Holly-Mae Halls

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Profit

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Profit is imperative for any business’s economic growth. One could argue it is essentially an equal balance between the remaining 3 industry pillars – people, planet, and purpose. The primary goal is to produce profits responsibly without compromising the environment, corporate values, or the wellbeing of stakeholders. There are many ways for a company to increase its profitability, from the deployment of innovative business concepts to long-term strategies that prioritise ethics and sustainability. As stated in the 2017 Mckinsey & company report, fashion is one of the world’s most important industries, driving a significant part of the global economy. The global industry was valued at roughly $2.5 trillion in 2020 and has since grown due to its dynamic nature as well as constant over purchasing as a result of social media. 

According to the 2023 Mckinsey & company report, luxury fashion sales are expected to grow across the board. European sales alone in the luxury sector are forecasted to grow from 3-8% in 2023. Proving how many people continue to show a willingness to invest in luxury items, demonstrating the persistence of consumer spending even during economic downturns, which highlights the lasting significance of the luxury sector within the fashion industry.

Whilst building a profitable brand, economic uncertainty is a factor that must be considered. By adopting some strategic measures, it will allow businesses to remain in competition. A key example of this includes a brands adaptation and inclusion of evolving technologies. A striking example includes women’s sportwear brand, lululemon, who have improved client engagement and retention by utilising fitness tracking technology in their new ‘lululemon studio mirror’, an interactive two-way mirror. The unique product incorporated personalised fitness training which improved consumer interactions and created additional revenue on top of apparel sales.

Creative directors find a balance between innovation and commercial feasibility through compelling storytelling. This equilibrium is best exemplified by Virgil Abloh’s creative style at Louis Vuitton and Off-White, which fuses streetwear influences with luxury aesthetics. Creative directors may learn from Abloh’s inclusive brand narrative, strategic partnerships, and tactical use of social media to manage the challenging junction of art and commerce. His singular blending of creativity and expertise in business has permanently altered the fashion industry, transforming current trends and consumer interaction.

It’s still essential to strike a balance between artistic expression and financial success. In the fashion industry, brands that successfully combine art and commerce create long-lasting financial success and alter market dynamics.

bibliography 

McKinsey & Company (2017). The state of fashion report 2017 [online]

https://www.mckinsey.com/~/media/McKinsey/Industries/Retail/Our%20Insights/The%20state%20of%20fashion/The-state-of-fashion-2017-McK-BoF-report.pdf [accessed 21 October 2023]

McKinsey & Company (2023). The state of fashion report 2023 [online]

https://www.mckinsey.com/~/media/mckinsey/industries/retail/our%20insights/state%20of%20fashion/2023/the-state-of-fashion-2023-holding-onto-growth-as-global-clouds-gathers-vf.pdf [accessed 22 October 2023]

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People – how gen z have revolutionised the fashion industry

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It is the human touch that gives materials life, incorporates stories, and cultures into patterns, and gives trends a unique shape – which is why it could be argued that people play the most crucial role of the four fundamental pillars. In this current era of fashion, the human touch remains paramount. With the rise of generation z as consumers, values have shifted, now emphasising sustainability, authenticity, and individuality, what must brands do in order to remain relevant in the eyes of this generation? 

Gen z place a high importance on representation through equality, diversity, and inclusion. By prioritising this, brands can show they are aware of the various identities and emerging viewpoints present within current society. Some may foster a sense of inclusion and acceptance to align with the generations values by featuring a varied range of authentic people using or wearing their products as part of their promotional strategy. To further this commitment, brands could actively foster an inclusive and diverse workplace culture as well as showing support to charitable organisations that advance equality. This would help a brand develop connections with clients in the gen z demographic.

Djerf Avenue is an example of a newly established brand which gained quick popularity due to founder and social media influencer, Matilda Djerf, and her implementation of ethical values, diverse models and wide range of clothing sizes available. ‘Authenticity is a major priority at Djerf Avenue, where models and photos are never retouched’ (Forbes 2022). The brand displayed garments for various body types, most notably wheelchair users, in an innovative catwalk show in NYC. This bold action highlighted the brand’s dedication to embracing diversity. The rise of Djerf Avenue acts as a light for gen z consumers looking for authenticity and representation.

For a fashion brand to earn respect from the perspective of gen z customers, it is essential to stay current with changing trends and gen z’s influence, enhanced through social media platforms. They must understand new technologies in order to create innovative ideas, therefore, adaptability is crucial. Due to generation z’s reliance on social media platforms like TikTok, who make up over 60% of the apps users (McKinsey & Company, 2023), brands must alter their marketing techniques to successfully relate to the audience and their demand for a more diversified industry, putting emphasis on how important it is for these companies to incorporate varied representation.

To connect with Generation Z’s beliefs and aspirations in this rapidly changing fashion scene, brands must embrace authenticity, diversity, and technological adaptability. This will ensure lasting relevance and meaningful connections.

Bibliography 

Gustaf Lundberg Toresson (2022). Matilda Djerf on starting as a creator and building an inclusive fashion brand.

https://www.forbes.com/sites/gustavlundbergtoresson/2022/12/12/matilda-djerf-on-starting-as-a-creator-mental-health-and-building-an-inclusive-fashion-brand/?sh=735029ed71b5 [accessed 13th October 2023]

McKinsey & Company (2023). What is Gen Z? [online]

https://www.mckinsey.com/~/media/mckinsey/featured%20insights/mckinsey%20explainers/what%20is%20gen%20z/what-is-gen-z.pdf [accessed 14 October 2023]

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The Fashion Industry’s Ripple Effect On Our Planet

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People, profit, purpose, and planet – the four fundamental pillars that make up one of the world’s most substantial industries, fashion. As we delve into the multifaceted world of fashion, it becomes clear that the planet plays an indispensable role in shaping the industry today. The fashion industry alone is estimated to make up over 4% annually of global carbon emissions (Morgan, G 2022) and is predicted to rise by a substantial amount by 2030 if current practices persist. Henceforth, it is essential any stakeholder engaged within the industry, from consumers to the garment company CEO’s, must ensure they take action to preserve our planet. 

The circular economy is a sustainable approach to the fashion industry that encourages durable design, repair, resale, recycling, and responsible consumption while minimising waste and environmental effect, fostering a closed-loop system. One strategy includes resale and the second-hand market where preloved garments are given new life through selling on online platforms, charity, and second-hand shops – extending the products lifecycle. Purchasing second hand clothing is a common practice for many lower income individuals, however, the rise of reselling websites like Depop and Vinted have had a significant inflation effect on the prices of used garments. Potentially outpricing these more sustainable shopping methods, pushing consumers towards ultra-low-priced websites like Shein. Through increased wastage, resource depletion, and carbon pollution, Shein’s fast fashion model – characterised by quick manufacturing and cheap materials, significantly harms the environment.

So, what actually is sustainability in relation to fashion? 

Making decisions that respect our earth and the future. It involves re-evaluating shopping practises and rejecting disposable trends. Fast fashion pollutes the environment by wasteful overproduction, whereas sustainable fashion prioritises quality, dependability, and moral behaviour to minimise damage and produce an eco-friendly wardrobe, and world. The sustainable development goal (SDG) of responsible consumption and production is more pertinent than ever before in the current epidemic of social media driven fashion trends on platforms like TikTok and Instagram. “As a society, the obsession for consuming fashion goods has seen an enormous growth in mass-produced fashion, in particular fast fashion” (Gwilt, A 2016). The culture of rapid fashion trends has been fostered by the pressure for clothing to be ‘Insta worthy’ which has resulted in waste and overconsumption. We can shift our attention to conscious buying, promoting ethical products and brands, and minimising the environmental effect of our clothing choices by embracing SDG 12, as making decisions that are beneficial for the environment and its inhabitants is more important than looking good online.

Bibliography 

Morgan, G. (2023) Collaborating for change: sustainability report 2022 [online]

https://www.drapersonline.com/insight/drapers-bespoke/collaborating-for-change-sustainability-report-2022[accessed 6th October 2023]

Gwilt, A (2016) A practical guide to sustainable fashion 0-21 [online]

https://www-bloomsburyfashioncentral-com.arts.idm.oclc.org/encyclopedia-chapter?docid=b-9781350067059&tocid=b-9781350067059-chapter1&pdfid=9781350067059.ch-001.pdf [accessed 7th October 2023]

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