PROFIT
Profit is related to Industry, Innovation in different ways, the every sectors of fashion are aim to produce profit to people and development the Production chain. Fashion is an important industry that contributes significantly to the global economy. In fact, it is one of the key value creation sectors in the world economy. by McKinsey’s 2017 State of Fashion report. (McKinsey & Bof, 2016) It is revealed in global data that nearly 4.35 billion individuals are employed in the fashion industry. What’s more, the fashion industry across the world is responsible for manufacturing a staggering quantity of 10 to 150 billion garments yearly, while fashion consumers purchase over 80 billion new garments annually. This is more than 400% higher than consumption two decades ago (True Cost, 2015), yet these alarming figures continue to rise each year and the fashion industry continues to expand.
The fashion industry is a fast-growing, trend-oriented sector that comprises four main economic sectors, including 1. the production of raw materials, mainly fibres and textiles, including leather and fur; 2. designers, manufacturers, and contractors, mainly responsible for the production and design chain; 3. retail, which includes both offline shop sales and online sales scenarios; and 4. various forms of advertising and promotion (Čiarnienė & Vienažindienė, 2014). All these sectors form a completely closed chain that constitutes the circular fashion industry.
keep doing, keep innovating
Between 2020 and 2023, the global economy is in a downturn as well as an exceptional state of affairs, with demand in the fashion industry expected to weaken or become unpredictable after the economic embargo of COVID-19 and the overproduction after the lifting of the embargo. However, under challenging circumstances (Mckinsey, 2022) LOEWE remains steadfast in its philosophy of craftsmanship, using the brand’s traditional artisanal techniques and focusing on surrealist and experimental designs which are perfectly apt for the uncertain landscape, collaborating with innovative photographers and drawing on avant-garde craftsmanship. are perfectly apt for the uncertain landscape we find ourselves navigating post-pandemic. (Ava, 2023)
Key person
Prior to Jonathan Anderson’s arrival, Loewe had a reputation for being old-fashioned and uptight. By 2023, when Loewe was voted one of the world’s favourite brands, he had used some tactics to change Loewe’s image as a conservative brand in the eyes of the world. Commercially, Loewe’s pixelated clothes, cartoon-style heels, and red palm tree breastplates are visually striking and social media-friendly, helping to raise brand awareness and penetrate the larger collective fashion consciousness. Loewe clothing appeals to audiences both online and offline as real-life content with modal value. (Saskia, 2023) In addition, under the leadership of Jonathan Anderson, Loewe collaborated with weaving artists from Italy and Japan to create limited-edition artworks that were exhibited at the Milan International Furniture Fair. This boundary-pushing fusion of fashion, art, and craft has become a hallmark of Anderson’s tenure at Loewe.
（crafts council, 2021)
REFERENCE LIST
Ava, G.,8 Things You Don’t Know About Loewe, The Hottest Fashion House Of The Moment. [online]. Last updated:01 March 2023 . Available at:https://www.elle.com.au/fashion/loewe-28329(accessed 21 October 2023)
ČIARNIENė, R. and VIENAžINDIENė, M., 2014. Management of contemporary fashion industry: characteristics and challenges. Procedia-Social and Behavioral Sciences, 156, pp.63-68.
Crafts Council(2021) How LOEWE become one of craft’s biggest champions[Photo Graph]. Available at:https://www.craftscouncil.org.uk/stories/how-loewe-became-one-of-crafts-biggest-champions[Accessed 21 October 2023]
Dillon, S. (2018). The business of fashion. In The Fundamentals of Fashion Management . Bloomsbury Visual Arts. Publishing, London. Available from:ProQuest Ebook Central.(Downloaded,20 October 2023)
NN.ND.Global Fashion Industry Statistics. [Online]. Last updated:ND. Available at:https://fashionunited.com/global-fashion-industry-statistics.(Accessed 20 October 2023)
Mckinsey. The State of Fashion 2023: Holding onto growth as global clouds gather. [Online]. Last updated: 29 November 2022.Available at:https://www.mckinsey.com/industries/retail/our-insights/state-of-fashion(Accessed 21 October 2023)
Saskia, O., How did LOEWE become the planet’s hottest fashion brand?[Online]. Last updated:11 August 2023. Available at:https://www.euronews.com/culture/2023/08/11/how-did-loewe-become-the-planets-hottest-fashion-brand(Accessed 21 October 2023)