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The Purpose pillar is about a fashion brand communicating its philosophy or purpose to its audience. It is particularly important with reference to Gen Z (born 1997 onwards) as this audience most receptive to a brand’s ethos and how this imparts perceived added value. Finneman (2020) explains that a trade-off between price and value is no longer enough for Gen Z. They need more.

A strong brand philosophy forces a business to evaluate constant change and to understand how these changes influence the way clients engage with the brand Silvia, (2023). Having powerful and effective values is key for a brand to be successful. “It provides a framework for decision-making, helps to guide the company’s marketing and communications efforts, and creates a sense of purpose for employees and customers alike.” Mishra (2023).

Within this philosophy, according to (Aaker in Mitterfellner, 2023), Aaker’s brand personality framework suggests that there are five brand personalities that matter most: sincerity, excitement, competence, sophistication and ruggedness. He believes that this framework can be successfully used to gain insight to a ‘brands personality’ and gauge if the consumer and the brand are well aligned in terms of personality and values.

Gen Z is currently the most heavily influenced generation in society, concerned with sustainability, inclusivity and treating people fairly. They like to know whether the brand is trustworthy and is ethically moral. They are looking beyond tangible products and are trying to pinpoint what it is that makes the company/brand unique. What is its mission, purpose and most importantly what is it trying to build for us a society? Finneman (2020). To effectively connect to a Gen Z audience, brands should consider making content that resonates with their values and interests, also ensuring that they are truthful. Anderson (2023)

In 2010, Asos successfully launched ‘Fashion with Integrity’ with the purpose of being a company that cares for people whilst helping to reduce the impact on the planet, following the two pillars planet and people. Asos is a good example of a business that has a strong brand philosophy. Their values include being authentic, brave, creative and disciplined. “Our business is built on an inclusive culture which encourages passion, enthusiasm and development” ASOS (2021).

Overall, we can determine that Gen Zers like to see a brand that aligns with its own values and morals. They like to relate to the brand and their morals. Achieving this is critical.

Reference list 

Finnerman, B., Spagnuolo E. and Rahilly, L. (2020). Meet Generation Z: Shaping the Future of Shopping | McKinsey. Available at https://www.mckinsey.com/industries/consumer-packaged-goods/our-insights/meet-generation-z-shaping-the-future-of-shopping (Last accessed 24 Oct 2023) 

Silvia, P. (2023). Why Philosophy Has Much To Do With Brand-Building (And What That Looks Like). Forbes. Available at  https://www.forbes.com/sites/piasilva/2020/11/19/why-philosophy-has-much-to-do-with-brand-building-and-what-that-looks-like/?sh=772c3e4671f9

Mishra, D. (2023). Why is Brand Philosophy Important? Available at https://digiverse.medium.com/why-is-brand-philosophy-important-35483217ac21 (Last accessed 24 Oct 2023) 

Mitterfellner, O (2023) Luxury Fashion Brand Management [electronic resource]: Unifying Fashion with Sustainability. Publisher: London: Routledge (2023)

Anderson, M. (2023). Council Post: Connecting with Gen Z: Effective Stratergies for Brands. Forbes. Available at https://www.forbes.com/sites/forbescommunicationscouncil/2023/05/05/connecting-with-gen-z-effective-strategies-for-brands/?sh=1a1dcb71babf (Last Accessed 24 Oct 2023) 

ASOS 2021. Our purpose and values. ASOS PLC. Available at https://www.asosplc.com/this-is-asos/our-purpose-and-values/ (Last accessed 24 Oct 2023) 

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). 
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• 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). 

Profit is the ultimate goal of any businesses. Profit determines how a business operates. Business owner can choose pocket the cash, distributes to shareholders or reinvest into the business. Including fashion business, the industry always create new stories in order to create more profit.

The size of the fashion industry being calculated appears to be 1.53 trillion US dollar in total. Market of Womenswear shows a significant amount of gap compared to menswear and children’s, approximately 163 billion dollars in revenue(SMITH,2023). Because of COVID-19, the industry was having a big impact but womenswear occupying an even larger market share as usual. In future projections, it is anticipated that the luxury segment will surpass other sectors within the industry. This is attributed to the propensity of affluent consumers to persist in their travel and expenditure habits, thereby offering them a degree of protection against the repercussions of hyperinflation(AMED,2023).

Fashion industry includes different sectors. From textile production to the retailing of products. Marketing appears to be the key sector of maximizing profits. Effective fashion marketing is predicated on a comprehensive comprehension of consumer requisites, predilections, and aspirations, ensuring alignment between product offerings and consumer demand. To inform designers and manufacturers about the specific nature and volume of products to be developed, marketers employ mechanisms such as sales trajectory analysis, scrutiny of media exposure, focus group discussions, and other methodologies geared towards discerning consumer inclinations(KIRON,2022)

There are few elements that a brand needs to consider in order to remain competitive in uncertain economic times. During the economic downturn of 2008-2009, a study of 700 enterprises revealed that 17% either faced bankruptcy, transitioned to private ownership, or underwent acquisition. Approximately 80% of these companies did not achieve a complete recovery until three years post-recession. Remarkably, 9% of the firms flourished during this period(GULATI,2010). One way to get better should be “Propose incentives to extant clientele as a token of appreciation for their allegiance and/or their endorsement of your enterprise to peers. In economically challenging times, a significant proportion of consumers exhibit heightened price sensitivity, seeking avenues for financial savings. Thus, it becomes imperative to provide them with a compelling rationale for preferring your offerings over those of competitors. A strategic approach to achieve this is by prioritizing and valuing your established customer base”(Graver,2022). 

Creative directors harmonize creativity and commerce by conceptualizing innovative ideas while ensuring market feasibility. They integrate artistic vision with commercial objectives, optimizing brand resonance and maximizing financial returns.

Bibliography

AMED, I. (2022) The state of fashion 2023: Holding onto growth as global clouds gather, McKinsey & Company. Available at: https://www.mckinsey.com/industries/retail/our-insights/state-of-fashion (Accessed: 23 October 2023). 

Graver, K. (2022) 8 tips to help manage a business in Uncertain Economic Times, Business Plan Writers & Startup Consultants. Available at: https://startgrowimprove.com/manage-a-business/#:~:text=Offer%20your%20existing%20customers%20incentives,and%20services%20over%20the%20competition. (Accessed: 23 October 2023). 

Gulati , R., Nohria, N. and Wohlgezogen, F. (2014) Roaring out of recession, Harvard Business Review. Available at: https://hbr.org/2010/03/roaring-out-of-recession (Accessed: 23 October 2023). 

Kiron, M.I. and Mazharul Islam KironFounder & Editor of Textile Learner. He is a Textile Consultant (2023) Key sectors of Fashion Industry, Textile Learner. Available at: https://textilelearner.net/key-sectors-of-fashion-industry/ (Accessed: 23 October 2023). 

Smith, P. (no date) Topic: Apparel market worldwide, Statista. Available at: https://www.statista.com/topics/5091/apparel-market-worldwide/#topicOverview (Accessed: 23 October 2023). 

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].

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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].

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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].

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At the heart of nearly every business in our society, profit is the most important aspect of succeeding and growing as a corporation. The fashion industry is one of the biggest industries present today, with equipping just under 450 million people with jobs globally (Common Objective. (n.d.). The rise of the fashion world comes with many positive aspects, for example, the extreme range of creativity that it shows to the world and the ability that the industry has in allowing people to express themselves, whether this be through designing, styling or even just wearing. The industry as a whole also brings a lot of negative effects to our society, due to the exploitation of workers and its effect on our environment. In other words, “Just as fashion has the power of transformation, it has the power of destruction” (Vilaça, 2022). Business of Fashion also address this topic through the idea that sustainability is not as important to consumers as some people may want it to be (Pucker, 2023). This article also speaks about the idea that in order for a significant change to happen, everyone within the industry must get involved and have the same end goals in mind, however clearly states, “companies prioritise profits over planetary welfare” (Pucker, 2023).

Since stores had to close down for extended periods of time due to the Covid-19 outbreak, the fashion industry suffered greatly from a drop in sales and due to this, the market’s revenue between 2019 and 2020 declined by 20% globally (Amed et al., 2021). This posed as a challenge especially to small businesses which faced the danger of having to close down permanently. However, Nike managed to bounce back after the pandemic due to the fact that more people were working out and working from home instead of going into the office, so their trainers experienced a rise in sales, stated Neil Saunders (Forrest, 2022). In order for other brands to remain competitive during these uncertain economic times, brands had to have a clear differentiation from other businesses in order to stand out to their consumers. One way in doing this is through collaborations, bringing two different audiences together.

Selfridges serves as an illustration of how creativity and commerce may be fused together by creatively displaying ready-to-wear clothes in an effort to veer away from a predominantly commercial portrayal. They achieve this through their creative shop window displays which are extremely famous all around the world, using basic items of clothing in an innovative way (Figure 1).

Reference List:

Common Objective. (n.d.). Faces and Figures: Who Makes Our Clothes? [online] Available at: https://www.commonobjective.co/article/faces-and-figures-who-makes-our-clothes#:~:text=The%20global%20workforce%20is%20estimated.

Forrest, F. (2022). Covid two years on: Expert analysis of top 10 global apparel companies. [online] Just Style. Available at: https://www.just-style.com/features/covid-two-years-on-expert-analysis-of-top-10-global-apparel-companies/?cf-view&cf-closed [Accessed 20 Oct. 2023].

Pucker, K. (2023). Brands Know How to Curb Their Climate Impact. Why Won’t They Do it? [online] The Business of Fashion. Available at: https://www.businessoffashion.com/opinions/sustainability/fashion-brands-curb-climate-impact-why-not-inaction/#:~:text=Their%20Climate%20Impact.- [Accessed 20 Oct. 2023].

Vilaça, J. (2022). Fashion Industry Statistics: The 4th Biggest Sector Is More Than Clothing. [online] Fashinnovation. Available at: https://fashinnovation.nyc/fashion-industry-statistics/.

www.selfridges.com. (2023). Material World – Windows | Content | Selfridges. [online] Available at: https://www.selfridges.com/GB/en/features/articles/content/material-world-windows/.

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.

The Pillar is a global fashion and lifestyle that covers everything from celebrity news and pop culture to the newest beauty advice and fashion trends. It is widely regarded as one of the most well-known and important fashion publications in the world, with a readership of over 2 million people.

The worldwide fashion market is predicted to be worth $2.5 trillion USD . It is one of the most important and major industries in the world, and it employs millions of people all over the world.

The fashion sector is divided into several subindustries, the most visible of which are clothing, footwear, accessories, and cosmetics. Over the next five years, the apparel business is expected to increase at a 3.5% annual pace, making it the industry with the biggest growth potential . Additionally, it is anticipated that the footwear industry will expand at a respectable rate, which is 4% annually. The growth rate for the accessories and cosmetics industries is anticipated to be slightly lower than average, coming in at 2.5% and 3% each year, respectively.

When times are uncertain economically, it is more crucial than ever for fashion brands to concentrate on the advantages they have over their competitors. This could involve selling products of excellent quality at costs that are comparable to those offered by competitors, building a powerful brand identity, or targeting a certain segment of the market. Being inventive and adaptive are also important factors in maintaining competitiveness for brands. This necessitates keeping abreast of the most recent developments in fashion and technology, as well as a willingness to adapt their strategy in response to shitting circumstances.

Within the fashion sector, creative directors are responsible for playing an important role. They are in charge of crafting the entire vision and aesthetic of the company, in addition to coming up with designs that are unique and innovative. However, creative directors also have a responsibility to be aware of and attentive to the business’s financial concerns. They need to come up with ideas that are fashionable as well as wearable and that will appeal to the demographic that they are aiming for. Creative directors need to be able to think creatively as well as strategically in order to successfully bridge the gap that exists between creativity and commerce.

Reference

https://www.euromonitor.com/video/luxury-and-fashion-what-to-expect-in-2023

https://www.ibisworld.com/industry-trends/(Accessed:2023-10-20).

To successfully run a company, the core of the business is profitability. A “handsome” cash flow and unique design of the products will be the brightness of the competition’s ability. This blog will introduce the size and the various sectors’ performance of the fashion industry first, then conduct the mainstream competitiveness in the economic cycle, and the connections between the creative and the commercial.

According to the Statista Database, the total revenue of the global market was around 1.52 trillion USD in 2022, which has slightly declined from the last year. The majority of the apparel retail market is in China, the US, the UK, Germany and Japan. The China and the US play a significant role of the global clothing market, that is, China is the largest clothing exporter, and the US is the most substantial importer of the world. The following is the worldwide apparel and footwear market size and yoy growth rate (Mckinsey annual forecast report, 2022)

LVMH Group occupies the largest capitalization of the clothing industry around the world, which is around 367 billion USD. Nike with a market cap of 216 billion USD ranked in second place, and was claimed as the most valuable brand of sportswear for the seventh year in 2021. Besides, the brand value of the leading 10 most valuable luxury brands worldwide in 2022 as follow. The LVHM group leading the top position in both the clothing industry and the luxury.

In recent years, there have been changes in consumer preferences – coupled with brands actively catering to consumer needs – and a new paradigm in the luxury goods industry has gradually emerged. In addition to emphasizing traditional features such as authenticity, reliability, and excellence, new elements such as functionality, integrity, sustainability, and innovation have also been added to the program. Given the emergence of this new paradigm, taking luxury brands as an example, the following points need to be noted:

1) Targeting mega cities and expanding to emerging cities

2) Respect local culture

3) Pursuing a sense of mission (creating products that can leverage social currency functionality)

4) Creating a digital shopping experience

5) Utilize the growth trend of Generation Z

6) Understand the needs of emerging consumer profiles.

For large luxury brands and influential market brands, the main profit margin lies in the brand’s influence, which is the logo. Thus, the creative directors of such brands have less influence on their products than the logo itself. But many luxury brands set limits on high-end products with showcases or private customization and sell them to VIP customers with purchasing qualifications. Classic models are sold to ordinary customers, and luxury brands are different from other brands, with rarity as their main selling point. There are many designer brands now, and these clothing are generally niche, unique, but expensive. Its main selling point lies in the uniqueness of the design.

In order for business activity to grow and expand profit is mandatory. Encompassed within the fashion industry business performance can be analysed through the pillar ‘profit’. Analysing all sectors of the industry leads to discovering profitable opportunities which will consequently drive business activity.

Considering the fashion industry facing a decline in growth rates in the later months of 2022, due to challenging climates, hyperinflation leading to depressed customers, the industry is the fourth biggest in the world with a value of 3 trillion dollars. With these statistics the vast dimension of the industry is proven. Predictably, each sector in the industry will grow at its own rate which suggests primary sectors. McKinsey & Company states “the luxury sector will outperform the rest of the industry, as wealthy shoppers continue to travel and spend, and thus remain more insulated from the effects of hyperinflation.” (McKinsey & Company, 2023). Proven my the Lyst index Q2, It’s said that the luxury brands Loewe and Prada take the lead for “Hottest brands of 2022”

A crucial skills to to be successful when setting up a business whether it fashion or other is adaptability and quick response. In the current uncertain economic situation it is even more vital. Coming up with new an inventive ideas or marketing is key. Mitterfellner, O introduces us to the idea of using blogging in order to promote a brand. Looking for the rifght characteristics in a blogger can make all the difference towards the benefit it has for the brand. For example, “The fashion blogger x is intune with the current trend and his posts are highly relevant to his or her audience”, “ X comes across as authentic…”, “X has several thousand or hundred thousand followers and they are perfect for the brand”. To find a blogger with characteristics such as these the brand in return will gain engagement, reach and potential increase in product or service purchases. (Mitterfellner, O, 2019).

Within the chaos of the industry and social media, creative directors are responsible for keeping the brand alive with new innovative marketing strategies. balencings aspects such as creative visions and brand DNA is vital for a successful brand. Ensuring your brand doesn’t get lost in the amist of “new trends” is key. Staying authentic and true to your brand is an essential otherwise you can get lost in the industry therefore unrecognizable.

Bibliography:

The lyst index: Fashion’s Hottest Brands and Products Q2 2023 (2023) Lyst Insights. Available at: https://www.lyst.com/data/the-lyst-index/q223/ (Accessed: 21 October 2023).

Mitterfellner, O. (no date) Fashion Marketing and Communication Theory and practice across the fashion industry.

The state of fashion 2023: Holding onto growth as global clouds gather (2022) McKinsey & Company. Available at: https://www.mckinsey.com/industries/retail/our-insights/state-of-fashion (Accessed: 21 October 2023).

“Fashioning a Future: How Brands Attract Generation Z and Promote Diversity”

Generation Z has played a significant role in the industry’s recent transformation. These customers, who were born between the middle of the 1990s and the beginning of the 2010s, have given fashion a new viewpoint by putting an emphasis on authenticity, sustainability, and inclusivity. This blog article will examine the critical people skills necessary for a fashion brand to succeed as well as what brands should do to appeal to Generation Z.

Individuality, civic participation, and social responsibility are important to Generation Z. Brands must place a high priority on supply chain transparency, support environmentally friendly practices, and interact with customers on social media and online. Brands should adhere to their principles, employ user-generated content, and promote community development if they want to attract the Gen Z audience.

Abercrombie & Fitch, a formerly divisive company infamous for its exclusive marketing, started an amazing path toward diversity. The business changed its branding and positioned itself as being more inclusive and diversified. Abercrombie & Fitch remodeled its retail locations, did away with the famed “Look Policy” (which imposed strict aesthetic standards), and started including a greater variety of body types, ethnicities, and genders in its advertising campaigns.

Success in the fast-paced fashion industry depends on having strong interpersonal skills. Innovation in marketing and design is driven by creativity, and adjusting to shifting trends requires adaptation. In today’s inclusive market, empathy is essential for comprehending the variety of client wants. The ability to use digital tools proficiently and communicate clearly is essential for encouraging teamwork and distinct brand messaging. In order to address environmental issues, sustainability is essential. In addition to being ethically correct, promoting diversity and inclusivity is commercially astute, guaranteeing brand relevance in a diverse global market. These abilities are the cornerstone for succeeding in the cutthroat fashion industry.

In conclusion, the fashion business has undergone a major transformation thanks to Generation Z. Brands should identify with their beliefs and participate online in order to appeal to this group. Initiatives that promote diversity and inclusiveness, like Fenty Beauty, set the bar for moral behavior. Fashion firms require a staff with innovation, agility, empathy, and a strong commitment to sustainability and diversity to succeed in this ever changing industry. Fashion firms may compete in the changing world of Gen Z customers by embracing these principles.

References:

1. Leong, S. (2021). “Fashion’s Future: How Gen Z is Reshaping the Industry.” Forbes. 

2. Gross, E. (2016). “Abercrombie & Fitch is Finally Growing Up.” Bloomberg.

3. Fernandez, C. (2020). “Fashion Industry: How to Succeed in the Current Market.” The Business of Fashion.