Shi Han

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Profit

Profit

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The profit pillar is an essential aspect to any industries as this is a way of succeeding as a business and allows them to track their growth. A common misconception among firms is that adopting sustainable practises might be expensive. They contend that making capital-intensive investments in sustainability may reduce their profit margins. Companies need to understand that taking sustainability-related actions can increase their profit margins. Sustainability has a number of other advantages, one of which is improving a company’s reputation with customers. Strong business commitment and a shift in perspective are necessary to successfully integrate sustainability with profitability. (Gep blogs 2016)

The fashion industry encompass different goods including, jewellery, women and men apparel, shoes etc. “Fashion is one of the world’s most important industries, driving a significant part of the global economy. It is one of the key value-creating industries for the world economy. If it were ranked alongside individual countries’ GDP the global fashion industry would represent the seventh-largest economy in the world,’’ stated McKinsey in its State of Fashion 2017 report. According to calculations, the global apparel market will generate 1.53 trillion dollars in revenue in 2022—a marginal decline from the year before. It was anticipated that revenue would rise to almost 1.7 trillion dollars in 2023. China and the United States together generate significantly more revenue than any other country, and together they account for the majority of this clothing demand. If the same two nations are major players in international trade, this should come as no surprise. (Smith, P. 2023)

The industry consists of various sectors such as production, manufacturers, retail, promotion etc. The aim of these levels is to meet customer demand for clothing while maintaining a profit margin for industry participants. They are made up of numerous independent but interconnected sectors. (Major, J.S. 2023) People are more likely to stick with well-known and reliable brands when they are apprehensive about the state of the economy and the immediate future of their enterprises. You can guarantee that prospective buyers will always think of your brand first by carrying on with your advertising. A constant and pertinent social media posting presence is essential for this, as is ongoing brand exposure through Display and Search advertising. (Conversion Marketing 2023) There should be some common ground between the brand and the artist if they know what they stand for. The paths that have always led to human achievement are humility in acknowledging what you’re not cut out for and strength in concentrating on your strengths. (Ahmed, A. 2013)

References:

Ahmed, A. (2013) Bridging the gap between art and business | Ajaz Ahmed, The Guardian. Available at: https://www.theguardian.com/media-network/media-network-blog/2013/oct/16/bridging-gap-art-business (Accessed: 23 October 2023). 

Chan, E. (2022) What does ‘sustainable fashion’ actually mean?, British Vogue. Available at: https://www.vogue.co.uk/fashion/article/sustainable-fashion (Accessed: 23 October 2023). 

Conversion Marketing (2023) Digital Marketing in Uncertain Economic Times, Conversion Marketing. Available at: https://conversionmarketing.co.nz/digital-marketing-in-uncertain-economic-times/#:~:text=By%20continuing%20to%20advertise%2C%20you,relevant%20social%20media%20posting%20presence. (Accessed: 23 October 2023). 

Global Fashion Industry Statistics (no date) FashionUnited. Available at: https://fashionunited.com/global-fashion-industry-statistics (Accessed: 23 October 2023). 

Major, J.S. (2023) Fashion industry, Encyclopædia Britannica. Available at: https://www.britannica.com/art/fashion-industry (Accessed: 23 October 2023). 

Smith, P. (2023) Topic: Apparel market worldwide, Statista. Available at: https://www.statista.com/topics/5091/apparel-market-worldwide/#topicOverview (Accessed: 23 October 2023). 

Why sustainability and profitability go hand in hand: Gep blogs (2016) Why Sustainability and Profitability Go Hand in Hand | GEP Blogs. Available at: https://www.gep.com/blog/strategy/why-sustainability-and-profitability-go-hand-in-hand#:~:text=Businesses%20must%20realize%20that%20they,mindset%20and%20strong%20business%20commitment. (Accessed: 23 October 2023). 

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People

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The fashion industry or any industry is not possible without people. People make a huge contribution into the fashion industry and these businesses can only be successful with their help. The fashion industry provides opportunities worldwide for retailers, designers, artisans etc. This industry can support people’s careers and goals to further improve this industry. 

Focusing on Generation Z, known as ‘Gen Z’, are people aged around 11-26. Internet has always existed for this generation. Social media, online videos and other technological features are accessible to Gen Z. Gen Z as consumers typically believe that ongoing innovation is a guarantee. Standards are rather high for this generation and they expect more as time go by. (Wood, S., 2013) When Gen Z develop interest in a certain product or clothing research online is available to them before making decisions. As this generation have access and the privilege to use many resources, product quality is very important as well as customer service.  

Figure 1 (Photo by Calla Kessler for The Washington Post)

Generation Z are now target audiences to many brands worldwide. Collaborations and partnerships are often seen happening within brands to attract Gen Z consumers. As social media plays a big role in Gen Z, many influencers who are Gen Z themselves, are seen collaborating or partnering with these brands. Gen Z are more likely to listen to influencer’s recommendations for products rather than the brand advertisements. Advertising approaches should focus on developing stimulating and interesting goods that are intriguing, desired, fresh, and innovative in order to appeal to Gen Z consumers. These goods should also help young people feel socially connected and enhance their personal development. (Adriana-Camelia, B.U.D.A.C., 2014)

Figure 2 (The Guardian 2017)

Generation Z has opened up to the world about many topics that were not easy to speak of and has now normalised many traditionalised topics. Because of this brands have opened up to diversity and inclusivity. For example, Nike has launched a ‘Nike Pro Hijab’ for Muslim female athletes as well as plus size athletic wear. All athletes and models wear Nike gear, highlighting the brand’s mission and commitment to consumers’ dreams. (Anthony, G. 2023)

For a fashion brand to be successful, people in business for the brand will require many skills however, a few that stand out are passion and ambition to contribute to the brands success. Communication is very important especially when building relationships with potential customers. As Gen Z are taking over, creativity and innovative design and ideas should be guaranteed. (Hillman, J. 2022)

Reference:

Adriana-Camelia, B.U.D.A.C., 2014. Strategic considerations on how brands should deal with generation Z. Revista Economică, 66(5).

Anthony, G. (2023) 8 examples of brands who got Multicultural Marketing Right, MILITARY | TEEN | COLLEGE | MULTICULTURAL. Available at: https://www.refuelagency.com/blog/multicultural/examples-of-brands-who-got-multicultural-marketing-right/#:~:text=All%20models%20and%20sports%20stars,going%20far%20beyond%20a%20checkbox. (Accessed: 15 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: 15 October 2023). 

Wood, S., 2013. Generation Z as consumers: trends and innovation. Institute for Emerging Issues: NC State University, 119(9), pp.7767-7779.

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Planet

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In today’s world of fast fashion, shopping has the potential to become substantially more addictive as stores no longer merely make seasonal collections but frequently release new lines on the High Street every week. (Sanghani, R., 2018) Therefore, manufacturing and production are now improving as consumers wants are increasing. However, this contributes to the damage made towards the planet globally. 

Fig 1. (Velenturf, A.P. and Purnell, P., 2021)

The circular economy takes on global challenges such as pollution, climate change, waste etc. In a circular economy, resources are used more efficiently by decreasing natural resource extraction, increasing waste prevention and optimising the environmental, social, material and economic values along the course of the life cycles of raw materials, components and final products. (Velenturf, A.P. and Purnell, P., 2021) 

Many business and companies are now focusing on producing sustainable products and goods not only for their reputation and consumers health but for our planets health too. When it comes to the fashion industry, we contribute to a huge part of the waste and companies that are advanced in their approach to environmental concerns and using creative disruptive business strategies. In addition to these are Nona Source, a company supported by LVMH, the owner of Louis Vuitton and Dior, that offers unused and headstock fabrics from high-end fashion houses to smaller brands and rapidly developing designers. (Moran, G. 2022)

Fig. 2

Responsible consumption and production is most relevant out of the 17 SDG and has a huge impact. This is the most relevant because the fashion industry requires a lot of production and producing products for customers/consumers. Each step of the production is very crucial in this industry especially the luxury brands as it requires very delicate detailing and precise cuts. Each fabric is also made into garments which takes many individuals participating in this process. How fashion firms can determine the demand for sustainable fashion and make the best choice for resource allocation throughout the supply chain becomes a crucial issue because the fashion apparel supply chain is intricate and comprises several connected actions and decisions. (Fung, Y.N., Choi, T.M. and Liu, R., 2020) In order to create an industry that will be more long-term sustainable, it is essential to slow down the global production and consuming process. The sustainable fashion movement has further room to expand beyond its current limitations as new environmentally and socially conscious production and marketing techniques are developed.(Kutsenkova, Z., 2017)

Reference:

Fung, Y.N., Choi, T.M. and Liu, R., 2020. Sustainable planning strategies in supply chain systems: Proposal and applications with a real case study in fashion. Production Planning & Control, 31(11-12), pp.883-902.

Kutsenkova, Z., 2017. The sustainable future of the modern fashion industry.

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

 Sanghani, R., 2018. Stacey Dooley Investigates: Are your clothes wrecking the planet. BBC. co. uk, 9.

Velenturf, A.P. and Purnell, P., 2021. Principles for a sustainable circular economy. Sustainable Production and Consumption, 27, pp.1437-1457. 

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My Favourite Brand

My Favourite Brand

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Acne Studios is best known for their innovative technology, contrasting silhouettes, creative collaborations and trendy visuals. Acne Studios definitely owns their key pieces and features within the brand which makes them stand out. The most easily identified feature is certainly the Face Logo and this logo can be left very recognisable. It’s simple and represents the brand. Another one would be the mohair checkered scarf, because of its huge design, blocks of mismatched colours that neatly meld together, and a large “Acne Studios” insignia on the hem, this scarf is a true statement item that completely transforms an outfit.

The company’s founder and well-known designer Johansson refers to the “maximalist minimalism” design language that is created by the deliberate contrast of materials, textures, and varied colour palettes including “millennial pink”.

The nordic design principles of Acne Studios are present in ready-to-wear. Whether you’re sporting men’s, women’s, denim, or footwear from Acne, or one of their cult scarves or shearling jackets, odds are good that you’ll look unapologetically stylish. Everything we adore about Swedish fashion is present at Acne Studios, but it’s utterly fresh, or perhaps we should say original. The juxtaposition of design and attention to detail, with a focus on tailoring, an eclectic use of materials, and specially created textiles, that is Jonny Johansson’s trademark, defines the collections. The collections include denim, footwear, accessories, and ready-to-wear for both men and women. The variety the brand provides and how unique it is, it definitely draws the attention to customers and buyers

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