Profit
The fashion world holds a lot of emphasis on creativity being the biggest driving force however financial gain and commerce is still high up in importance. As one of the biggest industries in the world, it provides jobs in so many departments whether that’s designing or becoming a personal shopper, but all these careers are in support of expanding the size of the fashion industry rapidly. ‘If it were ranked alongside individual countries’ GDP the global fashion industry would represent the seventh-largest economy in the world’ stated McKinsey in its State of Fashion 2017 report.
Profit is naturally what any business aims for, brands need to distinguish themselves from all other competitors, especially in uncertain economic times. Strategies are put in place such as focusing in on existing customers and maintaining the relationship between them and the company. This can be done by giving exclusive deals or discounts to those you know are loyal to the brand and will keep purchasing with these added benefits. This establishes a mutual trust between the buyer and seller. ‘Just because customers are willing to return doesn’t mean they don’t care about safety precautions or experience’ (Morgan,2021). It’s the corporation’s responsibility to present their core values and beliefs to the consumer and make sure these principles are never lost because this is their identity. For example, Ninety Percent is a sustainability brand from London that share 90% of distributable profits between the people helping to make the collections and to five charitable causes they hold close to heart. This is a strong brand ethos that is kept not only to stand out, but as a personality they identify with. Additionally, this kind of persona allows consumers to know what to expect from the brand if that is what their morals are.
Fashion is an art form but doesn’t get the same recognition as what we as society consider ‘Art’. Many designers nowadays love creating statement pieces that are artistic over wearable, this is to showcase the talent and creativity required to become a designer, to appreciate textiles. Runways are a real-life replica of an exhibition with walking models to show off the newest pieces, an imaginative display aiming to clear the divide between art and commerce. Beate Karlsson’s AVAVAV FW23 collection was not your regular runway, but a dramatic show where models were tripping over, and the garments were falling apart. This was done in attempts to show the world that fashion shouldn’t be criticised but appreciated, nothing is that serious when people are making and creating. Creative directors must understand that creativity and commerce can be less separate if done with the right intention. It’s all about making the right connections within the industry and from that networking you guaranteed a good audience to be as creative as you wish.
Reference List:
Mckinsey and Co, The state of Fashion 2017
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Blake Morgan, In a Post-Covid World Customers Will be Revenge Shopping, 2021
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