Profit
In today’s economic climate, it is increasingly challenging to balance “creativity and financial prudence”, and the relationship between the two will inevitably develop due to the new and “empowered digital native consumer base” (Bick) that is Gen Z. Without profit, there is no business and thus this pillar is vital for the growth of the fashion industry and survival of the creatives working within the industry.
Around the world, it is estimated that “80 billion pieces of new clothing” are purchased every year; making a contribution of “$1.2 trillion yearly for the global fashion industry”. These garments are predominantly made in the Eastern world, yet the largest consumer is the United States. The garment production industry “employs more than 40 million workers”, with an estimated 80% of the workforce comprising of women, and it is estimated that the global fashion industry is valued at $3 trillion.
In 2023, the luxury sector was expected to outperform the rest of the industry as “wealthy shoppers continue to travel and spend, and are less affected by economic uncertainty. This trend follows after Covid-19 which changed the shopping habits of many consumers. It has grown predominantly due to the activity of consumers In both USA and China, whereas Europe’s experience with the energy crisis means the trend does not apply here.
Despite the recession that has occurred in recent times, consumers have a desire to spend on fashion which highlights the resiliency of the fashion industry. When considering how a brand can remain competitive in uncertain economic times, fashion companies need to ensure they are more than just the clothes they sell, but instead a brand. They also need to be active in different geographical regions. This is because, as previously mentioned, different geographical regions experience different political events which influence their spending power. Furthermore, by using data consistently, brands are not only able to make insightful predictions but it will allow brands to manipulate their consumer market to their advantage, helping them to make considerable profit.
The gap between creativity and commerce has naturally been bridged throughout the years due to the fact that creative directors are expected to produce more collections annually. In the 1980’s it was considered the norm to release 2 collections per year however in 2020, this number has increased to 32 collections on average.
Creative directors are also expected to embody various roles, as they are not only creative directors but “the lead fashion designer, brand ambassador, and the brand visionary”. Furthermore, a creative directors role differs depending on the brand they are working at. For example, Karl’s time at Fendi was centred more around highlighting the Fendi family status, with Karl not being featured in their promotion until 50 years at his post. Contrastingly, at Chanel, Karl was always “openly shown as the face of the brand”, with his look considered “omnipresent”. Through his fashion shows, Karl created numerous creative spectacles such as his installations which included supermarkets and airports.
In uncertain economic climates, we must ask ourselves several questions. Firstly, to what extent should designers create collections which conform to customer demands as opposed to their own creative innovation, and secondly, we must question the priorities of a creative director. Should their dominant concern be their consumers, or the planet?
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