Tsz Ying Chan

Within the fashion industry there are four economic cycle pillars of people, planet, purpose, and profit. The profit sector focuses on the financial aspects of business and economic systems. It emphasises the significance of achieving economic growth and sustainable profits while upholding ethical and responsible business practises.

The fashion industry is a huge and intricate field that includes manufacturing, design, and marketing in addition to retail, resale, and online sales. The industry has grown to be a multi-trillion-dollar industry as a result of globalisation. According to global fashion industry statistics (fashionunited, no date), the global fashion industry is currently worth $2.5 trillion and is expected to grow to $3.3 trillion by 2025.

There are several different areas that make up the fashion industry, and each one operates differently. The burgeoning middle class in emerging economies and the increased popularity of online sales have both contributed to the luxury sector’s tremendous expansion in recent years. On the controversy, the environmental effects of mass-produced apparel and fast fashion’s unsustainable business model have both been criticised. Therefore, sustainable fashion is becoming more well-liked as consumers become more conscious of the social and environmental effects of their purchase decisions.

Brands must be flexible and adaptive to stay competitive in uncertain economic times. This entails having the flexibility to quickly adjust strategy in response to shifting customer needs and market trends. For brands to expand their consumer base and enhance the customer experience, they must invest in technology and digital marketing. In addition, brands must uphold sustainability and social responsibility since customers are becoming more concerned with the effects their purchases have on the environment and society.

In the fashion industry, creative directors are essential in bridging the gap between creativity and commerce. They are in charge of managing the design process and making sure the final product satisfies both artistic and business goals. Creative directors must also stay current on developing trends, understand the market as a whole, in order to effectively communicate their vision to other stakeholders such as buyers, merchandisers, and marketers. They must be able to strike a balance between artistic expression and financial viability to produce goods that appeal to customers.

FashionUnited (no date) Global Fashion Industry Statistics. Available at: https://fashionunited.com/global-fashion-industry-statistics (Accessed: 21 October 2023).

Within the fashion industry there are four economic cycle pillars of people, planet, purpose, and profit. The people sector plays a vital role in the fashion business, from the development of resources to the sales and promotion. I will be evaluating Gen Z in this blog, as a growing number of young generations are beginning to dominant the fashion industry in the modern era.

Gen Z refers to individuals born between the late 1990s and early 2010s. As consumers, Gen Z has unique characteristics and preferences that differentiate them from previous generations. For brands to successfully reach and interact with this broad and significant consumer niche, they must be aware of these characteristics. First off, Gen Z is very tech savvy and primarily relies on their devices for communication, entertainment, and shopping, they feel at ease using mobile payments and online buying, and they anticipate that brands will have a significant online presence. Moreover, Gen Z is more socially and culturally diverse than previous generations, they value and embrace diversity in all forms. They anticipate that brands will value diversity and inclusivity, incorporating a variety of viewpoints and life experiences into their advertising and product development. Additionally, Gen Z looks for individualised and distinctive experiences. They appreciate individuality and self-expression, favouring firms that provide personalization possibilities and limited-edition merchandise. They are more inclined to choose brands that provide them the freedom to stand out and exhibit their individual identities. Therefore, Brands should consider these strategies in order to attract Gen Z.

An example of a brand responding to diversity is Fenty Beauty, created by Rihanna. Fenty Beauty quickly gained popularity by releasing a wide range of foundation hues that suited to a variety of skin tones, including those frequently disregarded by conventional beauty brands. Fenty Beauty established a devoted following among Gen Z customers by embracing inclusivity and promoting different beauty standards.

Furthermore, there are many key people skills that fashion brands needed to obtain in order to be successful. Firstly, strong communication skills are essential for a fashion brand to effectively communicate its message, engage with customers, and establish connections with stakeholders. This includes the ability to communicate both orally and in writing through a variety of venues. Secondly, creativity and an appreciation of aesthetics are vital for creating original and cutting-edge ideas, concepts, and marketing strategies requires creativity and an appreciation of aesthetics. It enables a fashion company to stand out in a very competitive market and draw customers in. Thirdly, in a globally diversified fashion industry, it is essential to comprehend various cultures, interests, and preferences. Brands must recognise cultural diversity and modify their strategy to appeal to various consumer segments around the world. Lastly, collaboration skills are crucial in the fashion industry, as brands frequently collaborate with teams of designers, manufacturers, suppliers, and retailers. Collaboration encourages creativity, problem-solving skills, and the capacity to produce high-quality goods and services that live up to customer expectations.

Within the fashion industry there are four economic cycle pillars of people, planet, purpose, and profit. The planet sector is concerned with preserving the environment and reducing the detrimental effects of human activity on the planet’s natural systems. Throughout this blog, I will demonstrate about how important it is to safeguard the resources, ecosystems, and biodiversity of our planet for coming generations.

An economic strategy known as the “circular economy” aims to reduce waste and advance resource efficiency. It entails creating systems, materials, and products with the goals of recovery, recycling, and reuse in mind. Keeping resources in use for as long as feasible, getting the most value out of them, and ultimately recovering and regenerating goods and materials at the end of their life cycles are the main goals of a circular economy. By encouraging innovation and resource productivity, this strategy seeks to reduce the extraction of scarce resources, lessen environmental pollution, and generate economic opportunities.

In the fashion industry, sustainability refers to the use of ethical and responsible practises across the whole lifecycle of a garment. It includes a variety of ideas, including planning for lifespan, obtaining materials sustainably, reducing waste production, providing fair and secure working conditions, and encouraging mindful consumption. Sustainable fashion aims to address the negative impacts of the fashion industry, such as excessive resource consumption, pollution, exploitation of labour, and the production of textile waste. It aims to develop a more equitable and sustainable fashion industry that respects the environment and the rights of workers.

One of the Sustainable Development Goals (SDGs) from the UN that has relevance to and a significant impact on the fashion industry is SDG 12: Responsible Consumption and Production. In order to fulfil SDG 12’s goal of sustainable consumption and production patterns, waste output must be decreased, resource use must be optimised, and responsible consumer behaviour must be promoted. SDG 12 asks for tackling the social and environmental effects of garment manufacturing and consumption in the context of the fashion sector. The fashion industry is known for its significant contribution to waste generation and pollution. Approximately 85% of textiles are thought to be disposed of or burned. The unsustainable use of clothes and its disposal have an adverse effect on the environment, including the release of greenhouse gases and the usage of water resources. With the aim to reduce waste and increase the lifespan of clothing, SDG 12 calls on the fashion industry to implement circular economy principles, such as recycling and upcycling. In addition, SDG 12 highlights the significance of encouraging sustainable practises all along the fashion supply chain. This entails providing respectable working conditions, fair wages, and the defence of workers’ rights. For the purpose of improving social sustainability, SDG 12 calls for increasing transparency and accountability in the fashion industry’s complex and often exploitative supply networks.