Cerys Daniels

Within today’s society, brands need to identify their purpose and outline what they stand for. A clear vision and an authentic brand identity allow them to differentiate themselves from competitors, as modern consumerism craves originality. In addition to attracting customers, having a vision helps to unify the company as they work towards their targets. This is why purpose is another essential pillar to the fashion industry, the purpose of a brand is the driving force of a company and what pushes it to create. Brands must centre their focus on their mission, vision and values, to succeed.

Additionally, a brand’s philosophy is critical for attracting an audience. Many consumers gravitate towards authenticity, and a company’s belief system can be what draws them in. Current customers are looking deeper than tangible products and want to know what makes the company tick (McKinsey & Company, 2020), a brand’s philosophy can be a deciding factor in making a purchase. An example of a company that has a clear brand philosophy is Nudie Jeans, their philosophy is based and round sustainability and encourages their audience to shop for quality over quantity. The concept of their brand is their jeans should last for life, as a part of this they offer free repairs to prolong the garment’s lifecycle. This concept resonates with the contemporary consumer in today’s climate with the push for sustainability.

A large demographic is Gen Z, this generation doesn’t want nonchalant brands, they seek companies that voice their brand mission and purpose, searching for unique products and high ethical standards. Communicating purpose should be done online through social media engagement. This young generation is heavily immersed in technology, McKinsey found that Gen Z in Asia spend six hours or more on their phones each day (McKinsey & Company, 2023). Highlighting how companies must converse with the modern consumer via social media, this can be done through influencers. Brands utilise influencers that embody their values, fitting the aesthetic of how they want to be perceived. This is found to be an effective strategy, as McKinsey found that 40% of Gen Z in the USA admit to being influenced online, typically through videos such as influencer endorsements (McKinsey & Company, 2023).

It’s important for brands to communicate their purpose, especially as consumers are becoming more in touch with social issues. Not only does its purpose make the brand more appealing, but it could boost its reputation, in turn leading to more sales.

Bibliography

Meet Generation Z: Shaping the future of Shopping (2020) McKinsey & Company.

https://www.mckinsey.com/industries/consumer-packaged-goods/our-insights/meet-generation-z-shaping-the-future-of-shopping

(Accessed 28/10/23)

What is Gen Z? McKinsey & Company (2023)

https://www.mckinsey.com/featured-insights/mckinsey-explainers/what-is-gen-z

(Accessed 29/10/23)

Although fashion can be considered a form of artistic expression, it is still an industry motivated by money. Profit is a fundamental pillar within the fashion industry and is a crucial measurement of a business’s success. Despite being one of the most creative industries it still vastly revolves around consumerism to survive.

The size of the industry is constantly evolving as it is one of the world’s leading markets, in 2022 the fashion industry amounted to worth around $1.53 ( Smith,P 2023), and its value is only set to increase for 2023. However, the size of the industry is uncontrollable with today’s economic climate. Events such as COVID-19 and the ongoing war in Ukraine have created an unstable economic landscape for both businesses and consumers. Mckinsey’s State Of Fashion 2023 found that due to COVID-19 around 7% of companies left the market entirely, either as a result of financial distress or because they were bought by rivals (McKinsey & Company, 2022). 

market. All these businesses attract different demographics, causing them to perform differently. However, according to McKinsey’s State of Fashion 2023, the luxury sector is set to outperform the rest of the industry, with it being predicted to grow between 5-10% (McKinsey & Company, 2022). This could be because the luxury sector is more protected from economic turbulence compared to the mass market, due to their demographic having a high disposable income.

Brands must remain competitive in this fast-paced industry. One way for brands to compete during uncertain economic times is to keep up with trends. In today’s climate, it’s easy to fall behind due to the high turnover, mainly as a result of fast fashion and hyper-consumerism generated by Gen Z. Mitterfellner wrote about an example of how MCM failed to adapt to new trends which led to their decline. They kept a niche colour palette and only carried a limited product range, causing the brand to look outdated as they didn’t follow the current trends, which failed to attract a new wave of consumers (Mitterfellner, O 2023). 

Creative directors have the hard task of balancing art and commerce. They must cooperate with consumer demands and create pieces that will sell, while still being authentic to their artistic visions. To bridge the gap between creativity and commerce it is very common for brands to collaborate with artists, these types of collaborations also help consumers to see fashion as an art form rather than a profit-powered business. An example of this is Schiaparelli and the lobster dress that was created in collaboration with Salvador Dali, as well as the famous YSL Mondrian dress. These iconic pieces are examples of how artistic collaborations can elevate the brand’s status, as well as enable the brand to reach a wider range of consumers.

Bibliography 

Smith, P. (2023) Topic: Apparel market worldwide, Statista. Available at: https://www.statista.com/topics/5091/apparel-market-worldwide/#topicOverview  (Accessed: 22 October 2023). 

The state of fashion 2023: Holding onto growth as global clouds gather (2022) McKinsey & Company.

https://www.mckinsey.com/industries/retail/our-insights/state-of-fashion

Luxury fashion brand management [electronic resource] : unifying fashion with sustainability / Olga Mitterfellner. 2023

From creators to consumers the world of fashion revolves around people. The market is extremely interactive, and without the engagement of people, the industry would be obsolete. Therefore, companies need to understand their demographic and how to effectively target their customers. 

Gen Z is a new wave of consumers raised by technology, as a result of this they are referred to as “Digital Natives” (McKinsey & Company, 2023). They are the first generation to grow up alongside the internet at their disposal. One aspect of Gen Z’s consumer behaviour is that they want instant access, they have generated a trend of “super-convenience”, pushing for a “now economy” (Morgan G, 2022). They gravitate towards companies which allow them to receive items instantly, such as Amazon. Drapers found that, out of their respondents, 45% wanted a same-day or next-day delivery (Morgan G, 2022). Emphasising Gen Z’s trend-chasing habits and rapid nature as consumers. Despite this, as young consumers Gen Z strive for individuality and conduct themselves with a high ethical code, they are deeply concerned with the social and environmental impacts of their purchases (McKinsey & Company, 2023). Many of these young consumers would avoid brands that don’t share their values, in the McKinsey report of 2023 they found that two-thirds of consumers worldwide would avoid, or boycott companies based on their stance on controversial issues (McKinsey & Company, 2023). Another statistic that emphasises this cohort’s desire for social justice and environmentalism is that 46.8% of Gen Z say they have abandoned a purchase that didn’t align with their values (Morgan G, 2022).

To attract Gen Z brands need to be diverse, this generation is extremely progressive and is attracted to companies that reflect this. A prime example of a well-articulated and diverse brand is SKIMS by Kim Kardashian. The reason for this is she has created a company that embraces body positivity and encompasses women from all walks of life. In the SKIMS campaign, she uses a vast variety of models, these being different ages, sizes, skin tones and careers. This shows to the consumers how diverse the company is as they advertise that their product can be worn by everyone. Unlike SKIMS, companies like Victoria’s Secret have previously been known for being less inclusive, especially when it came to the sizing of their models. 

In today’s climate, there are certain skills brands need to succeed. One of them is being ethical, especially if they want to appeal to Gen Z, as sustainability is a fundamental value for many. Additionally, brands need to promote inclusivity and show compassion in this progressive society. Lastly, being able to adapt to the ever-changing nature of technology is essential, companies need to be able to market themselves effectively on social media and creatively engage with customers.

Bibliography:

What is Gen Z? (2023) McKinsey & Company  

https://www.mckinsey.com/~/media/mckinsey/featured%20insights/mckinsey%20explainers/what%20is%20gen%20z/what-is-gen-z.pdf

Moran, G. (2022) Drapers, Gen Z and Millennials 2022 https://www.drapersonline.com/guides/gen-z-and-millennials-2022

Gen Z and Millennials 2022

Gen Z and Millennials 2022

Gen Z and Millennials 2022

Gen Z and Millennials 2022

Gen Z and Millennials 2022

There are 4 pillars existing within the fashion industry: planet, people, profit and purpose. To understand “planet,” you must acknowledge sustainability, and how it relates to fashion. Sustainability is creating items mindfully and producing them in a way that can be maintained and healthy for the environment. Unfortunately, the fashion industry is guilty of being one of the world’s largest polluting industries, producing around 10% of our annual carbon footprint, which is more than international flights and maritime shipping combined (Plasencia, J. 2023).  Furthermore, the dyeing of fabric and chemicals used can be highly damaging to the environment, with the process being responsible for 3% of global CO2 emissions, and over 20% of global water pollution (Igini, M. 2023). Additionally, the fashion industry is extremely wasteful. In the modern day, turnover of trends and the pace of fast fashion has excelled immensely, consumers are viewing clothes as disposable, which only feeds into the amount of waste the industry produces. Of the 100 billion garments produced each year, 92 million tonnes end up in landfill (Igini, M. 2023). Many of these items are made from synthetic fabric containing microfibers that do not biodegrade and cannot be absorbed by the ecosystem. 

However, there are a handful of designers who are working to combat this and introduce sustainability into mainstream and luxury fashion. An example of this would be Patrick McDowell, Patrick creates his pieces out of unwanted fabric, and his collection Climbing Family, was created from old Burberry materials. Showing consumers that sustainability can be luxurious and attractive, due to the misconception among consumers that sustainability is not necessarily stylish. Another way Patrick is environmentally conscious is that he doesn’t partake in wholesale, he only produces garments when there is a demand for them, therefore minimising the risk of having leftover stock and masses of waste.

A solution to brands becoming more sustainable is for them to consider the circular economy in their making process. The circular economy extends and continues the lifecycle of products, it’s a system where materials are regenerated to keep them in circulation and avoid becoming waste. Mainly focusing on the product being reused, resold, and recycled (MacAurthur foundation, https://ellenmacarthurfoundation.org/topics/circular-economy-introduction/overview , accessed 07/10/23). Embedding this concept would greatly improve the ecological integrity of the fashion industry, as it would force companies to think about all stages of the lifecycle, encouraging them to use more eco-friendly materials.

This also links to the UN’s 17 SDGs, the one that is most related to fashion is ‘responsible consumption and production’. One of their targets for this is to substantially reduce waste generation through prevention, reduction, recycling and reusing by 2030 (https://sdgs.un.org/goals/goal12, accessed 07/10/23). This is why the industry should further promote sustainability, such as thrifting and upcycling, as well as pressuring brands to use more ethical fabrics.

Bibliography

Circular economy introduction (no date) Ellen MacArthur Foundation. Available at: https://ellenmacarthurfoundation.org/topics/circular-economy-introduction/overview (Accessed: 07 October 2023). 

Igini, M. (2023) 10 concerning Fast Fashion Waste Statistics, Earth.Org. Available at: https://earth.org/statistics-about-fast-fashion-waste/ (Accessed: 07 October 2023). 

Plasencia, J. (2023) The world’s most polluting industries, ClimateTrade. Available at: https://climatetrade.com/the-worlds-most-polluting-industries/ (Accessed: 07 October 2023). 

Goal 12 | Department of Economic and Social Affairs (no date) United Nations. Available at: https://sdgs.un.org/goals/goal12 (Accessed: 08 October 2023). 

My favourite brand is Zara. 

The company originates from Spain and was founded in 1975 by Amancio Ortega. In the modern-day Zara is the flagship store for the Index group, who also own brands like Bershka and Pull&Bear, which all consist of a similar style. The reason I like Zara is because their aesthetic consists of basic staple pieces that help create a clean and classy wardrobe, giving a put together “clean girl” aesthetic, which is a style I gravitate towards. Additionally, Zara’s clothes are high quality and sold at affordable prices, making a more luxury style accessible. Although Zara is known for fast fashion it has been taking steps to become more environmentally friendly, such as by 2023 they want to eliminate single use plastic for their consumers by updating their labelling and packaging.