Yi Zeng

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Profit

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Among the four pillars of the fashion industry, profit is the economic benefit gained by excluding costs in the transaction process (Kenton, 2022), and this pillar also represents the financial basis for the development of any business in the fashion industry.

According to Fashion United (2022), fashion has always been one of the largest and most important industries in the world and it has been driving the global economy. However, in 2020, this market contracted massively due to the Covid-19 pandemic and is still in the recovery period. According to the diagram, the global fashion market reached an historical low of USD 1.4 trillion in 2020 from 2014 projections to 2027, although this is projected to continue increasing from 2023 and reaching an historical peak of USD 194 million in 2027.

Figure 1: Global Fashion Market Revenue, 2014 – 2027

The fashion industry can be divided into four main sectors, which are the production of raw materials, the production of fashion products through designers or manufacturers, retail sales and various modes of marketing. The production of raw materials means that fabrics are predicted in advance and created that may appeal to consumers, fashion products are designed by designers or factories using the raw materials, retailers buy the products from the manufacturers and sell them to consumers, and finally marketing (various promotional campaigns and advertisements) is used to maximise profits as the products flow through the process (Steele and Major, 2018).

Considering the serious damage that pandemics have brought to the global economy, it is important for fashion brands to be aware ahead of time of how to stay competitive in an unstable economic environment. According to Berg (2022), brands must always be thinking, the uncertainty of demand force brands to be more flexible in order to face the challenges, when brands that are too homogeneous and conservative tend to become obsolete. Glossier, for example, has been reusing iconic packaging and model images in their adverts, leading to aesthetic exhaustion (Meltzer, 2023).

Figure 2: A tube lipstick design by Glossier, launched with 2014.

In the fashion industry, creativity and business must co-exist. The position of Creative Director must manage both the creative design process and the hundreds of employees under the supervision of, for example, fashion designers, who are responsible for designing fashion products that satisfy the needs of the consumers and bring a deep impression; brand visionaries, who are responsible for disseminating the artistic concepts in design to all other artistic departments; brand ambassadors, who are responsible for presenting at fashion shows and promoting the brand’s concept to the highest level. The Creative Director is responsible for linking and managing all these people, as well as understanding the brand’s visual DNA and presenting it to consumers and management in a modern way. The Creative Director is also required to conceptualise materials such as adverts and then select models to complete the adverts. This whole process is where the creative director brings the creative and commercial together (Mitterfellner, 2023).

Reference list

Berg, A. (2022). How current global trends are disrupting the fashion industry | McKinsey. [online] McKinsey & Company. Available at: https://www.mckinsey.com/industries/retail/our-insights/how-current-global-trends-are-disrupting-the-fashion-industry [Accessed 18 Oct. 2023].

Fashion United (2022). Global Fashion Industry Statistics. [online] Fashion United. Available at: https://fashionunited.com/global-fashion-industry-statistics [Accessed 17 Oct. 2023].

Kenton, W. (2022). Understanding Profit. [online] Investopedia. Available at: https://www.investopedia.com/terms/p/profit.asp [Accessed 17 Oct. 2023].

Meltzer, M. (2023). Where Glossier went wrong. Financial Times. [online] 9 Sep. Available at: https://www.ft.com/content/5145f471-e5a6-412d-ae93-6688c24431a2 [Accessed 18 Oct. 2023].

Mitterfellner, O. (2023). Luxury Fashion Brand Management. [online] Taylor & Francis Group, p.32. Available at: https://ebookcentral.proquest.com/lib/ual/reader.action?docID=7260416 [Accessed 18 Oct. 2023].

Steele, V. and Major, J.S. (2018). Fashion industry. In: Encyclopædia Britannica. [online] Available at: https://www.britannica.com/art/fashion-industry [Accessed 17 Oct. 2023].

Image reference list

Meltzer, M. (2023). Where Glossier went wrong. Financial Times. Available at: https://www.ft.com/content/5145f471-e5a6-412d-ae93-6688c24431a2 [Accessed 18 Oct. 2023].

Smith, P. (2022). Revenue of the Global Apparel Market 2012-2025. [online] Statista. Available at: https://www.statista.com/forecasts/821415/value-of-the-global-apparel-market [Accessed 18 Oct. 2023].

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People

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The four pillars that have been proposed to better recognise how sustainability will work in the fashion industry are Profit, Planet, People and Purpose. One of the main roles that the ‘people’ pillar fills in the fashion industry is the consumer.

Consumers are categorised into several generations based on age, including Baby Boomers (1940-1959), Generation X (1960-1979), Millennials (1980-1994) and the most talked about generation, Gen Z (1995-2010). Nowadays, Gen Z has developed into a major group of consumers, along with the development of digital technology, this generation was the first to grow up as digital natives and is more familiar with and skilled in the use of social media (such as TikTok), the Internet, and meta-universe concepts than any other generation. Therefore, as a consumer, this group prefers to shop online, and is seeking fun and inspiration in the process, apart from convenience and speed (Moran, 2022). Furthermore, compared to other generations before them, Generation Z consumers have changed their consumption views – consuming for the sake of acquiring rather than ultimately possessing. For example, young consumers are more likely to subscribe to streaming platforms instead of buying a full-length film or music, which is a trend that has also promoted current services related to the rental and resale of cars and clothing (McKinsey, 2023). It has also been shown through research (Moran, 2022) that Gen Z consumers have developed more interest in shopping in offline shops than Millennials. As can be seen from the chart below, they are more interested in the atmosphere or environment of offline shops (32.2 per cent of Gen Z vs. 23.3 per cent of Millennials) and are more willing to talk to staff and get help (26.8 per cent of Gen Z vs. 17.4 per cent of Millennials).

Figure 1: The table shows the attitudes of different generations of consumers towards offline spending

To attract Gen Z consumers, brands should also improve on marketing strategies. Considering the changes in Gen Z’s living environment and the changes in their thinking, this group expects more customised services and personalised products (Smith and Yamakawa, 2020), brands should catch these opportunities. Meanwhile, brands that are inclusive and take a stand are more appreciated. Through Francis and Hoefel (2018), more than seventy percent of Gen Z believe that human rights are important, and this group has a strong interest in defending issues related to racial justice and sustainability in general, to the extent that they will abandon purchases that don’t align with their values for this reason. For example, Dove has embraced diversity in its marketing strategy, with the brand showcasing women of different ages, races, and body types in its 2004 advert and launching a men’s related range of products in 2010, which further breaks down stereotypes about gender and race (www.pixlee.com, n.d.).

Figure 2: Table Shows Gen Z Has Extremely High Interest in Supporting Racism and Human Rights Issues.
Figure 3: The table shows how different generations have different ethical positions towards brands and themselves.
Figure 4: Dove adverts about different women’s races, body types and ages.

Thus, a few key people skills are necessary for brands wishing to engage in sustainable development and achieve success. In order to keep up with the fast-paced nature of the fashion industry, flexibility and brand adaptability should be always maintained. Digital skills are also needed in order to increase brand competitiveness, as brands are encouraged to use digital tools to create new internet platforms to appeal to their customers. Finally, continuous learning and critical thinking will help brands to understand the latest trends and reflect on themselves to create a better brand image.

Reference list

Francis, T. and Hoefel, F. (2018). ‘True Gen’: Generation Z and Its Implications for Companies. [online] McKinsey & Company. Available at: https://www.mckinsey.com/industries/consumer-packaged-goods/our-insights/true-gen-generation-z-and-its-implications-for-companies [Accessed 12 Oct. 2023].

McKinsey (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 12 Oct. 2023].

Moran, G. (2022). Gen Z and Millennials 2022. [online] Drapers. Available at: https://www.drapersonline.com/guides/gen-z-and-millennials-2022 [Accessed 12 Oct. 2023].

Smith, T.R. and Yamakawa, N. (2020). Asia and Gen Z | McKinsey. [online] www.mckinsey.com. Available at: https://www.mckinsey.com/industries/retail/our-insights/asias-generation-z-comes-of-age [Accessed 12 Oct. 2023].

www.pixlee.com. (n.d.). 4 Brands Embracing Diversity in Their Content | Pixlee TurnTo Blog. [online] Available at: https://www.pixlee.com/blog/4-brands-embracing-diversity-in-their-content [Accessed 13 Oct. 2023].

Image reference list

Figure 1

Moran, G. (2022). Gen Z and Millennials 2022. Drapers. Available at: https://www.drapersonline.com/guides/gen-z-and-millennials-2022 [Accessed 12 Oct. 2023].

Figure 2

Francis, T. and Hoefel, F. (2018). ‘True Gen’: Generation Z and Its Implications for Companies. McKinsey & Company. Available at: https://www.mckinsey.com/industries/consumer-packaged-goods/our-insights/true-gen-generation-z-and-its-implications-for-companies [Accessed 12 Oct. 2023].

Figure 3

Moran, G. (2022). Gen Z and Millennials 2022. Drapers. Available at: https://www.drapersonline.com/guides/gen-z-and-millennials-2022 [Accessed 12 Oct. 2023].

Figure 4

Unilever (2017). Announcing the Dove Real Beauty Pledge. Unilever. Available at: https://www.unilever.com/news/news-search/2017/announcing-the-dove-real-beauty-pledge/ [Accessed 13 Oct. 2023].

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Planet

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As the planet is an environment for survival, the diversity of life on this planet is essential for the development of mankind. However, according to the Population Matters (n.d.), due to the increased demand for energy as well as various materials, nature is suffering from severe pollution and has led to the extinction of many species, which has ultimately resulted in a much higher rate of biodiversity erosion. To change the situation, measures regarding environmental sustainability should be taken into consideration.

The fashion industry produces a huge amount of waste to the environment due to the overproduction and ultimately underutilisation of many clothes (ellenmacarthurfoundation.org, n.d.). Consumers excessively waste unused or underused clothing and do not reuse products to extend their life. This also relates to the UN SDGs Goal 12: Ensure sustainable consumption and production patterns, which is designed to maintain the standard of living for current and future generations through sustainable consumption and production patterns, by encouraging a change in consumption habits, and consumers should be thoughtful during their purchases, reducing waste and choosing sustainable products wherever possible (United Nations, n.d.).

Achieving sustainability in the fashion industry will also contribute to environmental sustainability. The circular economy, as a model of production and consumption that includes sharing, renting and repairing, extends the life cycle of products by recycling and using existing materials on a long-term basis. Meanwhile, in the process, waste is minimised but more value can be created (European Parliament, 2023). Circular fashion is one of the key factors for the fashion industry to achieve sustainability and in this model, resources will be utilised for as long as possible, which is in line with the principles of the circular economy. Therefore, both ultimate models promote environmental sustainability based on the principles of eliminating waste and pollution, circulating products and materials, and regenerating nature.

Reference list

ellenmacarthurfoundation.org. (n.d.). Fashion and the circular economy. [online] Available at: https://ellenmacarthurfoundation.org/fashion-and-the-circular-economy-deep-dive?_ga=2.156801339.1219036575.1660665039-170758297.1654013160&gad=1&gclid=CjwKCAjw9-6oBhBaEiwAHv1QvA3jg6nFmBblGa-p8EQrsGLKlWoawplRuR6arFQMjdBnFnbWoyFkdxoCZAcQAvD_BwE [Accessed 3 Oct. 2023].

European Parliament (2023). Circular economy: definition, Importance and Benefits | News | European Parliament. [online] www.europarl.europa.eu. Available at: https://www.europarl.europa.eu/news/en/headlines/economy/20151201STO05603/circular-economy-definition-importance-and-benefits [Accessed 4 Oct. 2023].

Population Matters. (n.d.). Biodiversity. [online] Available at: https://populationmatters.org/biodiversity/?gclid=CjwKCAjw9-6oBhBaEiwAHv1QvD4CnjdUOAvMPEpuG7yvordkEppbbkugC6sMQPNwpTjRxy-biCENHRoCspcQAvD_BwE [Accessed 3 Oct. 2023].

United Nations (n.d.). Goal 12: Ensure sustainable consumption and production patterns. [online] United Nations Sustainable Development. Available at: https://www.un.org/sustainabledevelopment/sustainable-consumption-production/ [Accessed 4 Oct. 2023].

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My Favourite Brand

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My favourite brand is Vivienne Westwood, a British brand that includes elements of punk, classic glamour and vintage. The founder of the brand believes that gender equality doesn’t mean that women should dress like men, but that they should emphasise female curves and symbols. As a result, the brand’s clothing often features deconstructed corsets and dresses, which are visually sexy and express the spirit of femininity. The brand’s jewellery and accessories also use dramatic gold, pearls and Saturn as key elements, integrating traditional design with futuristic style.

The brand was also featured several times in a famous early Japanese manga called NANA, which was my first exposure to the punk style. In recent years, the popularity of y2k style and retro has brought NANA and VW back to the attention of the younger generation，and the brand’s items that appeared in NANA have begun to be followed.
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