed: 22 October 2023).
Achim Berg, Saskia Hedrich, and Johnathan Leon(2017)The two faces of fashion-industry performance.Available at:https://www.mckinsey.com/industries/retail/our-insights/the-two-faces-of-fashion-industry-performance(Accessed: 22 October 2023).
IMRAN AMED, ACHIM BERG(2020)The State of Fashion 2021 Report: Finding Promise in Perilous Times. Available at:https://www.businessoffashion.com/reports/news-analysis/the-state-of-fashion-2021-industry-report-bof-mckinsey/(Accessed: 22 October 2023).
NICOLE PHELPS(2019)Louis Vuitton’s New Capsule with League of Legends Brings French High Fashion to Online Gaming—and Vice Versa.Available at:https://www.vogue.com/article/louis-vuittons-new-capsule-with-league-of-legends(Accessed: 22 October 2023).
Yellowbrick（2023）Unleashing Creativity: What Does a Creative Director Do?Available at:https://www.yellowbrick.co/blog/fashion/what-does-a-creative-director-do(Accessed: 22 October 2023).