PROFIT
The fundamental goal of a fashion business is to make money. Therefore, today I will introduce the pillar of profit. Despite the fashion industry being one of the largest industries in the world, how big really is it? Fashion on a whole generates “$2.5 trillion in global annual revenues” et al Mckinsey, (November 29, 2022). Post pandemic the industry started to boom again, people were finally able to roam free and escape the lack of care for what they wore at home, new trends were set, and more clothes were being produced as consumer needs increased. Because of the circumstances brands could really start to determine a more expressive approach to their business and become further creative, unique and stand out to their competitors. Uniqueness in the fashion market is a challenge so how do they do it? “Today, luxury fashion brands need to reach out further and invite new designers, new styles, new consumers, new communications channels and new technological formats” (Mitterfellner, O. (2023) Luxury fashion brand management: unifying fashion with sustainability: London, Routledge.) By integrating these into the business plan it will generate an increase in growth overall, thus creating a community for the brand and an increase in loyal and returning customers. Furthermore, a good way to reach that goal is by developing the brand into a new style, this could be a rebrand for more recognition in the fashion world or a new collection that is more appealing to different consumers such as Gen Z, as they are the main consumers in the fashion industry today which would inevitably supplement increased profit.
There are a multitude of sectors in the fashion industry, the largest being luxury fashion “Luxury fashion brands with a higher price point experienced a 6% larger growth in orders year on year compared to fast fashion” et al Just Style, (April 19, 2023) this is because this sector is forever changing and adapting to consumer trends and using higher quality garments which can increase market price. I’d also like to mention the textile sector has had a high demand for sustainable materials as the industry is slowly developing into a more sustainable approach.
Creativity is an important aspect of a fashion brand, this could be marketing, clothing and media for example. Creative director of GAP, Len Peltier, uses creative campaigns to represent and engage its brands community. “We want GAP to be able to express itself in some incredible external engagement programmes to build deeper connections with the consumer” et al businessoffashion, (16th March, 2021) this shows the links between creativity and commerce through marketing campaigns. GAP has used famous photographers such as Lenny Kravitz to express creativity in 1989, they also have used famous music bands and artists such as daft punk wearing all denim and shot a video of them dancing, making GAP stand out from its competitors.
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