Jessica Hales

purpose

A brands purpose is a brands ‘why’, it’s  reason for being and the ethos of the brand making up the final of the four pillars of the fashion industry. The purpose of a brand is essential as consumers expect the brands they love to stand for something important (Fromm, 2019). It has been found that 64% of global consumers  find brands that actively communicate they’re purpose more appealing highlighting if a brand has a clear purpose it markets itself. In addition, brands with purpose out preform the stock market by 120% highlighting  the modern consumer most likely millennials and Gen Z want to purchase from brands who’s ethos is inline with theirs personally.

Brand philosophy is the ethos of a brand and ultimately is essential to a brands success as Gen Z consumers want more than just a product but instead want to know what the brand stands for and a brands ‘why?’. In addition, brand philosophy consists of mission , vision and value.  A Brands mission is what a brand wants to achieve whilst a brands vision refers to the trajectory  of a brand and what it hopes to achieve in the future ( service brand global ,2021). A Brand having an individual philosophy guides every other decision a brand will make in the future. Gen Z consumers want brands who align with their own ethical therefore brand purpose is more important than ever before in order for a brand to stand out.

‘Gen Z are demanding and reclaiming back the value of ‘why’ Gen Z  are at the forefront of transforming the narrative on existence back to the ‘good. ‘( Kehinde , n.d.).

Stella McCartney is renowned for it’s purpose with three key concepts at the core of the brand these are; being responsible, being honest and making decisions and practising with an eye towards the future( Londrigan,2018) . This allows consumers to relate to the brand with having similar intentions for the future  and creates a relationship and subsequently brand loyalty, allowing customers to purchase and have a  positive effect on the world. On Stella McCartneys website they have a section titled stella’s world in which is a ‘living celebration of the brand and its heritage’ and therefore creates transparency within the brand’( McCartney , 2023)  In Stella’s world Stella McCartneys purpose of perusing sustainability in their clothing lines is highlighted as well as the idea of purchasing less often but items with lasting value. As a Brand, their purpose is to lessen their negative affect on our planet and therefore have knitwear collections made of recycled cashmere and source their viscose in a way that helps to protect ancient forests. As well as Stella McCartney communicating their purpose to Gen Z consumers by its purpose being prominent on its website and social media they have also created  the ‘shared’ collection which is a specific collection aimed for a younger audience in order to enable them to share their purpose to a larger audience and therefore increase consumer base.  This is one way a brand has communicated they’re purpose to Gen Z by making their purpose obvious on social media and on their website whilst also creating collections targeted at Gen Z consumers in specific.

Bibliography 

Fromm, J ( 2019)  Purpose Series: A Purpose-Driven Brand Is A Successful Brand. [online] Forbes. Available at: https://www.forbes.com/sites/jefffromm/2019/01/16/purpose-series-a-purpose-driven-brand-is-a-successful-brand [Accessed 30 Oct. 2023].

Inspiring Service – Servicebrand Global | Inspiring Service. (2021). What Is Brand Vision? [online] Available at: http://www.servicebrandglobal.com/what-is-brand-vision/.

[Accessed 30 Oct.2023]

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

[Accessed 25^th Oct.2023]

Longdrigan,p & Jenkins ,J . (2018) University of the Arts London WebLogin. [online] Available at: https://www-bloomsburyfashioncentral-com.arts.idm.oclc.org/encyclopedia?docid=b-9781501303883

 [Accessed 27 Oct. 2023].

Stella McCartney (2022). Stella McCartney GB | Designer RTW, Bags & accessories, Lingerie, Adidas by Stella McCartney, Fragrances, Kids. [online] www.stellamccartney.com. Available at: https://www.stellamccartney.com/gb/en/.

[Accessed 29 Oct.2023]

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Profit is a vital pillar in the fashion industry as it’s the primary method of measuring the success of a fashion brand. Without Profit a fashion brand would struggle to survive in such a competitive market, where ultimately money is the driving force for a brand and individuals. Profit enables brands to invest in the growth of their brand to ensure its currency whilst also striving to become ahead of the curve with current issues in the industry such as sustainability and diversity. More recently the profits brands are making are becoming less relevant as brands who are investing in ethical issue and therefore, lessening their profits are setting themselves up for success in the future. This highlights that fashion brands are having to choose between increasing profits or preparation for their future in such a changeable industry. 

In addition to brands needing to strike the balance between profit and ethics they are also having to balance profit with creativity. In such a fast-moving industry where trends are constantly changing if a brand doesn’t stand out and have designs customers are wanting the brand will ultimately fail.

The Global Fashion Industry generated revenues of 1 .17 trillion dollars in 2021 (McKinsey 2022) and 1.53 trillion US dollars in 2022, a slight decrease on the previous year as a result a global factors such as the war in Ukraine (Statista). However, revenue is forecasted to increase in 2023 to more than 1.7 trillion dollars (Statista) as the ecommerce business is rapidly growing due to the demand for online shopping in the post covid years. Relevance and currency is at the forefront of brands agender during such uncertain economic times.  The Fashion industry is split into different categories. (Berg, 2017). The luxury sector is the highest performing sector and many argue most consistent as customers are less affected by economic uncertainty and therefore there purchasing habits remain more consistent in comparison to those shopping fast fashion brands such as H&M . This is illustrated in the success of louis Vuitton as in 2020 it was ranked the highest performing fashion brand and on position 9 of all brands (fashionunited) with a total profit of 32.875 billion dollars (macrotrends).

A brand can remain competitive in uncertain economic times by ensuring the brands exposure online. With online shopping being at the forefront of the industry ease in purchasing for customers should be a focus for many brands and subsequently brands should invest in their online presence. Another strategy brands should adopt is diversity and brand transparency which will create trust between consumers and brands. In addition, brand transparency can be achieved through the use of eco labelling with tags outlining the environmental effect the manufacture of garments are having on the environment so customers can purchase mindfully. A brand being environmentally considerate will allow brands to stand out in such a competitive market.

The role of the creative director is a role anyone inside or outside the fashion industry is aware of and their role is the development of fashion collections from concept to catwalk ( Mitterfellener ,2023). The creative director is responsible for striking the balance between creativity and commerce to maximise profits. The Creative director is also responsible for the growth of the brand whilst ensuring the brand remains true to its ethos and brand image. Karl Lagerfeld is the epitome of an excellent creative director. Karl Lagerfeld whilst being the creative director of Fendi, Chanel and Karl Lagerfeld was able to bridge the gap between creativity and commerce. During his time at Fendi he was able to ensure profits increase and there is brand consistency with it being a family-owned business whilst also creatively rebranding Fendi by creating its famous logo allowing it to be easily recognisable. 

Bibliography 

McKinsey (2022). The State of Fashion 2023: Holding onto growth as global clouds gather. [online] McKinsey. Available at: https://www.mckinsey.com/industries/retail/our-insights/state-of-fashion.

Smith, P. (2023). Topic: Apparel market worldwide. [online] Statista. Available at: https://www.statista.com/topics/5091/apparel-market-worldwide/#:~:text=The%20revenue%20of%20the%20global.

McKinsey & Company. (2017). The two faces of fashion-industry performance. [online] Available at: https://www.mckinsey.com/industries/retail/our-insights/the-two-faces-of-fashion-industry-performance.

login.arts.idm.oclc.org. (n.d.). University of the Arts London WebLogin. [online] Available at: https://ebookcentral.proquest.com/lib/ual/reader.action?docID=7260416.

FashionUnited. (n.d.). Global Fashion Industry Statistics. [online] Available at: https://fashionunited.com/global-fashion-industry-statistics#.

‌ https://www.macrotrends.net/stocks/charts/LVMUY/louis-vuitton/gross-profit

People

People in fashion vary from the designers to the consumers and everything in-between and is arguably one of the most important pillars that make up the fashion industry. Without people the fashion industry would be obsolete. Therefore, everything within in the industry is reliant on individuals and subsequently as people change so does fashion.

Generation Z ( those born between 1995-2010) are often referred to as “Digital Natives”. This generation differs to the ones before it as they are the first to grow up surrounded by technology and the internet for their entire life time . There’s no doubt that as a result  of Gen Z being a large percentage of the population that the habits of consumers has changed leading to changes in the way brands manufacture and market their garments. While millennials are more rigorously focused on value and convenience , Generation  Z are more likely to look to fashion inspiration and individual designs. ( Moran,2022) In general Gen Z are environmentally conscious and are concerned by the throw away culture that is so prolific. Resale and rental is on the rise with 59.9% of Gen having bought second hand compared to 39.8% of millennials. ( Moran,2022) However, convenience still appears to be a priority for Gen Z consumers with many Gen Z consumers making the decision to purchase online rather than in store due to the excessive queues. 

Therefore, fashion stores should make shopping in store a more enjoyable process for this generation of shoppers, by increasing the amount of self-service checkouts. Although this approach has been taken by some brands such a Zara who have adapted their security tags allowing them to be removed by customers allowing them to scan their items ,this technology needs to become more widely spread. In addition, brands should incorporate a more circular fashion model where clothes are returned for credit and consumers buy vintage again as this would attract the often environmentally concerned Gen Z consumers.

An inclusive and progressive fashion industry is important to Gen Z consumers as a consequence many brands have responded to this such as Victoria Secrets who saw the need for the brand to change as a result of a decrease of 30% in sales in 2017.( Parkin,2018) In the most recent show they have moved away from the marketing of their underwear to suggest that what they sold ‘transformed women into the ideal vision of a women curated by the male gaze.’(Bennett,2022)  Instead Victoria secrets have responded by making their models more diverse including models of different ethnicities and sizes. However, the feedback has been largely negative many questioning whether the real ethos of the brand has changed or whether its solely  a media stunt as after clicking on the website you are still led to models with the ‘old Victoria secrets look’. 

In addition, Gen Z consumers aren’t just looking for diversity in their models but also diversity within the employment teams of brands ensuring many ages , races and genders are represented within brands.  In addition, the key skills brands look for within employees needs to adapt with the constantly changing industry. Skills such as good understanding of technology and AI need to be considered to ensure brands currency. Also , authenticity and  transparency in the brand and the employees is essential (Mckinsey,2023) ,which in turn should  allow individuals to build and  connect with brands making them  more successful.( Mitterfellne,2019)

Bibliography 

Gen Z and Millennials Report 

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

Accessed 14/10/23

George-Parkin, H Where Are All the Curvy Models on the Victoria’s Secret Runway? Glamour

https://www.glamour.com/story/victorias-secret-fashion-show-body-diversity.

Accessed 14/10/23

www.mckinsey.com. The A to Z on Gen Z

https://www.mckinsey.com/featured-insights/themes/the-a-to-z-on-gen-z.

Accessed 15/10/23

Olga Mitterfellne,2019, Fashion Marketing and communication; Theory and practice across the fashion industry 

‌Proquest.com. (2021). University of the Arts London https://ebookcentral.proquest.com/lib/ual/reader.action?docID=5981798

Accessed 12/10/23

‌Bennett, C. (n.d.). Victoria’s Secret Is All About Diversity Now — But I Still Won’t Shop There] TheStreet. Available at: https://www.thestreet.com/investing/victorias-secret-is-all-about-diversity-now-but-i-still-wont-shop-there.

Accessed 15/10/23

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