Purpose
A company’s foundation is built on its purpose. It communicates to both its employees and customers the reason for its existence and to make purchases. It is closely tied to three key pillars- people, planet, and profit. By having a defined purpose, such as promoting body positivity or sustainability, customers are more likely to support the brand because it aligns with their values. Thus, brands would be more profitable from sales. All of this is possible because the brand has a clear mission and vision for what it wants to achieve. A clear brand philosophy helps to differentiate the brand from competitors and attract target audiences that align with its values and beliefs.
Companies can apply their purpose through Corporate Social Responsibility (CSR) which refers to companies that commit to ethical and responsible business practices (Londrigan and Jacqueline, 2023). According to a study, around 55% of global online consumers across 60 countries say they are willing to pay more for products and services provided by companies that are socially responsible and sustainable (Londrigan and Jacqueline, 2023), indicating that consumers prefer making purchases that make a positive contribution to the world. There are many brands that support CSR and sustainability in the fashion industry. One example brand that prioritizes them is Stella McCartney. According to her website, the brand philosophy revolves around responsibility, transparency, and equality (Stella McCartney, 2022). She also reduced the environmental impact of her brand, such as using organic cotton and recycled polyester in her designs and refusing to use leather or fur in her collections. McCartney’s commitment to CSR has helped to position her brand in sustainable fashion and earned a loyal consumer base that values ethical and environmentally conscious products.
Brands that have a clearly defined purpose are increasingly popular among consumers, particularly younger generations who are more likely to prioritize ethical and sustainable practices when making purchasing decisions. By aligning their brand with a purpose, companies can build a loyal customer base and differentiate themselves in the fashion market. Brands should use social media platforms such as Instagram and TikTok to communicate their brand purpose. Through multi-thousand follower, influencer collaborations is an effective way to reach numerous audiences. Nike collaborated with like-minded celebrities including Kobe Bryant, Cristiano Ronaldo, Lebron James, and many more influencers in the sports industry to “bring inspiration and innovation to every athlete in the world”(Nike, 2019).
Bibliography:
Londrigan, M.P. , and Jenkins, J.M. (2018). Corporate Social Responsibility and Sustainability. New York: Fairchild, [Online] Available at: http://dx.doi.org/10.5040/9781501317798.ch-003/.
Stella McCartney (2022). Stella McCartney GB | Designer RTW, Bags & accessories, Lingerie, Adidas by Stella McCartney, Fragrances, Kids. [online] Available at: https://www.stellamccartney.com/gb/en/.
Nike (2019). What Is Nike’s Mission? | Nike Help. [online] Available at: https://www.nike.com/gb/help/a/nikeinc-mission.