Profit
Despite contemporary attitudes that brands should prioritise environmental sustainability or focus more on the people in the industry, ultimately a business’ objective is to make a profit. In some cases, the ‘triple bottom line’ (Miller, 2020) is disregarded for this common bottom line, especially in an industry where current fast fashion market value worldwide is forecasted to more than double from 2021’s $91.23 billion to 2027’s $184.96 billion (Statista,2023), as shown by the increasing trajectory of Figure 1.
Due to the current economic climate, with inflation being a primary concern for much of the world (Berg, 2022) , businesses have to adapt in order to stay competitive. One example of this would be investment in e-commerce which has been successful in the times of the Covid-19 pandemic. As well as this, the fashion industry has always recognised the significance of opinion leaders – select individuals who pass on relevant information to their mass audiences (Mitterfellner, 2019). This was extensively done by supermodels in the 1990s, as highlighted in the recent Apple TV series ‘The Supermodels’ where the significance of household names and celebrity endorsements are shown to market products well. This is because consumers are able to relate to people they look up to, therefore increasing a brand’s need for ambassadors to generate revenue where traditional sales may not be performing their best. Environmental uncertainty could incentivise brands to reduce their impact on the environment as 76% of Gen Z consumers willing to pay a premium for ethical/ sustainable goods (McKinsey&Company, 2023). With Gen Z also being the demographic with the highest digital presence and wider acceptance for people’s differences, inclusivity becomes a significant part of fashion marketing. An example on a large scale was the 2019 MET gala theme Camp: Notes On Fashion where Hamish Bowles, a LGBTQ+ fashion critic among others, were able to express their queer identity. Many of these are displayed in Kensignton Palace today.
In this era of postmodernity, creative directors must continue to bridge the gap between creativity and commerce. One theory by Diane Crane (2012) describes this process as ‘artification’ where non-art becomes art. For example, in Karl Lagerfeld’s position as creative director for Chanel, he and his team were able to construct elaborate runway shows based on holiday destinations, which generated exposure for the brand (Mitterfelner,2023). Another way is through exhibiting archival pieces in museums or galleries, which references the creative process of fashion alongside its links to commerce. Gucci Cosmos, Gabrielle Chanel: A Fashion Manifesto, Crown to Couture and REBEL: 30 Years of London Fashion are all current exhibitions in London to date which generates profit for both the brand and the business that displays them.
Reference list:
Apple TV. (2023). Watch The Legacy – The Super Models (Series 1) – Apple TV+ (UK). [online] Available at: https://tv.apple.com/gb/episode/the-legacy/umc.cmc.76akjmgc64m1t1n4i9vjvqm88?showId=umc.cmc.1jvelve41wn4nv2fl4v2u8rgj [Accessed 4 Oct. 2023].
Berg, A. (2022). Fashion industry challenges and global disruptions | McKinsey. [online] www.mckinsey.com. Available at: https://www.mckinsey.com/industries/retail/our-insights/how-current-global-trends-are-disrupting-the-fashion-industry#/ [Accessed 20 Oct. 2023].
McKinsey&Company ed., (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 10 Oct. 2023].
Miller, K. (2020). The Triple Bottom Line: What It Is & Why It’s Important. [online] Harvard Business School Online. Available at: https://online.hbs.edu/blog/post/what-is-the-triple-bottom-line [Accessed 4 Oct. 2023].
Mitterfelner, O. (2023). Luxury Fashion Brand Management : Unifying Fashion with Sustainability. 1st ed. [online] London: Taylor & Francis Group. Available at: https://ebookcentral.proquest.com/lib/ual/reader.action?docID=7260416 [Accessed 14 Oct. 2023].
Mitterfellner, O. (2019). FASHION MARKETING AND COMMUNICATION : theory and practice across the fashion industry. [online] London: Routledge. Available at: https://ebookcentral.proquest.com/lib/ual/reader.action?docID=5981798 [Accessed 19 Oct. 2023].
Statista. (2023). Fast fashion market value forecast worldwide from 2022 to 2027 (in billion U.S. dollars). Statista. Statista Inc.. Accessed: October 21, 2023. https://www-statista-com.arts.idm.oclc.org/statistics/1008241/fast-fashion-market-value-forecast-worldwide/