Profit is a vital factor within any industry especially the economically driven fashion industry where lines between what is done for art and what is done for commerce can sometimes become blurred.

The fashion industry is one of the largest industries in the world with its revenue set to hit over $768 billion in 2023 (Statista, 2023) There is also currently over 60 million workers worldwide being in a job relating to the fashion and textiles industry with both of these numbers expected to grow over the next few years. (Fashion United, 2021)

Fast fashion is currently incredibly popular at the moment as more people want affordable ways to completely change and replace their wardrobe, the rise of sustainability means this area is beginning to see less growth than in previous time periods. This means the luxury fashion sector is set to be the front runner of the industry as people begin to invest in pieces and as more and more wealthy buyers spend alongside their travels. In more recent times, the sportwear and loungewear sectors have also dominated a large majority of the overall fashion market which was mainly due to the Covid-19 pandemic where many people stayed inside. (McKinsey and Company, 2022).   

All products have a lifecycle and so in order to maximise revenue and profit brands must attempt to extend these lifecycles for as long as possible. A way to do this, especially in uncertain economic times is to launch smaller products that a customer can purchase to add on to the items they already own, such as a new bag strap, furthermore, allowing a customer to gain a longer lifespan for their product without having to buy a whole new one.

The role of a creative director is extremely important within any fashion brand. They are the centre for all aspects of creativity but also in place to generate revenue for the brand and ultimately turn over a profit. Many will argue about what is art and what is commerce within the fashion industry, but the creative director helps to use their artistic vision to create collections that will then draw attention which ultimately increases revenue. This is where a creative director helps to bridge the gap between art and commerce as they use one to gain better access to the other (Mitterfelner O, 2023) This is why many brands bring in well-known designers or celebrities to become their creative director as it helps create more of a hype around the brand, such as when Karl Lagerfeld took over Chanel and they went from their main income source being perfumes to actually becoming a fashion house once again.

References:

Statista, Global apparel market – statistics and facts, 2023: https://www.statista.com/topics/5091/apparel-market-worldwide/

Fashion United, UK fashion industry statistics, 2021 – https://fashionunited.uk/uk-fashion-industry-statistics

McKinsey and Company, The state of fashion 2023, 2023 – https://www.mckinsey.com/industries/retail/our-insights/state-of-fashion

O Mitterfelner, Luxury Fashion Brand Management: Unifying Fashion with Sustainability, 2023 – https://ebookcentral.proquest.com/lib/UAL/detail.action?docID=7260416