Marnie Purnell

Profit is one of the four pillars of sustainability. Profit is the money a business makes after costs are taken away from the revenue that is acquired from product sales. Profits can also be a measure of success or change in business markets. For example, the fashion industry in 2022 was predicted to be worth $1.53 trillion US dollars and then forecasted to be at $1.7 trillion by the end of this year (Smith, 2023).

A sector in the industry that is that is performing well is the sportswear sector, this is especially true with the footwear inspired by trail or hiking shoes. Nike, Adidas or New Balance sports styled shoes are becoming increasingly popular in particular the shoes that are specific for sports such as Nike Dunks or New Balance 550s. However, shoes brands that make their shoes solely for the purpose of sports not just aesthetics, for example, Asics, has seen a significant rise in profits. By 30th June this year, Asics found that they had a 51.5% increase in net sales and 72.5% increase in profit (Miller, 2023). This is likely due to the longevity of the shoes because of the craftsmanship as the purpose of the shoes are specifically for sport. However, the fast fashion sector is the decline according to thred., large fast fashion brands are losing their market value and fashion fashion is on a steady decline. Brands such as Zara has lost 15% brand value and H&M’s brand value has gone down 26%.

For brands to remain competitive in uncertain economic times they need to focus on the consumer feeling as though the product is worth the money and can be treated as an investment or is sustainable. Looking after the planet and saving money is a major factor especially due to climate change and the changing value of money during inflation. Brands are being strategic by using social media as a competitive edge as it is being utilised to show transparency within and its production processes (Hethorn and Ulasewicz, 2015). Moreover, Zara uses vertical integration to help with transparency due to the reinvestment of profits into production processes. Moreover, shops such as Selfridges and Harrods have introduced rental programs which allow customers to borrow high-end designer clothes for an amount of time and then return them, reducing the amount of clothing bought and possibly thrown away later.

Creative directors can bridge the gap between creativity and commerce through experience (Tide-Frater, 2023). Creative directors want to convey their image to their customers and consumers, for example Karl Lagerfeld used sets and props that resembled biomes during his later fashion shows for Chanel (Mitterfellner, 2023). Another example is the Gucci Garden in Florence, Italy. The Gucci Garden is an immersive experience which includes the inspiration of Gucci collections and how iconic names of products such as the Jackie bag. Also, the Gucci Garden includes a tea room and boutique which include exclusive Gucci products that can only be purchased at that store.

Bibliography:

Byrne, J. (2023) ‘How the fashion industry will need to change in the coming years’, Thred. (Online) Available at:https://thred.com/style/how-the-fashion-industry-will-need-to-change-in-the-coming-years/ (last accessed 21st October 2023)

Hethorn, J and Ulasewicz, C. (2015) ‘Sustainable Fashion What’s Next?’, Fairchild Books (Online) Available at: https://www-bloomsburyfashioncentral-com.arts.idm.oclc.org/encyclopedia-chapter?docid=b-9781501312250&tocid=b-9781501312250-chapter4&pdfid=9781501312250.ch-004.pdf (last accessed 17th October 2023)

Mitterfellner, O. (2023) ‘Luxury Fashion Brand Management’, ProQuest Ebook Central (Online) Available at: https://ebookcentral.proquest.com/lib/UAL/detail.action?docID=7260416 (Last Accessed 16th October 2023)

Smith, P. (2023) ‘Global apparel market – statistics & facts’, Statista (Online) Available at: https://www.statista.com/topics/5091/apparel-market-worldwide/#topicOverview (Last accessed 20th October 2021)

Miller, D. (2023) ”Sportstyle’ Footwear is taking over the sneaker resale market’, Business of Fashion (Online) Available at: https://www.businessoffashion.com/articles/retail/sportstyle-footwear-is-taking-over-the-sneaker-resale-market/ (last accessed 20th October 2023)

Tide-Fratner, S. (2023) ‘From Product to experience A journey in Fashion’, Profit, PowerPoint, Online Available at: https://ual-moodle-sitedata.s3.eu-west-2.amazonaws.com/5a/ca/5acae3448363ed334ee7126210706516304ded61?response-content-disposition=inline%3B%20filename%3D%22L2%20Industry%20Guest.pdf%22&response-content-type=application%2Fpdf&X-Amz-Content-Sha256=UNSIGNED-PAYLOAD&X-Amz-Algorithm=AWS4-HMAC-SHA256&X-Amz-Credential=AKIA2PCH3OG65JHUZNKL%2F20231022%2Feu-west-2%2Fs3%2Faws4_request&X-Amz-Date=20231022T192536Z&X-Amz-SignedHeaders=host&X-Amz-Expires=21564&X-Amz-Signature=9ee51d6aea9c5d11d399baed9df0ff8c0877fac94d389371c21f1503c91180b1 (Last Accessed 16th October 2023)

People is the second of the four pillars of sustainability. This pillar focuses on both aspects of people involved in sustainable development from inside businesses to the consumers who are using and buying the products or garments. This is especially true in Generation Z, who have a focus on being environmentally conscious and expecting other companies to share their values when it comes to climate change and how to reduce it. Gen Z also have a more inclusive outlook of the world meaning that they support all communities and believe that everyone should be follow that belief. In addition, due to the internet being more accessible to Gen Z, it has caused them to be more technologically (McKinsey and Company, 2023).

When it comes to attracting Gen Z, brands need to identify that there are new ways to communicate and entice consumers as attitudes are developing in a new interconnected world through social media, inclusivity and global warming conscious behaviour. Gen Z can be attracted by updating the marketing mix from the 4 Ps to the 4 Ds: diversity, design, desire, digitalisation (Mitterfellner, 2023). By reinventing the way that products are conveyed to Gen Z, it allows their values to be considered, making Gen Z more likely to be interested in the brand. Diversity is having a variety of different trade routes and being more global to ensure that no demographic is left out or treated differently. This can also involve having a more diverse workforce within a brand, making sure that everyone is treated equally, which is an important value for Gen Z. Design is pushing to use more technology and looking after the planet. This includes using computer aided design (CAD) and computer aided manufacturing (CAM) to make sure that the product is at its highest quality. Design also involves responsibly producing products or garments, which aligns strongly with Gen Z’s attitude to look after the planet. Desire looks at looks at decision factors of buying a product, which are especially important in Gen Z as they look at sustainability, brand image and the products story, not just the price. Lastly, digitalisation focuses on how communication channels are shifting to online platforms such as social media and influencers, which is how Gen Z will primarily see advertisements.

An example of a brand that has responded to diversity is Victoria’s Secret. In the past Victoria’s Secret was known for not being very inclusive and focusing on showcasing slim women only, which didn’t show much diversity. However, Victoria Secret’s marketing has been prominent on social media explain that they have been renovated and have included a wide range of different women in their new tour shows (Fernandez, 2023). By doing this, Victoria’s Secret have indicated that they want to grow and be more inclusive in the fashion industry.

For a fashion brand to be successful in today’s society, the key people skills have to follow current values, such as inclusivity and sustainability. A good template for this are the inner development goals which emphasise how people in themselves can reach to achieve a sustainable planet through Sustainable Development Goals (Inner Development Goals, 2023). These include: inner-compass, openness and learning mindset; and empathy and compassion. By having these skills, it ensures that businesses have a workforce that are dedicated to a brighter future, equality and the success of the business.

Bibliography:

C, Fernandez. (2023) ‘Victoria’s Secret returns to TV -but its challenges are bigger than branding’, Financial Times, (Online) Available at: https://www.ft.com/content/5d40d725-24ea-480f-8c9c-05d281006e79 (Last Accessed 13th October 2023)

O, Mitterfellner. (2023) ‘Luxury Fashion Brand Management: Unifying Fashion with Sustainability‘, ProQuest Ebook Central (Online) Available at: https://ebookcentral.proquest.com/lib/ual/reader.action?docID=7260416 (Last Accessed 11th October 2023)

McKinsey and Company. (2023) ‘What is Gen Z?‘ (Online) Available at: https://www.mckinsey.com/~/media/mckinsey/featured%20insights/mckinsey%20explainers/what%20is%20gen%20z/what-is-gen-z.pdf (Last Accessed 12th October 2023)

Inner Development Goals. (2023) ‘IDG Framework‘ (Online) Available at: https://www.innerdevelopmentgoals.org/framework (Last Accessed 15th October 2023)

Planet is one of the four pillars of sustainability used to allow the rise of sustainable development in the fashion industry. The pillar planet follows the UN’s seventeen sustainable development goals which were implemented as guidelines to aid the planet, the people of the planet and prosperity (Rimarcikova, 2023). These sustainable development goals are enforced and should be followed throughout the production, selling, use and end of life period within all garments and textiles used in the fashion industry. One way of reducing products’ impacts on the environment is through circular economies. With its rising popularity, especially through coronavirus lockdown and a considerable surge of second-hand clothing apps and websites, circular economies prioritises garments and textiles being at a high quality throughout its life cycle, especially reentering the economy and not losing any value (Gwilt, 2014). By doing this, it reduces waste and pollution caused by the garments especially during the end-of-life phase. Circular economies particularly emphasises how textiles are treated and used after they have been disposed of, whether that be by the garment being recycled, reused or repaired. This is consistent with the UN’s Goal 13, climate action, which states that urgent action must be taken to fight against the effects of climate change (United Nations, 2023).

The use of Goal 13 is parallel with the attitude of circular economies. Within a company, all aspects of the production process must be carefully studied to assess how an impact on the environment can be reduced or eliminated. By doing this it can assist in the reduction of consequences from sourcing materials, waste from garment construction, effects from use of the garment or even the end of life phase for the garment for the first customer. It looks at all aspects of the production process of clothing (Gwilt, 2014). By using the assessment, the company can affectively be transparent in showing that it is trying to reduce its negative outcomes such as reducing: the use of fossil fuels, having a high amount of waste materials or how the garment will affect the environment after it is sold. These ethical changes are also following Goal 12 in the sustainable development goals as this states that brands should be more responsible with their production and consumers should be more responsible with their consumption (United Nations, 2023). For example, Stella McCartney launched the first commercial fully circular parka in January 2023, made from plastic waste and unwanted fishing nets, making it 100% recycled material (Chan, 2023). This is a significant step in aligning the fashion industry with the sustainable development goals as the garment has a considerably low amount of negative impacts on the environment.

By following Stella McCartney’s example, companies cannot be accused of greenwashing their brands as they are actively trying to solve the problem from within. Greenwashing is described as untrue or misleading information released from a business about positive environmental and ethical practices (Lindwall, 2023). Untrue statements, especially ones involving the environment, are a large problem in the fashion industry currently as having an ethical brand gives the company a competitive edge. This is especially true in Generation Z, who are trying to push for more action against climate change and will support businesses claiming to be sustainable.

Bibliography:

Chan, E. (2023) ‘”We Can Replace Bad Business With Clean Business”: Stella McCartney Shares Her Hopes for the Fashion Industry in 2023’, Vogue (Online) Available at: https://www.vogue.co.uk/fashion/article/stella-mccartney-sustainable-fashion-2023 (Last Accessed 4th October 2023)

Gwilt, A. (2014) ‘A Practical Guide to Sustainable Fashion’, Fairchild Books Library, Bloomsbury Visual Arts. (Online) Available at: https://www-bloomsburyfashioncentral-com.arts.idm.oclc.org/encyclopedia?docid=b-9781350067059 (Last Accessed 3rd October 2023)

Lindwall, C. (2023) ‘What is Greenwashing?’, Natural Resources Defence Council (Online) Available at: https://www.nrdc.org/stories/what-greenwashing#:~:text=What%20does%20greenwashing%20mean%3F,of%20a%20product%20or%20practice. (Last Accessed 3rd October 2023)

Rimarcikova, K. (2023) ‘Planet Earth & Fashion’ (PowerPoint Presentation) Planet. Available at: https://ual-moodle-sitedata.s3.eu-west-2.amazonaws.com/c6/51/c65101fe12c52fe834a680d4ed0f4a9de6182af3?response-content-disposition=inline%3B%20filename%3D%22WK2%20L1-Monday%2012.15-1.15%20%20PLANET%20%20FASHION_KR_2023%20.pdf%22&response-content-type=application%2Fpdf&X-Amz-Content-Sha256=UNSIGNED-PAYLOAD&X-Amz-Algorithm=AWS4-HMAC-SHA256&X-Amz-Credential=AKIA2PCH3OG65JHUZNKL%2F20231007%2Feu-west-2%2Fs3%2Faws4_request&X-Amz-Date=20231007T154007Z&X-Amz-SignedHeaders=host&X-Amz-Expires=21593&X-Amz-Signature=3599279fac924b821c198e5cb75884853d29290f4e61e774f001cfa7a151796f (Last Accessed: 2nd October 2023)

United Nations. (2023) Sustainable Development and Climate Action, Sustainable Development Goals. Available at: https://www.un.org/sustainabledevelopment/sustainable-development-goals/ (Last Accessed 6th October 2023)

Saint Laurent

Saint Laurent is my favourite fashion brand because of the simple but sophisticated looks that are consistent throughout the collections that are shown every year. The clothing made also has a certain edge that provides the brand with an element that most other brands do not have or cannot achieve in their clothing as Saint Laurent projects an unique expert and timeless look. The chic style is instantly recognisable which empowers whoever wears their clothes and gives customers the option to invest in pieces that can be worn throughout different seasons and trends of clothing because of the classic clothes and accessories they offer.

Saint Laurent encapsulates the hard working, polished persona that also exudes sexiness and elegance by invoking a look of alluring professionalism. After all, Yves Saint Laurent is well known for his popularisation of women wearing trousers for any occasion and his revolutionary on how women could dress.

Moreover, the lack of following other brands in incorporating micro trends or having their logos splashed across their products helps keep Saint Laurent at a high standard and a high quality brand, however, having their iconic YSL logo used when necessary keeps the brand recognisable.