Heqiyue Wang

About Heqiyue Wang

Posts by Heqiyue Wang:

Profit

⋅

Profit is the cornerstone of the viability of the fashion industry, serving as both artistic inspiration and commercial enterprise. More than simply measuring financial prosperity, profit in fashion industry terms signifies its success as it captures elements such as artistic inspiration, consumer behavior dynamics, and economic resilience within an overall narrative framework.

The global fashion industry encompasses a wide range of sectors, including apparel, footwear, accessories, textiles, luxury goods, etc. According to Fashion Innovation, the fashion industry is the 4th biggest sector since 3,000 billion textile and garment companies enter the market daily (Fashion Innovation, 2022). In the fashion market, the number of users is expected to amount to 3.4bn users by 2027. The whole industry will expand annually with a growth rate (CAGR 2023–2027) of 9.45% (Statista, 2023).

Due to the global economic situation, the fashion industry is now facing challenges due to inflation and geopolitical tensions, which lowered consumer confidence in late 2022. Under these circumstances, brands should carefully monitor and adapt to global risks and uncertainties with updated design approaches and rental channels (Imran Amed et al., 2023). One thing brands can do to better overcome this competitive market under uncertain economic conditions is to invest in technology.

Gen Z and Millennial shoppers show a growing preference for self-checkout options in clothing stores, with 45% expressing a desire for more self-checkout. Technology companies like Zliide offer digital touchpoints that enable self-service via mobile apps, eliminating the need to wait in line and interact with store staff. Zara and Uniqlo have already integrated self-service elements, including self-checkouts and automated pick-up and drop-off stations, into their UK stores.  

There is also a strong demand for sustainability initiatives among younger customers. Around 45% of Gen-Z and Millennials want fashion brands to offer better recycling and collection services for used clothing. A significant percentage (22.2%) are also looking for more rental and resale services, highlighting the opportunity for fashion companies to expand these aspects of their business (Moran, G. 2022).

From the perspective of the gap between creativity and commerce, creative directors in the fashion industry play a central role and carry out a variety of key responsibilities. Creative directors in the fashion industry play a central role and carry out a variety of key responsibilities. They lead the design process and manage teams, ensuring that collections not only reflect artistic vision but also generate revenue, a key factor in success. These visionaries shape brand identity by designing different collections and interpreting brand DNA to suit customer preferences and business goals. Additionally, they act as brand ambassadors, creating collections suitable for high-level presentations and playing a key role in promotional and marketing communications. This multifaceted role influences a brand’s image and commercial success.

Reference list

login.arts.idm.oclc.org. (n.d.). University of the Arts London WebLogin. [online] Available at: https://www-statista-com.arts.idm.oclc.org/outlook/dmo/ecommerce/fashion/worldwide#revenue [Accessed 21 Oct. 2023].

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.

Mitterfellner, O. (2023). Luxury Fashion Brand Management and Sustainability. Mastering Fashion Management.

Moran, G. (2022). Gen Z and Millennials 2022. [online] Drapers. Available at: https://www.drapersonline.com/guides/gen-z-and-millennials-2022.

Vilaça, J. (2022). Fashion Industry Statistics: The 4th Biggest Sector Is More Than Clothing. [online] Fashinnovation. Available at: https://fashinnovation.nyc/fashion-industry-statistics/.

Liked Liked
No Comments

People

⋅

In the fashion industry, when referring to “people,”, it refers to the consumers or individuals who purchase and use the fashion products. They participate in economic activities through the acquisition and utilization of products and services to fulfill their wants and needs. The decisions and actions of consumers significantly impact businesses, markets, and the broader economy. For companies aiming to effectively cater to the needs of their specific customer base, comprehending consumer behavior and preferences is crucial (Apparel Search, 2007).

In today’s society, Gen Z is one of the biggest target consumers for most fashion brands. Gen-Z (Generation Z) was born in the 1990s and grew up in the 2000s. They live in a world full of networks, the Internet, smartphones, laptops, free Internet, and digital media (Singh, Dangmei, 2016). They are deeply influenced by the Internet, instant messaging, and social media (Chen Jei, 2019), as they use a wide variety of communication devices or social media (Anna Dolot, 2018).

To attract Gen-Z consumers, brands should focus on social media marketing. As the report of Gen-Z and Millennials 2022 stated, “TikTok use has grown year on year: Gen-Z use the video app at twice the rate of millennials(Moran, G., 2022). According to research, for Gen-Z, branding and social media marketing are compatible. With the use of SMMAs, brand managers can elaborate on the exclusive, emotional, and sensory experiences unique to the brand (Dobre et al., 2021).

In addition, brands need to address the concept of diversity in their promotions. One notable example of a brand’s response to diversity is the beauty brand Fenty Beauty, launched by Rihanna. This brand is best known for its extensive range of foundation shades, as they introduced 40 different shades covering a wide spectrum of skin tones, including options for very light to very deep complexions. 

Another aspect of “people” in the fashion industry is that people refer to the various groups and individuals who play critical roles at different stages of the fashion supply chain and the broader fashion ecosystem. In today’s fashion industry, “fashion businesses are starting to look for people who come from a technology background, and technology businesses are looking for people who come from a fashion background(BOF, 2022).” So the skills of adaptability are essential for staying relevant since the fashion industry is constantly evolving, with trends, technologies, and consumer preferences changing rapidly.

In conclusion, both the consumer and the practitioner are important, and the two are closely intertwined.

Reference list

Apparelsearch.com. (2019). Fashion Consumer by Apparel Search – Terms of Interest to the Fashion Industry. [online] Available at: https://www.apparelsearch.com/terms/c/consumer_of_fashion.htm.

Dangmei, J. (2016). (PDF) UNDERSTANDING THE GENERATION Z: THE FUTURE WORKFORCE. [online] ResearchGate. Available at: https://www.researchgate.net/publication/305280948_UNDERSTANDING_THE_GENERATION_Z_THE_FUTURE_WORKFORCE.

Dobre, C., Milovan, A.-M., Duțu, C., Preda, G. and Agapie, A. (2021). The Common Values of Social Media Marketing and Luxury Brands. the Millennials and Generation Z Perspective. Journal of Theoretical and Applied Electronic Commerce Research, [online] 16(7), pp.2532–2553. Available at: https://www.mdpi.com/0718-1876/16/7/139.

Dolot, A. (2018). (PDF) The characteristics of Generation Z. [online] ResearchGate. Available at: https://www.researchgate.net/publication/328564137_The_characteristics_of_Generation_Z.

Moran, G. (2022). Gen Z and Millennials 2022. [online] Drapers. Available at: https://www.drapersonline.com/guides/gen-z-and-millennials-2022.

The Business of Fashion. (n.d.). BoF 500 – The People Shaping the Global Fashion Industry. [online] Available at: https://www.businessoffashion.com/community/bof500/2022 [Accessed 15 Oct. 2023].

Liked Liked
No Comments

Planet

⋅

The planet is quite a common topic in the fashion industry, which is related to resource use, waste, pollution, and so on. Producing the clothes requires a huge amount of natural energy, such as raw materials and water. So in the fashion industry, the ‘Planet’ mainly refers to the environmental aspect of fashion’s impact on the Earth.

The EU and several national governments have promoted the concept of a circular economy (Korhonen et al., 2018). According to research, the circular economy refers to an economic model with the primary goal of using resources efficiently by minimizing waste, maintaining the value of products and materials over the long term, and reducing the reliance on new resources (Morseletto, P. 2020). This concept is also significant in the fashion industry, as a Zalando spokeswoman stated, “Circular design is needed in the fashion industry because there is a huge environmental impact created in the design and manufacturing stages of a product’s lifecycle.”(Drapers, 2022) Nowadays, people use the model of slow fashion to match the circular economy, which has been separated into four parts: better design processes, better materials, better working practices and skills, and stopping the waste of resources and consumption in the process (Lench, 2020). All of those are linked to the key factors in sustainable fashion: environmental sustainability, social sustainability, and economic sustainability (Daukantienė, V. 2023).

In the economic pillar, SDG 12, responsible consumption and production patterns greatly impact the fashion industry. This SDG comprises three main topics: chemicals and waste, sustainable consumption and production, and sustainable tourism. The brand Patagonia matches this SDG. This brand provides a permanent warranty service, regardless of the level of wear and tear. In addition, 87% of the materials they use are recycled. Yvon also officially launched the “1% Earth Tax Plan”, donating 1% of its total revenue to the global environment (Patagonia, 2023). In addition, brands like Adidas and GAP were now doing internal education for the staff.

In conclusion, when the term “planet” is used in fashion, it emphasizes the need for the industry to adopt environmentally friendly procedures to reduce its impact on the environment and to encourage more sustainable and eco-friendly ways of producing and consuming clothing. This includes initiatives to conserve resources, reduce pollution, minimize waste, and mitigate climate change.

Reference list

Daukantienė, V. (2022). Analysis of the sustainability aspects of fashion: a literature review. Textile Research Journal, 93(3-4), p.004051752211249. doi:https://doi.org/10.1177/00405175221124971.

Korhonen, J., Honkasalo, A. and Seppälä, J. (2018). Circular Economy: The Concept and Its Limitations. Ecological Economics, 143(1), pp.37–46. doi https://doi.org/10.1016/j.ecolecon.2017.06.041.

Moran, G. (2022). Collaborating for Change: Sustainability Report 2022. [online] Drapers. Available at: https://www.drapersonline.com/guides/collaborating-for-change-sustainability-report-2022.

Morseletto, P. (2020). Targets for a circular economy. Resources, Conservation and Recycling, 153, p.104553. doi https://doi.org/10.1016/j.resconrec.2019.104553.

Patagonia (2023). Our Footprint. [online] Patagonia. Available at: https://www.patagonia.com/our-footprint/.

Liked Liked
No Comments