Mia Bosman

purpose is a huge role within the fashion industry. How do brands thrive without purpose? Purpose should be the core of a brand/business. Having a clear purpose allows brands to connect with their consumers, by showing their vision, their reasoning and their mission. For example, ASOS – like many others – have a page dedicated to their brands purpose: ‘Focused on four key goals – Be Net Zero, Be More Circular, Be Transparent and Be Diverse – it reflects our commitment to doing business responsibly, delivering benefits for people and reducing our impact on the planet, building on the decade of progress since we first launched Fashion with Integrity in 2010.’ (Matt Dunn, ASOS). This allows ASOS to communicate their brands purpose to consumers and allows them to share their business goals.
WHY BRAND PHILOSOPHY (MISSION, VISION, VALUE, PROPOSITION) IMPORTANT?
‘As a brand, your philosophy stems from how your business defines itself. This existence determines how your identity is developed and eventually presented to the masses.’ (Pia Silva, Forbes). Philosophy is at the core of a brand, it defines why their business runs, what their goals are and what they want to focus on. Philosophy gives a brand a purpose, this is why it is so important. A businesses philosophy allows consumers to understand their mission, vision, value and proposition – ultimately allowing consumers to connect themselves with the brand, making the consumer brand relationship more meaningful.
WHY PURPOSE IS IMPORTANT TO GEN Z:
Gen Z consumers are a new wave of climate conscious consumers, who care about the planet and shop more ethically than past generations, therefor having a purpose linked to the environment connects with Gen Z and ultimately makes the brand more popular. Gen Z care about where they buy their clothes, more than other consumers. Gen Z look beyond the physical profit and want to understand more about the brand: ‘What’s its mission? What’s its purpose? And what is it actually trying to build for us as a society? ‘ (Bo Finneman, Mckinsey) Having a strong brand purpose allows Gen Z to align their shopping ethics with the brand. For example, ASOS having the goal to have net zero carbon emissions by 2030, allows Gen Z to remain ethically conscious while shopping with them, therefor benefiting the brand economically and further crediting it’s brand image.
Bibliography
MATT DUNN. (APRIL 2022). Fashion with Integrity Progress Update. [Online]. ASOS. Last Updated: APRIL 2022. Available at: https://asos-12954-s3.s3.eu-west-2.amazonaws.com/files/9316/4974/2308/Fashion_With_Integrity_-_Progr [Accessed 28 October 2023].

Lucia Rahilly. (4th august 2022). “Meet Generation Z: Shaping the future of shopping”. Meet Generation Z: Shaping the future of shopping. 2022. [Podcast]. Available at https://op. [Accessed 26th October]

Pia Silva. (2020). Why Philosophy Has Much To Do With Brand-Building (And What That Looks Like). [Online]. Forbes. Last Updated: Nov 19, 2020. Available at: https://www.forbes.com/sites/piasilva/2020/11/19/why-philosophy-has-much-to-do-with-brand-building-a [Accessed 30 October 2023].

Of course, profit is essential for any business to survive economically. in most cases profit is a main drive for businesses. Most businesses strive for high profit margins as a key goal within the business. The higher your profit margin, the more profit you’re making on each £/$ of sales. Higher margins indicate your company is running a profitable business model and your sales performance is good (magestore, 2022). Profit allows business’s to grow and expand, by bringing out more clothes, expanding their stores and upgrading their e-commerce sites. However profit can be hard to maintain, especially with fast fashion brands. mainstream fashion is a highly competitive market, with low barriers to entry, therefore the lowest prices will make the most sales. But in turn this results in a lower profit margins for these companies due to competitive pricing.
THE SIZE OF THE FASHION INDUSTRY
“Fashion is one of the world’s most important industries, driving a significant part of the global economy. It is one of the key value-creating industries for the world economy. If it were ranked alongside individual countries’ GDP the global fashion industry would represent the seventh-largest economy in the world,’’ stated McKinsey in its State of Fashion 2017 report. The fashion industry will always be huge, but the size of the fashion industry depends on multiple factors. The main factor being the level of consumers disposable income. if disposable income is high, consumers are more likely to spend their money on normal goods (a good that experiences an increase in demand due to an increase in a consumer’s income). However is disposable income is low, less money will go towards the fashion industry. Interest rates are also important when considering the size of the fashion industry. If interest rates are high, customers are more inclined to save their money rather than splurge on the latest fashion trends. For example, pre – pandemic when income was high, the fashion industry global revenue was estimated between $1.7 trillion and $2.5 trillion according to two different research reports by Euromonitor and McKinsey.
HOW DIFFERENT SECTORS ARE PERFORMING
in McKinsey’s analysis of fashion forecasts, the luxury sector is set too outperform the rest of the industry, as wealthy shoppers continue to travel and spend, and thus remain more insulated from the effects of hyperinflation. This is because lower income households will be effected more by hyperinflation due to already lacking disposable income, meaning their spending on normal goods will further decrease. Meaning the luxury sector will thrive in comparison. mkinsey. (2023).
HOW CAN A BRAND REMAIN COMPETITIVE IN UNCERTAIN ECONOMIC TIMES?
in uncertain economic times such as the Covid-19 pandemic, when consumer confidence is low. Brands need a strong brand image to remain competitive along with a strong business and marketing plan, to cope with lower sales due to lowered disposable income. A strong brand allows a business to become timeless within the fashion industry and therefor survive the times of low growth.
Bibliography
richard. (2022). What is a good profit margin for clothing stores?. [Online]. mage store. Last Updated: 4th April 2022. Available at: https://www.magestore.com/blog/what-is-a-good-profit-margin-for-clothing-stores/#:~:text=The%20gross [Accessed 21 October 2023].
mkinsey BOF. (2017). The State of Fashion 2017. [Online]. mkinsey.com. Last Updated: 2017. Available at: https://www.mckinsey.com/~/media/McKinsey/Industries/Retail/Our%20Insights/The%20state%20of%20fashio [Accessed 21 October 2023].
mkinsey. (2023). The State of Fashion 2023: Holding onto growth as global clouds gather. [Online]. mkinsey.com. Last Updated: 2023. Available at: https://www.mckinsey.com/industries/retail/our-insights/state-of-fashion#:~:text=For%20the%20persona [Accessed 21 October 2023].

People are at the heart of the fashion industry, weather its buying, consuming or designing. consumers allow the fashion industry to keep going by maximising profits and boosting trends. humans have a vital role in the fashion industry and are undoubtedly the pillar of the fashion industry. People/consumers use fashion as an expression of personality/culture/background/lifestyle, this ultimately makes the fashion industry. The people pillar expresses consumers wants and needs and how that effect what is consumed
WHAT ARE GEN Z and GEN Z AS CONSUMERS
‘Generation Z comprises people born between 1996 and 2010. This generation’s identity has been shaped by the digital age, climate anxiety, a shifting financial landscape, and COVID-19.’ (Mckinsey & company, 2023). Like every generation, Gen Z are shaped by their experiences. Covid 19 meant Gen Z became addicted to social media, with the rise in TikTok popularity lead to shortened attention spans and the need for instant online satisfaction. Gen Z called “digital natives”—the first generation to grow up with the internet as a part of daily life therefor social media plays a huge role in marketing. grasping Gen Z’s attention quickly and efficiently. Gen Z search for authenticity generates greater freedom of expression and greater openness to understanding different kinds of people (Mckinsey & company, 2023).
Gen Z are addicted to social media, so Gen Z as consumers love online shopping, seeing what influencers are buying, what people are wearing on social media. Gen-Z feel most comfortable when they can communicate and connect with brands (business of fashion, 2023). Therefor brands need to connect to Gen Z, many brands do this through using popular influencers that Gen Z connect with.
HOW MIU MIU CONNECT TO GEN Z
Miu Miu became hugely popular after their SS22 fashion show, with the iconic micro skirt. Now this skirt has been replicated by multiple high street brands such as Zara and H&M. The iconic skirt became hugely popular with Gen Z. But how? ‘luxury fashion houses have been playing close attention to the popularity of the Y2K aesthetic among fashion shoppers and TikTok users. Miu Miu’s ability to incorporate elements of nostalgia in their SS22 collection really paid of’ (vogue business 2022). Not only this; Miu Miu’s use of popular Gen Z influencers such as – Sydney Sweeny, Emma Chamberlain and Olivia Niell. Allowing these influencers to promote the brands styles on TikTok, Gen Z’s most used social media platform. For example popular YouTuber Emma chamberlain wearing Miu Miu two years in a row at the Met Gala.

KEY PEOPLE SKILLS BRANDS NEED TO BE SUCSESSFUL
With Gen Z, key people skills brands need include being able to connect to audiences through engaging short form content, such as tiktoks. too satisfy the audience’s needs of quick social media gratification. Brands also need to be aware of top trends and what Gen Z are interested in such as sustainability and Y2K. For example Miu Miu’s iconic micro skirt channeling Y2K with a cool modern take.

Bibliography

Mckinsey & company. (2023). What is Gen Z?. [Online]. Mckinsey & company. Last Updated: march 2023. Available at: https://www.mckinsey.com/~/media/mckinsey/featured%20insights/mckinsey%20explainers/what%20is%20gen% [Accessed 13 October 2023].

business of fashion. (2023). How to Communicate and Connect with Gen-Z Consumers. [Online]. business of fashion. Last Updated: 2023. Available at: https://www.businessoffashion.com/articles/retail/afterpay-communicate-and-connect-with-gen-z-consum [Accessed 13 October 2023].

KATI CHITRAKORN – camilla clarksons communications director. (2022). explained: the miu miu frenzy and the business of viral. [Online]. Vogue Business. Last Updated: 7th march 2022. Available at: https://www.voguebusiness.com [Accessed 13 October 2023].

A huge topic of conversation/debate will always be about the health of our planet. Through the industrial revolution, we have began to let the health of our planet suffer as a result of our growing addiction to consumerism. As demand for goods rises, the need to produce those goods also rises, not only diminishing our planet’s finite recourses but also raising carbon admissions, furthermore worsening the state of our planets health. (Green Tumble, 2016).
SUSTAINABILITY WITHIN FASHION
So, how does the fashion industry effect this? of course, as we walk into a shopping centre, most of us are not thinking of how we are effecting the planet by our fashion choices. However, the fashion industry is considered one of the main contributors to world pollution and climate change and is responsible for 10% of annual global carbon admissions (World Bank, 2019). As clothes become more accessible to buy in all quantities/colours/patterns/materials the health of our planet suffers. The world consumes 80 billion new clothes every year, 400% more than two years ago (The True Cost, 2015), therefor clothes sent to landfill is at an all time high (85% textiles are sent to landfills) as well as staggering water usage and huge demand for recourses such as cotton on a scale larger than the natural ecosystem process can keep up with. with this being said, ‘fast’ fashion at the rate it is today is obviously highly unsustainable. recourses will run out, carbon emissions will sky rocket and climate change will be at an all time high. There are different ways to take this such as global legislation against fast fashion, business’s working of a made to wear basis and most importantly creating more climate conscious consumers (Drapers report, 2022)

THE CIRCULAR ECONOMY
The circular economy is based on an idea that all materials will be reused/recycled, with the vision that no materials will go to waste/effect the environment. Keeping materials in circulation for as long as possible and most importantly slowing down climate change (EPA, 2023). Therefor the circular economy promotes the act of reusing clothes or recycling them to combat the vast amount of clothes that are sent to land fill. 95% of clothes sent to land fill could be recycled but at the moment only 1% are. In order to make fashion ‘more sustainable’ this is something we HAVE to improve on.

SOCIAL DEVELOPMENT GOALS
In 2015 all United Nations members adopted 17 goals “peace and prosperity for people and the planet” as part of the 2030 agenda for sustainable development (SDGS United Nations). Arguably almost all of these sustainability goals can be related to the fashion industry. for example, goal six: Ensure availability and sustainable management of water and sanitation for all. Water scarcity has always been an issue globally, and the fashion industry could be partly to blame. It’s estimated that the fashion industry currently uses around 93 billion cubic metres of water per year and this figure is set to double by 2030 (Common Objective, 2021). This is due to the huge overproduction of clothes, therefor creating unnecessary and unsustainable water usage. for example It takes on average 10,000-20,000 litres of water to cultivate just one kilogram of raw cotton (common objective, 2021). ‘The fashion industry currently uses enough water to quench the thirst of 110 million people for an entire year’ (Pulse of the Fashion Industry, 2017,2019).

BIBLIOGRAPGHY.

unknown. (2016). the negative effects of consumerism. [Online]. green tumble. Last Updated: July 22 2016. Available at: https://greentumble.com/the-negative-effects-of-consumerism [Accessed 5th October 2023].

-. (2019). how much do our wardrobes cost to the environment?. [Online]. world bank. Last Updated: September 23 2019. Available at: https://www.worldbank.org/en/news/feature/2019/09/23/costo-moda-medio-ambiente#:~:text=Every%20year% [Accessed 5th October 2023].

the true cost. (2015). [Film]. -: Life is My Movie Entertainment, Untold creative.

United states environmental protection agency. (2020). what is the circular economy?. [Online]. EPA. Last Updated: 2023. Available at: https://www.epa.gov/circulareconomy/what-circular-economy [Accessed 6 October 2023].

Drapers. (2022). Collaborating for Change: Sustainability Report 2022. [Online]. Drapers. Last Updated: 2022. Available at: https://www.drapersonline.com/guides/collaborating-for-change-sustainability-report-2022 [Accessed 6 October 2023].

common objective. (2021). The Issues: Water. [Online]. common objective. Last Updated: 2021. Available at: https://www.commonobjective.co/article/the-issues-water [Accessed 6 October 2023].

global fashion agenda. (2017-2019). Pulse of the Fashion Industry. [Online]. global fashion agenda. Last Updated: 2017-2019. Available at: https://globalfashionagenda.org/impact-initiatives/pulse-of-the-industry/ [Accessed 6 October 2023].

Opinions/styles/preferences/trends can change quickly in the fashion industry, especially in this day of age where fast fashion is pushing millions of new items of clothing onto us every day. As I view brands clothes every new season my favourite designer is always changing, this is why I decided on Chanel. Because not only is Chanel timeless and globally known as a classic fashion brand – with the Chanel classic flap bag being one of the most well known bags in history – Chanel’s clothing has helped reshape the course of women’s fashion. In the 1920’s when women rights were a large topic of conversation, women were trying to gain more freedom in society by fighting to work and vote. Chanel broke from the ‘norm’ and ‘freed women from the corset’, designing a new wide leg trouser for women allowing them to move more freely and more importantly work. Most importantly making the trouser fashionable and high fashion. Not only this, Chanel popularised the garçonne silhouette, a looser more relaxed silhouette, striving away from the corset.

This shows the importance of fashion within history, reflecting the time and the hardship women once faced. Chanel therefor is a brand that holds meaningful history for many reasons, including the fight for women’s rights. The simple design of a looser fit, and wider trousers allowed women to move freely – representing the fight for women to move freely through society.

Chanel went against the trends of the 1920’s and pushed the boundaries of fashion by feminizing more masculine pieces. I believe the best brands are the ones that push the boundaries and make controversial decisions – putting them apart from the rest. Chanel has certainly done this, resulting in them becoming one of the most well known fashion brands in the world. Therefore, making them my favourite brand.