Sophie Gill

About Sophie Gill

Posts by Sophie Gill:

Profit

⋅

Profit can be viewed as the most important aspect of the fashion industry as it maintains the fashion industry and keeps it alive. Profit is what transforms the fashion industry from purely creative into a business. The financial gain made from selling garments is essential to keeping a business afloat and keeping workers in a job. There is no fashion industry and creative design without the aspect of profit.

The fashion industry is an ever-growing booming business. The revenue of the global apparel market was calculated to amount to 1.53. trillion US dollars in 2022 and forecasted to increase in 2023 to more than 1.7 trillion dollars (Statistica, 2023)

‘The luxury sector is expected to grow between 5 and 10% percent in 2023’ (McKinsey, 2023), this is reflected through the recent success of Loewe which has been referred to as ‘the hottest brand in the world.’ (Lyst, 2023). Luxury fashion is making a comeback, reflecting upon the return of runway shows which generate huge interest for luxury fashion houses. However, elsewhere in fashion, The fashion market, excluding the luxury sector, will struggle to deliver significant growth in 2023 according to (McKinsey, 2023).

In order to remain competitive in uncertain economic times, brands need to adapt to the current consumer client, and think about engaging their consumers in new ways. ‘Digital marketing strategies are the way foward’ (McKinsey, 2023), particually to combat against unexpected events which may affect buisness such as the global lockdown due to the Covid-19 pandemic or any further events or EU trade and buisness regulations that may prevent shopping as normal. “They will need to develop risk mitigation strategies that can be implemented quickly as conflicts, fiscal policies, and government regulations evolve.” (McKinsey & Company, 2022).During the Covid-19 pandemic, many companies turned to online marketing and social media as a way to still increase interest in their brand without having to use in real life advertisements in store. This opened new paths to different creative avenues, and now many brands are focused more on online campaigns and capturing people’s interest online.

Creative directors bridge the gap between creativity and commerce by creating art that draws attention to the brand on the runway, but is also viable off the runway. Collaborations with artists are an excellent way to do this as they bring together the creativity of the art world while also including the business side of the fashion industry. For example, the collaboration between Takashi Murakami and Louis Vitton which merged high fashion and streetwear, creating a wider brand reach for both collaborators.

McKinsey & Company. (2022). “The State of Fashion 2023: Holding onto growth as global clouds gather.” Available at:  https://www.mckinsey.com/industries/retail/our-insights/state-of-fashion#:~:text=State of Fashion 2022%3A An uneven recovery and new frontiers&text=Companies are adapting to new,pressure on the bottom line.  [Accessed: 21 October 2023].

Statista, (2023) Global apparel market- statistics and facts, Available at: https://www.statista.com/topics/5091/apparel-market-worldwide/#topicOverview (Last accessed: 21 October 2023)

The lyst index: Fashion’s Hottest Brands and Products Q2 2023 (2023) Lyst Insights. Available at: https://www.lyst.com/data/the-lyst-index/q223/ (Accessed: 22 October 2023). 

Liked Liked
No Comments

People

⋅

People are the backbone of fashion. Without consumers, the fashion industry would be nothing. People create ideas for the fashion industry, people manage the fashion industry and people buy into the fashion industry.

Gen Z are a new type of consumer differing from every previous generation. Growing up with technology has shaped the way that Gen Z interacts with the fashion world, with 92% saying that they order clothes on an app online (Drapes, 2023). Gen Z consumers are much more invested in the backstory of a brand and aim to choose brands that reflect their values.

In order to attract Gen Z, brands need to adapt to the current trends and climate. Brands that perfect the art of content creation and showing a curated stance on politics will be successful within the Gen Z climate. Gen Z believe in the efficacy of buisnesses fighting for change to solve conflicts (Mckinsey, 2023), and value brands who push towards change and show a strong political viewpoint. Two issues in particular that Gen Z are extremely passionate about are sustainability and equality (Drapers, 2023) and brands showing commitment to those causes will be rewarded will a loyal Gen Z fanbase.

One brand that has adapted to diversity and the Gen Z consumer climate perfectly is Skims, the shapewear brand by Kim Kardashian. Contrasting from the typical shape wear brand advertising, such as that of Victoria Secret, Skims uses a diverse range of models and choses influencers and singers to model their clothes, people that the targeted Gen Z audience will already be aware of. Skims doesn’t just include larger sizing- it accomodates all shapes and sizes (Harpers Bazaar, 2023) This accessibilty to everyone has rewarded the company very well, as Skims was recently valued at $4 billion (The New York Times, 2023).

The key people skills needed for a brand to be successful are to be able to create a connection between the brand and the consumer and to create a rapport between them. Building a sense of loyalty between the buyer and the brand will lead to further buisness and encourage the consumer to not only buy into the brands fashion, but also the ideals of the brand and the lifestyle it is trying to sell. People in the fashion industry need to be able to adapt and work alongside AI, and new boundary pushing technologies, as well as demonstrating skills that can’t be found in AI workers, such as listening skills, forming real connections and understanding what the human consumers want.

Francis, T. and Hoefel, F. (2018) ‘true gen’: Generation Z and its implications for companies, McKinsey & Company. Available at: https://www.mckinsey.com/industries/consumer-packaged-goods/our-insights/true-gen-generation-z-and-its-implications-for-companies (Accessed: 12 October 2023)

Merced, M.J.D.L. (2023) Kim Kardashian’s skims is now worth $4 billion, The New York Times. Available at: https://www.nytimes.com/2023/07/19/business/dealbook/skims-kim-kardashian-fundraise.html (Accessed: 12 October 2023). 

Moran, G. (2023) Gen Z and millennials 2023 report, Drapers. Available at: https://www.drapersonline.com/insight/drapers-bespoke/gen-z-and-millennials-2023-report(Accessed: 12 October 2023). 

Thesis, B. (2023) Emma Grede: “Diversity is a superpower in business”, Harper’s Bazaar. Available at: https://www.harpersbazaar.com/uk/people-parties/bazaar-at-work/a42485248/emma-grede-skims-business-advice-interview/ (Accessed: 12 October 2023). 

Liked Liked
No Comments

Planet

⋅

How we define the subject of the planet within the fashion industry is constantly changing as we become increasingly aware of the devastating impact that fashion is having on the environment. There are many current projects and ideas being brought into the fashion industry in an attempt to help create a more sustainable buisness model, featuring clothes that can be repaired and reused as much as possible.

The circular economy is an alternative to a traditional linear economy (make, use, dispose) in which resources are kept in use or as long as possible. It aims to create a more sustainable business model, recycling exisiting materials and using less resources. It contrasts to the linear system which is the standard ‘take-make-waste’ model that is seen around the global while consumers are buying clothes and cooperations are creating them.

Sustainability in fashion is something that should shape how we chose and consume our clothes, it should be the backbone of the fashion industry. Sustainability within the fashion industry looks towards businesses taking a more slow fashion approach- for example, this consists of a more practical design process, increasing the rewearabilty and strength of the product, less environmentally harmful materials. The introduction of better working practices and training will lead to a better quality of clothing material, better treatment of the workers and local ecosystems therefore a more sustainable business model. A UN report found that 500 billion dollars of value lost every year due to clothes underutilisation and lack of recycling- all which can be fixed by using a more sustainable approach to the industry.

Textiles garments piled up on a landfill site in Ethiopia

Examples of this within the fashion industry, include the designer Patrick McDowell, winner of the Stella Mcartney Today for Tomorrow sustainabilty award, who follows a business system where all garments are made to order, rather than ordering a wide range of stock and having leftover garments that are then sent to landfill. This business model is profitable and preferable to the business as usually all the garments sent to landfill create a loss business due to their manufacturing costs which when wasted before sold, do not lead to a profit or recooperation of those buisness costs.

One SDG from The United Nation’s sustainability goals that majorly impacts the fashion industry is Goal 12 which aims to ensure sustainable consumption and production pattern. According to Sustainable force research, the entire fashion supply chain is estimated to contribute 8 to 10 per cent of global greenhouse gas emissions, and fashion is the second most water-intensive industry on earth, consuming roughly 79 billion cubic metres of water per year. Sustainability and consumption within the fashion industry requires brands to create more durable pieces that will last and offer their own company reformation services, encouring the return of customers. In reflection, for this goal to be achieved within the fashion industry big changes are required to be undertaken by the entire industry, focusing on the circular economy system. Consumers must also be more aware of their buying habits and be conscious of chosing to reuse, repair and recycle before purchasing more garments.

References

Collaborating for Change: Sustainability Report 2022
https://www.drapersonline.com/guides/collaborating-for-change-sustainability-report-2022

https://sdgs.un.org/goals/goal12

https://www.springwise.com/sustainable-source/fashion-and-the-sdgs/#:~:text=One%20of%20the%20most%20important,in%20clothing%20is%20currently%20recycled.

Liked Liked
No Comments