Elsa Dunne

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PROFIT

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Friedman (1970) concisely expresses that “the social responsibility of businesses is to increase its profits”, making profit one of the most vital pillars in the fashion industry and thus an excellent measure of a brands success. Profit can fuel a business to reinvest their earnings into research and development, enabling the brand to remain at the forefront of the fashion industry. Kolstad (2007) agrees that “if businesses focus on too many tasks beyond their core operations, they become less efficient”, however modern-day consumers may argue that unethical practices often arise when profit maximisation is followed. It frequently leads to the unethical exploitation of child labour, unsafe working environments and low production costs. Therefore, by cutting costs, fashion brands may be in fact drawing their consumers away to designers with more sustainable processes.

Figure 1: McKinsey & Company

In 2022, the “size of the global apparel market [was] 1.53tr USD” with “revenue in the Fashion market projected to reach US$768.7bn in 2023” (Statista, 2023). However, “the luxury sector will outperform the rest of the industry, as wealthy shoppers continue to travel and spend…expected to grow between 5 and 10 percent in 2023” however this statistic is only “between 3 and 8 percent” in Europe, following the growing energy costs and high currency rates (McKinsey, 2023). These figures alone reflect the impact economic uncertainty has on the growth of the fashion industry. Therefore, nonluxury brands must monitor these times and adjust their marketing techniques to ensure they remain competitive. During the great recession, “store buyers became more conservative, stocking less inventory and focusing on items that had performed well in the past” (Brooke, 2018). Modern day fashion brands could adopt this notion by creating limited edition collections, releasing an exclusive quantity of pieces to generate a sense of hype around the brand. The collection could be marketed to create a sense of scarcity and urgency which will increase demand for the brand and induce a high profit. Brands like ‘Supreme’ and ‘Unknown London’ are profound for successfully doing this, as it is also a creative way of remaining sustainable.

A creative director of a brand is one of the most important roles within the fashion industry when it comes to monitoring profit. They “have the task of understanding the brand’s visual DNA and reinterpreting it with a modern touch to meet the aesthetic needs of the current customers and the business outlook of management” (Mitterfellner, 2023). Their goal is to accomplish a strong sense of identity within their brand for their target consumers whilst considering the financial implications their decisions may have on their profit margins.

Bibliography:

• Friedman, M.: 1970, ‘The Social Responsibility of Business Is to Increase Its Profits’, New York Times Magazine September 13, 1970.
• Kolstad, Ivar : 2007 “Why Firms Should Not Always Profit Maximise”, Jstor
• Statista (2023) “Global apparel market – statistics & facts“
• McKinsey & Company (2022) :”The state of fashion 2023: Holding onto growth as global clouds gather”
• Eliza Brooke (2018) :“How the Great Recession influenced a decade of design”
• Mitterfellner, O (2023) : Chapter 2- From the Creative Director to the Fashion Show. Pages: 32-38.

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PEOPLE

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Fashion acts as a mirror, visually representing one’s character through the clothes they choose to wear. But more importantly, it can also stimulate self-expression and reflect an individual’s ethics and values. This idea can be seen all the way back in Ancient Egypt, when people wore “rings, earrings, bracelets, decorated buttons, necklaces, neck collars, and pendants” (Media, 2023) in order to set themselves apart. This alone shows the importance that clothing has historically always had in our lifestyles.

Despite this, Gen Z has strongly distinguished itself as a generation with unique principles behind their shopping behaviours. Francis and Hoefel, (2018) describe “Members of Gen Z—loosely, people born from 1995 to 2010— [as] true digital natives: from earliest youth, they have been exposed to the internet, to social networks, and to mobile systems.”, leading them to be exposed to the toxicity that fashion has on both people and the planet from very early ages. The media uproar following the collapse of the Rana Plaza factory in Bangladesh is just one of the devastating incidents that sparked a motivation for transformative action in Gen Z. (Burke, 2014) “More than 1,130 people died and twice as many were injured” in the incident in order to make fast fashion clothing items that “you could be wearing right now”. Garment workers in Bangladesh are just one example of people that have been mistreated and exploited for the sake of fashion. This is why Gen Z has taken a stand to avoid brands that capitalize on innocent people, modern examples including brands like ‘SHEIN’ and ‘Balenciaga’ as “About 65 percent try to learn the origins of anything they buy—where it is made, what it is made from, and how it is made. About 80 percent refuse to buy goods from companies involved in scandals” (Francis and Hoefel, 2018).

Acknowledging Gen Z’s inclination to embrace a more sustainable approach to fashion consumption, brands should aim to adopt marketing strategies that take a stance on prevalent social issues. However, these campaigns should be followed up with real action. Gen Z looks towards brands that promote fair labour practices and advocate for inclusivity all whilst producing sustainable and unique clothing. ‘Nike’ is a brand that have consistently demonstrated commitment to their celebration of diversity. Their stance on inclusivity is not just advertised through their models, but it is exhibited in their workforce, with over 50% of their which are women, and 38% of their US workforce as ethnic and racial minorities. They have also invested $10 million “in Historically Black Colleges and Universities (HBCUs) and Hispanic-Serving Institutions (HSIs) to continue creating pathways for more diverse talent”.

The fashion industry is heavily characterised by change, in order for brands to keep up with the changing demands of consumers, they must keep up with technology and the advancements of the industry. This makes market and technological awareness a key skill in attracting modern consumers. Maintaining an online presence through social media and e-commerce allows clothing brands to attract the attention of their target audience more easily and efficiently.

(Salem Media, 2023) “Egyptian Clothing: Pharaoh to Commoners” History on the Net

(Francis and Hoefel, 2018): “‘True Gen’: Generation Z and its implications for companies” https://www.mckinsey.com/industries/consumer-packaged-goods/our-insights/true-gen-generation-z-and-its-implications-for-companies#/

(Burke, 2014): “The shirt on your back”

Rana Plaza Disaster 8 years on: https://media.vogue.co.uk/photos/607d7dd5612f9e43d4b70e63/4:3/w_5351,h_4013,c_limit/Rana-Plaza-protest-2019-vogue-credit-Getty-Images.jpg

Todays young people differ from yesterdays: https://www.mckinsey.com/industries/consumer-packaged-goods/our-insights/true-gen-generation-z-and-its-implications-for-companies

https://www.theguardian.com/world/ng-interactive/2014/apr/bangladesh-shirt-on-your-back
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PLANET

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The fashion industry has such a profound impact on the planet, making up nearly “10% of humanity’s carbon emissions”, which is more than all international flights and the shipping industry combined (UNEP, 2018). However, if the industry sustains this existing trajectory, this number could jump to 26% by 2050. The planet is such an important pillar of fashion couture, serving as a canvas for the world to showcase new and innovative clothing. Therefore, by destroying its natural resources and continuing to generate such a substantial amount of waste we are destroying any hopes for sustainability in the future.

According to Macarthur (2017), the circular fashion industry is defined as a restorative and regenerative system in which garments are circulated for as long as their maximum value is retained, and then returned safely to the biosphere when they are no longer of use. This business model aims to benefit businesses, society and the environment. The current production systems within the fashion industry are all too linear, leaving our finite resources overexploited, our ecosystems destroyed and the environment over polluted. In order to move towards an eco-friendlier model, steps must be taken to maximise the lifetime of garments.

The circular economy

However, this model leaves questions unanswered; fashion is an industry defined by change and transformation, how do you drive such an industry whilst remaining sustainable?

Brands like ‘House of Sunny’ have made taken consistent steps to encourage the reduction of garment waste whilst remaining at the forefront of London’s fashion. They strictly use vegan and recycled materials for all their pieces, whilst only releasing two seasonal collections every year. Every part of their products are well thought out, even down to their biodegradable labels and packing bags. ‘House of Sunny’s’ eco-conscious approach also actively attracts a growing audience of responsible shoppers, these marketing strategies can also be seen in brands like ‘Patagonia’ who generate a long term sense of loyalty. Allchin (2013) reported their ‘Don’t buy this jacket’ campaign, a tactic that well-communicated the brands eco-friendly ethos in the run-up to Christmas. Its message intended to encourage people to consider the effects of consumerism on the environment and in turn to only purchase clothing that they truly needed.

‘Dont Buy This Jacket’ – Patagonia

The UN (2023) introduced a set of 17 Sustainable Development Goals (SDGs), an urgent call for action by all countries to tackle global issues of health, inequality, education and climate change. SDG 12, “Responsible consumption and production”, aims to ensure that the natural resources the planet provides us with are used both responsibly and sustainably. In order to achieve this goal of waste reduction, the fashion industry must play a part in mitigating its environmental impact. Our colossal carbon footprint in “the fashion sector will be emitting an estimated 2.7 billion tonnes of carbon dioxide equivalent (CO2e) in 2030” (Fils-Aime, 2023) if no action is taken.

By adopting circular economy principles, more sustainable production lines, alike ‘House of Sunny’ and ‘Patagonia’, and aligning to SDG goals like Goal 12, fashion production can indisputably shift towards becoming a more sustainable industry worldwide.

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My Favourite Fashion Brand: Dolce & Gabbana

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Dolce & Gabbana’s most recent Spring (SS24) collection cemented my appeal to their brand due to their consistent ability to stay at the forefront of the fashion industry. What truly set this collection apart for me was their celebration of femininity, individuality and diversity. Their designs paid homage to Italian elegance whilst embracing bolder more modern elements.

Domenico Dolce’s father was a well-known tailor, leading Dolce to craft and design his first pair of trousers at just age six. His love for reshaping and remodelling clothes is very evident in the brand as they took traditionally masculine items of clothing such as pinstripe suits, and jackets with pronounced shoulders and large lapels then chose to effeminate them through the addition of corsets and lace. These items were then tailored to women of different age, size and shape. Throughout this process they still maintained their iconic designs and silhouettes, staying true to their traditional Sicilian approach to fashion.

I really admire the craftsmanship and attention to detail in Dolce & Gabbana’s work. They established their identity very early on in their careers, becoming a symbol of timeless Italian luxury through their blend of rich history and celebration of individuality.

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