Zeyao Zhang

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PURPOSE

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The last pillar is purpose. The purpose of a brand is to tell the customers, beyond commercial, “why does this brand exist” and “what the responsibilities of a brand should contribute to society”. And this can be a strategy for brands to stay focused on their core values, adapt to changing market conditions, and remain relevant over time (Brand Master Academy, 2023).

A brand philosophy includes mission, vision, and value proposition; these three key points, play an important role in shaping the bridge that can engage brands with their audience (Brand Master Academy, 2023), helping clients to differentiate one brand from others and ensuring long-term success. It defines the core values, principles, and purpose that guide every aspect of the brand’s existence. In the fashion industry, where consumers increasingly seek meaning and purpose in their choices, a well-defined brand philosophy is crucial. According to a survey from DoSomething (2023), 76% of consumers said they have purchased or would consider purchasing from a company that has shown support for social and political issues. This means that today’s consumers, especially the Millennials and Gen Z, are expecting companies to have more responsibilities to the society. For instance, Patagonia’s brand philosophy is rooted in environmental responsibility and sustainability, which sets it apart as a brand committed to reducing its ecological footprint. The “Don’t Buy This Jacket” campaign reinforced Patagonia’s authenticity and commitment to its core values. It resonated with environmentally conscious consumers who appreciated the brand’s honesty and efforts to reduce consumption. This deepened customer loyalty and attracted like-minded individuals to the brand (Kyla W, 2015).

Gen Z is recognized as the digital natives who grew up in an era when the internet was just widely used in people’s daily liives (McKinsey& Company, 2023). One effective way to communicate brand purpose to Gen Z is through digital platforms and social media. Gen Z is highly active on social media. Brands can leverage this by sharing content that highlights their philosophy, sustainability initiatives, and ethical practices. For example, brands can use Instagram and TikTok to showcase their commitment to sustainability by sharing behind-the-scenes footage of eco-friendly production processes or promoting ethical sourcing of materials.

Engagement is key when communicating with Gen Z. After the pandemic, activity on digital campfire platforms exploded (Sara. W, 2021). More and more brands and companies launched digital games and NFTs. Nike has launched a limited-edition in Fortnite (Nike, 2023)

Bibliography:

Brand Master Academy (2023) What Is Brand Philosophy? Available at: https://brandmasteracademy.com/brand-philosophy/#Over_To_You  [Accessed: 29/10/2023]

Kyla. W (2015) Patagonia: Don’t Buy this Jacket. Available at: https://d3.harvard.edu/platform-rctom/submission/patagonia-dont-buy-this-jacket/ [Accessed: 29/10/2023]

McKinsey& Company (2023) What is Gen Z? Available at: https://www.mckinsey.com/featured-insights/mckinsey-explainers/what-is-gen-z [Accessed: 29/10/2023]

Meredith. M (2018) Dollars & Change: Young People Tap Brands As Agents of Social Change. Available at: https://medium.com/dosomethingstrategic/dollars-change-young-people-tap-brands-as-agents-of-social-change-2612b717e5f7 [Accessed: 29/10/2023]

Nike (2023) Nike Launches Airphoria in Fortnite Available at: https://about.nike.com/en/newsroom/releases/nike-launches-airphoria-in-fortnite [Accessed: 29/10/2023]

Sara. W (2021) Where Brands Are Reaching Gen Z Available at: https://hbr.org/2021/03/where-brands-are-reaching-gen-z [Accessed: 29/10/2023]

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PROFIT

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Profit is the third pillar in fashion industry, and it is crucial for companies to maintain their business. Without profitability, businesses in the fashion industry cannot sustain operations, pay employees, invest in growth, or continue to provide products to consumers.

The size of global fashion industry will vary depending on the specific segments: wide range of products and services. This including apparel, footwear, accessories, and textiles in the value market and luxury brands. According to a report from Statista, “The apparel market was calculated to worth around 1.53 trillion U.S dollars in 2022 and it is expected to increase more than 1.7 trillion dollars in 2023”. Luxury markets is a key market in the apparel industry. After the COVID-19 pandemic small-scale lockdown, many luxury brands have recovered and experienced a growth, for example, LVMH had a market capitalization of 317 billion dollars in September 2022 (P. Smith, 2023).

The performance of various sectors in the industry based on a variety of factors, including consumer preferences, economic conditions, technological advancements, and global event. As a part of fashion industry, fast fashion brands are well known for their ability to quickly produce affordable clothing. However, with the emphasis on protecting the environment, fast fashion brands are scrutinised on their environmental and ethical practices. Zara, one of the world’s largest fast fashion retailers, has faced criticism for its production practices and labour conditions in the past. The brand has been working to improve its environmental efforts by committing to using sustainable materials and improving waste management. However, it still faces challenges in terms of transparency and labour practices in its supply chain (Maddie. D, 2022).

Along with the global economic gloom, customers’ shopping habits has changed, it is more obvious when we are looking at the shopping habits between low-income and high-income family. During economic downturns, low-income family tend to prioritise thrift and value in their purchase. They are seeking discounts, use coupons, and opt to comparing prices between different brands when they are buying clothes. High-income families, on the other hand, may also become more value-conscious during economic uncertainties, seeking out sales and discounts, but they might not experience as significant a shift as low-income families. In this situation, focus on understanding and meeting consumers’ needs and preference become crucial. According to a report from McKinsey (2022), consumers have reduced spending money on clothing in 2023, brands have more opportunity to keep customers engaged through providing rental channels and off-price retailer websites.

Creative Directors need to strike a delicate balance between creativity and commerce. They adapt to market dynamics, embrace innovation, and measure success through data-driven insights. Budget management, brand identity guardianship, and innovation are among their core responsibilities.

Bibliography:

Maddie. D (2022) How Ethical Is Zara? Available at: https://goodonyou.eco/how-ethical-is-zara/ [Accessed: 22/10/2023]

McKinsey (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: 22/10/2023]

P. Smith (2023) Global apparel market – statistics & facts. Available at: https://www.statista.com/topics/5091/apparel-market-worldwide/#topicOverview [Accessed: 22/10/2023]

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PEOPLE

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The second pillar is People which is emphasized the ethical and social aspect of the fashions industry. From people who engaged in fashion industry to customers and consumers who purchasing and using the products.

Gen Z, the second-youngest generation in today’s society is grow up in digital age, when the internet had just widely used in people’s daily life (McKinsey & Company, 2023). They are getting used to communicate and shopping online through social media, take Instagram as an example, Gen Z customers are more likely to purchase products hashtag by their favourite influencer. Gen Z is not loyal to certain brands. They are seeking for authenticity and meaningful engagement from brands. They often make purchase decisions based on brand’s commitment to social and environmental causes, this can show their awareness of ethical and sustainable consumption.

Brands can attract Gen Z by coming up with new business models and new lifestyle concepts. Gen Z likes to show their personality through what they wear and how they live. They prefer to keep up with the latest fashion trends rather than the same old style. So, regarding with these signature shopping habit of Gen Z, brands can launch more offline pop-up store along with their new season’s products to attract Gen Z’s attention. Gen Z can take photos in pop-store and post their in-store picture on social media to show their daily life as well as the sign of keeping up with the fashion trends. Brands can show diversity in offering more option in products. To be more specific, Fenty beauty offer more than 50 shades of foundation, inclusive of all skin.

For a fashion brand to thrive and succeed, it is important to a have team with profession skills in all field. First of all, communication skills is essential, team members need convey ideas, provide feedback, and interact with colleagues, suppliers, and customers clearly. Secondly, multitasking skill is important, professionals need to work on current collections, plan for upcoming seasons, and analyse market trends to well manage their budget and control the inventory. Also, technical savvy is crucial for brands incorporate content management, design, social media, and more. Team member needs to familiar with software and technological tools to execute their strategy (Robin. J, 2022).

Bibliography:

McKinsey & Company (2023) – What is Gen Z? (Report) Available at: https://www.mckinsey.com/featured-insights/mckinsey-explainers/what-is-gen-z (Accessed 14/10/2023)

Robin. J (2022) Skills you need to get a job in fashion marketing. Available at: https://www.yellowbrick.co/industry-insights/skills-you-need-to-get-a-job-in-fashion-marketing (Accessed 15/10/2023)

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Week 1-Planet

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Circular economy is an economic and industrial system to minimise the waste and pollution that has generated during the production and after consumption. In circular economy, the goal is reusing the existing products and resource in circulation, thereby reducing the harm on environment, and promoting the concept of sustainability. According to the EMF report (Ellen MacArthur Foundation, 2023), the circular economy is constituted by three principles: 1. eliminate waste and pollution, 2. circulate products and materials, 3. regenerate nature.

Sustainability in relation to fashion refers to a series of practices, principles and approaches that aimed to reducing the environmental and social impact of the fashion industry. The fashion industry has significantly impact on the environment, for examples in the environment circumstance, the waste material generated during the production of textiles and clothing were all poured into the ocean this harmed the life below water (UN SDGs14); in society circumstance, fashion industry often issued with labour practice and ethical concerns.

A pressing issue within the fashion industry is the lack of equal opportunities for garment workers, especially women (UN SDGs 5). The Clean Clothes Campaign’s report exposes tragic incidents of abuse and gender discrimination in some fashion industries (Clean Clothes Campaign, n.d). Major fashion brands like Gap and H&M have also faced allegations of abuse and oppression of their Asian female employees (Hodal, K., 2018). These examples illustrate the urgent need for fair treatment, safe working conditions and justice wages for garment workers in the fashion industry. Moreover, women often face barriers in gaining access to leadership positions, especially in large fashion houses and design studios. This gender imbalance runs counter to UN Sustainable Development Goal 5: Gender Equality, which aims to achieve gender equality and the empowerment of all women and girls. By failing to provide equal opportunities for women, the fashion industry perpetuates gender stereotypes and limits women’s career advancement. For example, a report from 2022 McKinsey & Company study found that women hold only 14% of executive board positions in the fashion industry (McKinsey & Company, 2022). This lack of female representation at the decision-making level slow down the industry’s ability to understand and cater to the diverse needs and preferences of consumers. By advocating for gender equality and ensuring equal representation, the fashion industry can tap into a broader talent pool and foster innovation and creativity. This leads to the majority of women globally working in poor conditions.

Bibliography:

Clean clothes campaign (n, d.) Systematic abuse and discrimination. Available at: https://cleanclothes.org/issues/migrants-in-depth/stories/systematic-abuse-and-discrimination (Accessed: 07 October 2023)

Ellen MacArthur Foundation (2023) Circular economy introduction, Ellen MacArthur Foundation. Available at: https://ellenmacarthurfoundation.org/topics/circular-economy-introduction/overview (Accessed: 07 October 2023).

European Parliament (2023) Circular economy: definition, importance and benefits. Available at: https://www.europarl.europa.eu/news/en/headlines/economy/20151201STO05603/circular-economy-definition-importance-and-benefits#:~:text=The%20circular%20economy%20is%20a,reducing%20waste%20to%20a%20minimum. (Accessed: 07 October 2023)

Hodal, K. (2018) Abuse is daily reality for female garment workers for Gap and H&M, says report. Available at: https://www.theguardian.com/global-development/2018/jun/05/female-garment-workers-gap-hm-south-asia (Accessed: 07 October 2023).

McKinsey & Company (2022) Women in the workplace 2022. Available at: https://www.mckinsey.com/featured-insights/diversity-and-inclusion/women-in-the-workplace (Accessed: 07 October 2023).

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