Jie Su

Four pillars of fashion are people, plant, profit and purpose.

The size of fashion industry is large. As of 2023, the global fashion industry is worth $1.7 trillion. Fashion industry accounts for 2 per cent of global gross domestic product (GDP). In addition, Of the 3.4 billion people in the global labour force, about 430 million are engaged in the production of fashion, clothing and textiles. This means that about 12.6 per cent of the world’s workers are contributing to the manufacture of the world’s clothing, shoes and accessories. The majority of people involved in fashion and textile production live in Asia (Sky, 2023). 

The fashion industry includes the design, manufacture, distribution, marketing, retailing, advertising and promotion of all types of clothing, from the rarest and most expensive haute couture and designer fashions to normal clothing. They all occupy a very significant place in the fashion industry.

Leaders in the fashion industry are subject to global risk and uncertainty, and in the coming year they will need to pay careful attention to macroeconomic and political issues in the regions where they manufacture and sell their products. They need to develop risk mitigation strategies that can be implemented quickly as conflicts, fiscal policies and government regulations evolve. In addition, they need to critically consider where they operate beyond top growth potential when evaluating new and existing foreign markets. As their global customer base becomes more connected and outspoken, brands can no longer plan to be completely politically neutral. By 2023, consumers will become unpredictable and fickle. Brands will need to carefully consider the factors influencing shopping behaviour and react accordingly. Even if many customers reduce their spending, brands have the opportunity to keep customers engaged through leasing channels and low-cost retailers, for example. (Imran, 2022).

Many artists have made money for themselves through commercial collaborations. Andy Warhol is a good example. He connects art and business with each other and makes a profit from his work. Warhol was both an artist and a businessman, blurring the lines between art and business and experiencing an expansive and varied career as an artist, film producer, band manager, magazine publisher, and famed factory director. Warhol’s success proves that the marriage of art and business is a shrewd move – a move that, perhaps, more people in the business world should consider (The meaning team, 2018)

Reference:

Sky, A. (2023) 28 dazzling fashion industry statistics [2023]: What is the value of the fashion industry? Available at: https://www.zippia.com/advice/fashion-industry-statistics/ [Accessed 20 Oct.2023]

Imran, A. (2022) The State of Fashion 2023: Holding onto growth as global clouds gather. Available at: https://www.mckinsey.com/industries/retail/our-insights/state-of-fashion [Accessed 20 Oct. 2023] 

The meaning team (2018) Bridging the gap between art and business. Available at: https://meaningconference.co.uk/blog/bridging-gap-between-art-business [Accessed 20 Oct. 2023]

Image reference:

Amodini, C (2019) Strategic Design: bridging the gap between the “business of design” and the “design of business”.Available at: https://www.linkedin.com/pulse/strategic-design-bridging-gap-between-business-amodini-chhabra [Accessed 20 Oct. 2023]

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Four pillars of fashion are people, plant, profit and purpose. This essay is about Gen Z people.

Gen Z are digital natives because they’ve had access to technology and the internet all their lives. As consumers, Gen Z’s behaviour reflects their values and the impact of an increasingly digital world. Gen Z can be relied upon to be technologically adept and have access to a wide range of social media platforms in order to make informed purchasing decisions. Their pragmatism leads them to explore and evaluate a range of options before settling on a product. In addition, they are more likely to be swayed by recommendations from real life users than by celebrity endorsements. (Annie, 2021). They are more independent and have their own unique style of consumption.

To attract Gen Z’s customers, brands should focus more on their social media, unique design and novel advertising ideas. Brands also need to emphasise their commitment to social challenges such as diversity, environmentalism, sustainability, climate change and world hunger. A brand’s CSR statement must be something that the brand lives by, not just embraces (Scott, 2022). For example, they are attracted to sustainable products and brands and are often willing to pay more for them. They value individualised products and are attracted to brands that share their views on political issues (Annie, 2021). Apart from this, the price, quality and packaging of the product should also be in the consideration of the brand.

A Häagen-Dazs example, in order to remain competitive, companies must constantly look at the rapidly changing environment, industry trends and the company’s target demographic. Häagen-Dazs is a high-quality but old-fashioned brand. in 2016, it underwent a successful rebranding new flavour, vibrant packaging and a new logo targeting Millennials. Today, we can leverage the power of marketing automation to micro-target audiences (Forbes, 2022).

The key people skill needed the success of a fashion brand are support and motivate other, responsibility and flexible. According to Hockett, about support and motivate other people, he claimed that “People want others to believe in them, no matter how successful they are. By showing support in the form of encouragement, you can get someone back on track or get them moving in the right direction.”(Jacquelyn, 2013). This support for customers makes them more likely to buy from the brand. In addition to the external product, it provides spiritual motivation to the customer.

Reference:

The Annie E. Casey foundation (2021) What are the core characteristics of Generation Z. Available at: https://www.aecf.org/blog/what-are-the-hcore-characteristics-of-generation-z[Accessed 14 Oct.2023] 

Forbes (2022) 11 brands that successfully model diverse and inclusive advertising. Available at: https://www.forbes.com/sites/forbescommunicationscouncil/2022/07/15/11-brands-that-successfully-model-diverse-and-inclusive-advertising/?sh=28b004c457b9 [Accessed 14 Oct. 2023]

Jacquelyn, S. (2013) The 20 people skills you need to succeed at work. Available at: https://www.forbes.com/sites/jacquelynsmith/2013/11/15/the-20-people-skills-you-need-to-succeed-at-work/?sh=6fd7219a3216 [Accessed 14, Oct. 2023]

Scott, C. (2022) Do your brand’s values align with those of Gen Z? Available at: https://www.cmswire.com/customer-experience/do-your-brands-values-align-with-those-of-gen-z/ [Accessed 14, Oct. 2023]

Four pillars of fashion are people, plant, profit and purpose. The circular economy is a production model and consumption that involves sharing, renting, reusing, repairing, refurbishing and recycling existing materials and products for as long as possible. In this way, the life cycle of products is extended. In reality, this means that waste is reduced to a minimum. When products reach the end of their useful lives, their materials are kept as economical as possible due to recycling. These can be used again and again efficiently, thus creating further value (Economy, 2023). For the sustainability in relation to fashion, sustainability refers to the process of creating and consuming clothes in a “sustainable” way that protects the environment and the people who produce them. In addition, true sustainability should ensure that the creation process is environmentally and socially sound, from materials to manufacture, all the way to workers’ conditions and fair remuneration (Alison, 2023). Nowadays, more consumers are looking towards sustainable clothing. Sustainability is also becoming more and more important in the fashion industry. There are 17 types in UN SDG. Responsible consumption and production are related to fashion. It is a process of fashion industry, which include fabric, machines and dye and so on. Sustainable consumption and production promote resource and energy efficiency, sustainable infrastructure and access to green and decent jobs and a better quality of life. It is at the centre of progress in building a sustainable economy that works for people and the planet in the long term. Fashion accounts for 10 per cent of global anthropogenic greenhouse gas emissions and 20 per cent of wastewater and consumes more energy than the aviation and shipping sectors combined Renee 2021). As eco-conscious generations become more economically stable, brands need to stay on track with the growing demand for sustainable fashion practices. As the importance of environmental, social and governance transparency continues to grow, fashion companies may feel pressure to do more (Elisa & Anita, 2022). More and more consumers are choosing sustainable products. In order to attract more clients, the company will focus more on the development of sustainable garments and the reduction of pollution in the production process. In excess of it, the fashion industry also guards the planet’s environment with obligation.

Reference:

1.Economy (2023) What is a circular economy. Available at: https://ellenmacarthurfoundation.org/topics/circular-economy-introduction/overview?gad=1&gclid=EAIaIQobChMIt-iFjPrkgQMVapRoCR2WYQQOEAAYBCAAEgK9KfD_BwE [ Accessed 7 Oct. 2023]

2. Alison, B. (2023) 
The State Of Sustainability In The Fashion Industry (And What It Means For Brands). Available at: https://www.forbes.com/sites/forbescommunicationscouncil/2023/01/02/the-state-of-sustainability-in-the-fashion-industry-and-what-it-means-for-brands/?sh=6a1b659b1c82 [Accessed 7 Oct. 2023]

3.Renee, C (2023) Why fashion needs to be more sustainable. Available at: https://news.climate.columbia.edu/2021/06/10/why-fashion-needs-to-be-more-sustainable/ [Accessed 7 Oct. 2023]