People
Social, environmental, and economic factors make up the three pillars of sustainability, which is also known as the “triple bottom line.” Firstly, Fair business practices for both employees and the community are emphasized by the social pillar, which is also referred to as “people.” Secondly, The “planet” environmental pillar promotes the prudent use of resources to preserve the environment. Lastly, The economic pillar of “profit” is generating economic value by taking social and environmental costs into account (Coolset, 2023).
The second-youngest generation, Gen Z, contains those who were born between 1996 and 2010. They are recognised for being digital natives and being greatly impacted by important events like the pandemic and climate crises. They struggle with their mental health and experience financial risk, yet they have a strong sense of idealism and social action, pushing for equality and sustainability. They differ from millennials in that they place a higher value on racial justice and sustainability while prioritising online advocacy, community, and personal expression. Gen Z prefers expressive, constantly-evolving trends and welcomes both quick fashion and thrifting in terms of clothing (McKinsey, 2023).
Brands can discover many ways to attract Gen Z as they use their phones and social media most of the time, companies and brands can get their attention by using social media platforms such as, Twitter, TikTok and Instagram to posting short unique videos to get their interactions. Also collaborating with influencers and celebrities those who use TikTok and InsInstagram to post short clips and do unboxing videos or make-up tutorials because it’s very popular among Gen Z. Moreover, Brands to attract Gen Z must show respect for diversity and other people’s cultures and beliefs and be careful when they want to use it to avoid misunderstanding and problems (Search Engine Journal, 2022).
In nowadays, many brand are responses to diversity to reach more consumers and share awareness and one of these brands is Adidas created the DEI Strategy which means Diversity, Equity, and Inclusion (DEI) and the goal is to “Create An Equal Playing Field for all” within three key pillars the first one People By 2025, they want to see more than 40% of women in global management positions, which will improve diversity, equity, and inclusion. Secondly, Culture attempts to achieve global racial equity by enhancing talent efforts and data collecting, helping underrepresented groups, and fostering inclusivity. Finally, accountability which is a 12-month inclusion programme for leadership is used to develop competency and encourage accountability for transformative leadership ( Adidas, no date).
In order to succeed, a fashion entrepreneur needs to have a keen awareness of consumer preferences and the flexibility to change with emerging trends. Fashion entrepreneurs play a significant role in product development and market positioning by driving the discovery of new talent and facilitating the creation of distinctive designs. They are also in charge of innovating and grabbing customers’ attention in a cutthroat market with lots of options. Moreover, The unique combination of knowledge, drive, and creativity that distinguishes fashion entrepreneurs and enables them to deftly negotiate the highly competitive fashion landscape. They perform well under pressure, keeping a distinct business vision and great self-motivation while building solid client relationships and professional networks. They discover and exploit business possibilities by utilising a varied skill set, managing and growing their fashion businesses successfully. In addition, Successful fashion entrepreneurs have a firm knowledge of business and the dynamics of the fashion industry, which is supported by their proficiency in marketing and their ability to effectively communicate. Their web expertise helps with online brand promotion, while their creativity and innovation drive distinctive market presence. Their drive for success is driven by their confidence, ambition, and resiliency, as well as their proficiency in fundamental math concepts and their capacity to produce engaging written and visual content. Effective business management and operations are made possible by a thorough understanding of technology (Hillman, J. 2022).
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- The three pillars of sustainability: People, planet, and Profit (2023) Coolset. Available at: https://www.coolset.com/academy/three-pillars-of-sustainability (Accessed: 16 October 2023).
- What is gen Z? (2023) McKinsey & Company. Available at: https://www.mckinsey.com/featured-insights/mckinsey-explainers/what-is-gen-z (Accessed: 16 October 2023).
- Macura, A. (2022) Marketing to gen Z: How to do it the right way, Search Engine Journal. Available at: https://www.searchenginejournal.com/marketing-to-gen-z/471784/ (Accessed: 16 October 2023).
- Diversity, equity & inclusion (no date) adidas. Available at: https://www.adidas-group.com/en/people-and-culture/diversity-equity-inclusion/#:~:text=By%20recruiting%20the%20best%20talent,and%20connect%20with%20our%20consumers. (Accessed: 16 October 2023).
- Hillman, J. (2022) The Fashion Entrepreneur Skills You Need in 2022, James Hillman Fashion Consultancy. Available at: https://www.jameshillman.co.uk/blog/2021/1/24/the-fashion-entrepreneur-skills-you-need-in-2022 (Accessed: 19 October 2023).