Profit
Profit has always been at the heart of business, and in the post-epidemic era, how to generate more environmental and economic profit is one of the key challenges that companies need to focus on today. Profit refers to the financial gain of a business; in other words, it corresponds to the gap between the company’s income and its costs. By prioritising environmental sustainability, businesses can generate value by utilising the planet’s resources prudently. In addition, profit is a reflection of the economic impact of a business at a local, national and global perspective.
After enduring several years of economic decline, businesses have coped with the impacts of inflation resulting from the Covid-19 pandemic and the Russo-Ukrainian conflict, among other factors. Furthermore, a scarcity of available human resources has contributed to an increase in labour expenses, with transportation costs also surging due to a lack of drivers. Furthermore, the escalating prices of raw materials, mainly caused by the soaring oil prices, have made it arduous for the fashion industry to withstand the preceding years of recession. P. Smith reports that the fashion industry’s market size comes to a total production value of $1.53 trillion. （Smith,2023) Out of this number, China accounts for $176 billion. The highest demand for apparel exists in China and the United States, which both hold high-income populations in contrast to other countries. Furthermore, the fashion industry encompasses numerous sectors that are essential to its functioning. These include textiles, design, manufacturing, retail, marketing, and merchandising, among others. Notably, the textile industry takes the lead in this field.
During a recession, fashion brands must compete fiercely. One solution lies in omni-channel retail technology, which is optimally situated to support fashion brands. This retail model originates from technological innovations. As electronic commerce gradually replaces brick-and-mortar shops, apparel labels must appeal to and maintain customers online and offline. Being omnipresent through various platforms allows fashion businesses to converse with consumers as equals and facilitates centralised outreach across email, websites, and stores. This enables companies to make objective inventory choices based on data while also significantly streamlining their staffing, permitting fashion labels to interact with customers more closely during times of economic downturn.
For fashion brands, the creative director is always a key role, the main helmsman of the brand from the visual tone to the design concept, playing a key role in the direction of the brand and decision making. The creative director is able to visualise the design language and reflect the consumer’s needs in the design language and display them visually. The multi-dimensional design is in line with the fashion brand’s strategy to promote the brand and generate more profits.