Profit : Art and Commerce connections
Profit is one of the four pillars of success that ensures balance between buying and selling in fashion marketing. In other words, it is the financial benefit after subtracting expenses from the revenue generated from a business activity.
‘Fashion is one of the biggest industries in the world’ (Amed. I et al, 2023), generating over 1.7 trillion U.S dollars in global annual revenues. The apparel market includes clothing from sportswear to business wear from value clothing to statement luxury pieces. ‘In 2022 inflation rose, as the cost of production increased, and consumer confidence fell’ (Smith. P, 2023) due to the Ukrainian war which increased gas prices worldwide (Berg. A, 2022). Finding opportunities in analysing consumer patterns is important for marketing and manufacturing what consumers demand. Sustainability in terms of profit, is focusing on efficient ways to create something valuable to society, forecasting the potential interests of the consumer during various economic issues (Amed. I et al, 2023).
Art has the ability to resonate deeply with individuals and change the perspective of life. Similarly, many brands now share the same goals. However, can brands turn their products into a creative experience for profit?
The value of a fashion brand is built from achieving superior performance from managing perception. Art is known to be a good investment due to the high value it holds over time to society and, artists turning their passion into profit. Today, many brands aspire to collaborate with art to create meaning around their products to ensure success. ‘Reminding the consumers on why the brand matters can be an investment in building the brand identity and providing customer satisfaction’ (Quelch. J and Jcoz. K, 2009).
The most common strategy for an uncertain global economy is to connect the relationship between creativity and economics in order to maximise profit. Art and fashion collaborations have become a creative powerhouse, these collaborations have transformed the industries’ growth attracting consumers and investors. Companies innovatively exhibit their products within store displays, windows and special promotional events in galleries and museums, challenging the perception of fashion for cultural value and heritage. Louis Vuitton Moet Hennessy French fashion house is an exceptional example of ‘responding quickly to new market sectors’ (Mitterfellner. O,2023). ‘In 2022, the most valuable, global luxury brand in the world, had a value of 124.3 billion U.S dollars’ (Sabanoglu. T, 2023).
Louis Vuitton’s commitment to craftsmanship, sustainability and ethical practices while embracing digital innovation, has created interactive experiences for customers. By collaborating not only with tech companies such as Google and Apple, but also launching a mobile app and products that combined fashion with technology. Furthermore, art has also consistently been a genre Louis Vuitton has explored, collaborating with artists such as Yayoi Kusama, Jeff Koons, Sol Le Witt, Richard Prince, among others (zamindar. S, 2023). In conclusion, the fashion industry continues to evolve, and brands must be proactive in leveraging the latest technologies and trends to drive success, as true creativity can be profitable.
Bibliography:
– (Amed. I et al) -The state of fashion 2023
https://www.mckinsey.com/industries/retail/our-insights/state-of-fashion#
-(Berg. A,2022)- How current global trends are disrupting the fashion industry
-(Mitterfellner. O,2023)-Luxury Fashion brand and management
https://ebookcentral.proquest.com/lib/ual/reader.action?docID=7260416
– (Quelch. J and Jcoz. K, 2009)- How to market in a downturn.
https://hbr.org/2009/04/how-to-market-in-a-downturn-2
-(Smith. P, 2023) Global apparel market
https://www.statista.com/topics/5091/apparel-market-worldwide/#topicOverview
(Zamindar. S, 2023)
https://www.vogue.in/fashion/content/inside-louis-vuittons-viral-collaboration-with-yayoi-kusama