Brian Caamano Lema

The profit pillar is based on financial gain, namely the difference between what was spent to buy, operate, or produce something and what was gained to balance it all out. It would be a “valuable return” (Webster, 2023) in a few words.

According to Euromonitor and McKinsey (2021)studies, the fashion business is the fourth largest sector in the world, with revenues ranging from 1.7 trillion to 2.3 trillion. Millions of individuals worldwide rely on the fashion industry, from designers, artisans to retail workers and logistics professionals. The fashion sector has a significant impact on the global supply chain because it is primarily reliant on international trade and raw material procurement. However, this industry would undoubtedly gain far more if it worked with natural and sustainable sources rather than profit-driven ones.

The fashion industry includes all aspects of garment design, manufacture, distribution, marketing, retailing, advertising, and promotion. All of this enables the industry to achieve the economic profit requirement. All of the previous portions are there to ensure that we end on a positive note and that we can benefit from every aspect. Everything has a purpose and a goal, whether it is commercially or operationally focused. It all goes towards the same target. 

There are numerous strategies for the industry to remain competitive. Keeping up with industry advances, following customer trends, and investing in new technology and procedures. Businesses are extremely capable and can quickly adjust to changing market conditions and client needs. Improving customer service by being more attentive to their wishes and expectations is critical. Consider low-cost extras such as better credit terms, discounts, or loyalty programmes. Keeping existing consumers is less expensive and easier than finding new ones. Take time to appreciate what you have before you lose it.

Lastly, how do creative directors bridge the gap between creativity and commerce ? According to Mwaka Suza (LinkedIn), there are 4 takeaways to consider to understand how both creativity and commerce join together and blend in. The two most important ones are understanding one’s role and Mastering marketing concepts. Firstly, Recognising your function as a creative in the business sector is critical. It is not only about design, but also about grasping the overall picture, the strategy behind it all, but understanding essential marketing concepts will help you communicate more effectively in corporate situations.

Bibliography ~

McKinsey.com (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  [Accessed 21 Oct. 2023].

‌Merriam-Webster. (2021). Profit Definition. [online] Available at: https://www.merriam-webster.com/dictionary/profit#:~:text=Synonyms%20of%20profit-,1,of%20goods%20over%20their%20cost  [Accessed 21 Oct. 2023].

‌

Fashionunited.com. (2022). Global Fashion Industry Statistics. [online] Available at: https://fashionunited.com/global-fashion-industry-statistics#:~:text=Revenue%3A%20%241.7%20trillion%20dollar%20industry,reports%20by%20Euromonitor%20and%20McKinsey . [Accessed 21 Oct. 2023].

‌Blazon.re stance.com. (2023). An Overview of the Importance of the Fashion Industry in Today’s World. [online] Available at: https://blazon.revstance.com/an-overview-of-the-importance-of-the-fashion-industry-in-todays-world/#:~:text=The%20industry%20provides%20employment%20opportunities,the%20sourcing%20of%20raw%20materials . [Accessed 21 Oct. 2023].

‌

McKinsey & Company. (2017). The Two Faces of fashion-industry Performance. [online] Available at: https://www.mckinsey.com/industries/retail/our-insights/the-two-faces-of-fashion-industry-performance. [Accessed on 21 Oct. 2023]

‌Marketingdonut.co.uk. (n.d.). Ten ways to keep ahead of the competition. [online] Available at: https://www.marketingdonut.co.uk/marketing-essentials/ten-ways-to-keep-ahead-of-the-competition#:~:text=Look%20after%20your%20existing%20customers.&text=Improve%20customer%20service%20by%20being  [Accessed 21 Oct. 2023].

Suza, M. (2023). Bridge the Gap between Creativity, Strategy and Business. [online] www.linkedin.com. Available at: https://www.linkedin.com/pulse/bridge-gap-between-creativity-strategy-business-mwaka-suza  [Accessed 22 Oct. 2023].

‌

‌

“As consumers we have so much power to change the world by just being careful in what we buy” (Watson, 2023). This pillar appears to be the most essential of them all since it shares a similar denominator with the others: “it is a form that intertwines culture, identity, and creativity” (Quora). Fashion, in general, allows all consumers to freely express themselves, feel confident, and share something in common with others; it bears a great value. It is more than just trends and appearances.

Gen Z was born between 1997 and 2010, even though the exact dates vary depending on who you ask. Gen Z currently ranges in age from 11 to 24. The elder half of the generation is now legally classed as adult, and many individuals have already entered the workforce. The tail end of the generation, on the other hand, is still in school. These younger zoomers won’t gain any sort of financial independence for quite a while, and they’ll probably change our current understanding of their generation as they get older. In terms of consumption and finances, most of this generation, with the exception of the younger half, has been through defining events such as COVID-19 and the Great Recession (2007-2009).  Both of these events had long-lasting consequences on the market, but many brands were able to deal with it and make it work by working with the effects that these events caused rather than working around them. Brands were able to add many more services, and online shopping was and continues to be the most popular alternative for the majority of consumers. Nonetheless, in-store purchasing retains a high value due to the increased engagement between store personnel and customers. This creates a safe environment for consumers, allowing them to accomplish more than what online buying provides. Overall, Gen Zs are well-informed and do a lot of research and weighing possibilities before committing to a brand. Because this generation is more inclined to shop online, a lot of research goes into selecting the ideal piece. 

Gen Z’ers share many consumer characteristics with Millennials. In this sense, brands shouldn’t worry too much about having to completely reinvent their marketing strategy just for a specific generation. There’s no clear benefit to reactively marketing to Gen Z, and ignoring things that have worked well. However, there are some key things to consider when dealing with the Gen Z market. The best chance of capturing as many consumers as possible is being social media aware. Gen Z spend most of there time on social media, being able to engage with them in digital platforms increase the chance of them engaging back

Brands have a huge influence on consumers. It starts with what we would consider little details, but brands as a whole should emphasise their marketing approach; the way they choose to portray and display their products has a lot of value. Building partnerships with diverse artists, models from all cultural backgrounds, all shapes and colours, as well as their current brand community, they would not be able to sell and generate as much profit as they do without their consumers.”Diversity and inclusion are important in marketing because they help celebrate audiences of different backgrounds”told Amazon Ads prior to the 2022 Cannes Lions International Festival of Creativity.Displaying clothing items on larger models, for example, does not demonstrate a commitment to a larger person; it is not inclusive of what plus-size is; rather, it is an attempt to make it appear as if they genuinely offer this range of clothing when, in fact, they do not, and this is something they could work on. Another important area that they would benefit from and could concentrate on is creating and attempting to make more sustainable things. That is, our target audience in this case is Generation Z; they are our future, and they will research and participate in this. This would imply that they will perhaps transmit this one down to the following generation in the near future.

Overall, the key to a company’s success is consistency and a consistent brand message across every platform.  Developing a consistent and recognisable brand identity. This reinforces a company’s views and message, which leaves a lasting impression on customers and helps establish loyalty among clients.

Bibliography ~ 

Quora.com. (2021). Why Is Fashion Important ? [online] Available at:  

https://www.quora.com/Why-is-fashion-important-to-you#:~:text=fashion%20is%20not%20just%20about,and%20the%20world%20around%20us. [Accessed 13 Oct. 2023].

‌

Talon.one. (2023). Gen Z consumer behavior: What you need to know. [online] Available at:   

https://www.talon.one/blog/gen-z-consumer-behavior-what-you-need-to-know#:~:text=to%20Gen%20Xers.-,Gen%20Z%20consumer%20characteristics,and%20a%20strong%20individualistic%20streak. [Accessed 13 Oct. 2023]. 

Amazon (2022). The Importance of Diversity and Inclusion in Marketing and Advertising. [online] Amazon Ads. Available at: https://advertising.amazon.com/library/guides/inclusive-marketing#:~:text=Why%20are%20diversity%20and%20inclusion,they%20are%20interested%20in%20doing.  [Accessed 13 Oct. 2023].

‌

United Nations. (2023). Ensure Inclusive and Equitable Quality Education and Promote Lifelong Learning Opportunities for All. [online] Available at: https://sdgs.un.org/goals/goal4. [Accessed 13 Oct. 2023].

“We are on earth to take care of life. We are on earth to take care of each other.” (Xiye Bastida) Planet Earth is something that we all share as a community. Considering there is only one Earth, our purpose should be to care for it rather than to let it deteriorate. There is so much we can do collectively to make the world a better place; it is up to all of us to make a difference. Nobody ever said life was easy, so what makes it so difficult to try to be more environmentally conscious and to be more sustainable in order to maintain this vital pillar for future generations to carry on with what we started? The key is starting somewhere and not relying on hopes that someone else will. It starts with yourself in order to make a change

The circular economy is a system in which materials are never wasted and nature is renewed.  Products and materials are kept in circulation in a circular economy through operations such as maintenance, reuse, refurbishment, remanufacture, recycling, and composting. By disconnecting economic activity from the consumption of finite resources, the circular economy addresses climate change and other global concerns such as biodiversity loss, waste, and pollution. The three basic concepts that drive the circular economy are to eliminate waste and pollution, circulate products and materials at their best possible value, and regenerate nature. (Ellen MacArthur foundation, 2023)

Following through on what the circular economy strives for while also taking into account the SDGs’ support on the three essential pillars (society, environment and economy) all fall into the goal for sustainability and progressively becoming friendlier towards the environment and common goal to take care of our home.

Throughout, the most important thing that makes the circular economy strive is sustainability which is equally divided which is known as the triple bottom line which are people, planet and profit (RMIT University 2017). But, sustainability is a very broad statement which lies in different aspects and understanding for many, so, what is sustainability? Sustainability refers to the ability to maintain or support a process continuously over time making good use of a perfectly good item. In business and policy contexts, sustainability seeks to prevent the depletion of natural or physical resources, so that they will remain available for the long term. In the fashion industry, sustainability is a way in which brands attempt to create clothing that not only reduces the impact on the environment but is also mindful of the people who work to produce garments we wear. In a more simple way, it is “fashion that is ethically made and environmentally friendly”. (David Marshall 2022)

The United Nations produced a list of 17 Sustainable Goals that were proposed as a solution to the world’s problems in the hopes that they would lead to a beneficial end. All of these objectives are related to what sustainability tries to provide/achieve. Goal number four is assigned to the social pillar and addresses educational quality. Its mission is to foster inclusive and equitable quality education and to encourage opportunities for lifelong learning for all. This goal may not appear to be a major concern to the fashion industry at first glance, but there are approximately 17 million cases of children (ages 6-14) working up to 6 days a week across Asia and the Pacific to ensure fast fashion brands such as H&M have enough clothing to display in their stores, which sell for much more than the 0.13p these children get paid. (Gethin Chamberlain, 2017)

Bibliography –

Emeritus 09/01/2023

Available at: https://emeritus.org/blog/sustainability-sustainable-fashion/#:~:text=Sustainable%20clothing%20uses%20biodegradable%20components,carbon%20footprint%20of%20these%20brands. (Accessed on 07/10/23)

Investopedia (Thomas, D) 08/04/23

Available at:

https://www.investopedia.com/terms/s/sustainability.asp (Accessed on 07/10/23)

Immago (Marshall, D) 15/09/2022

Available at:

https://immago.com/sustainable-fashion-important/#:~:text=Sustainable%20fashion%20is%20a%20way,ethically%20made%20and%20environmentally%20friendly. (Accessed on 07/10/2023)

United Nations 

Available at:

https://sdgs.un.org/goals/goal4 (accessed on 08/10/23)

Circular economy introduction 2023

Available at: https://ellenmacarthurfoundation.org/topics/circular-economy-introduction/overview (accessed on 07/10/2023)

How high street clothes were made by children in Myanmar for 13p an hour 2017 (Chamberlain, G)

Available at:https://www.theguardian.com/world/2017/feb/05/child-labour-myanmar-high-street-brands (accessed on 07/10/2023)

H&M Embarrassed After 14-Year-Olds Found Working in Burma Garment Factories 2016 

Available at:https://www.triplepundit.com/story/2016/hm-embarrassed-after-14-year-olds-found-working-burma-garment-factories/23301 (accessed on 07/10/2023)