“Crafting Success in the Ever-Shifting Fashion Landscape: Unveiling the Profit Puzzle”
Continually changing and growing, the fashion business is a titan. The projected value of the global fashion sector has risen to almost $2.5 trillion in recent years. Nevertheless, the industry is a complex one, with different sectors performing at varying levels.
There are various sectors within the fashion industry, each with its own distinctive characteristics. These industries’ performance varies across the board, from apparel to accessories to footwear. Concerns about sustainability and changing customer values are causing fast fashion firms to struggle. Luxury brands, on the other hand, are still doing well, and sportswear and athleisure companies are expanding as a result of the increased attention being paid to health and fitness.
Fashion firms face a problem in maintaining their competitiveness during unpredictable economic times. Diversifying revenue streams through e-commerce expansion, adopting sustainable practices, and employing technology for tailored marketing are essential tactics to weather the storm. During economic downturns, maintaining a strong brand identity and matching products to changing consumer attitudes are equally crucial.
The link between creativity and business can be closed with the help of creative directors. They are in charge of turning creative concepts into successful collections. Creative directors make ensuring that designs are in line with market demands and consumer preferences by working closely with the product development and marketing departments. Consumer input and data-driven insights balance creativity and profitability by guiding creative decisions.
The rebranding of YSL under Hedi Slimane’s creative leadership is a noteworthy case study that illustrates these ideas. In order to reverse its downward trend, the company made significant adjustments, including a contentious name change to Saint Laurent Paris. The brand finally experienced a comeback and expansion as a result of this change, which spurred fresh interest and conversation about it. The YSL case study serves as an example of the effectiveness of strategic rebranding to maintain competitiveness in the rapidly evolving fashion industry.
In conclusion, the sizeable scale and dynamic nature of the fashion sector present both opportunities and challenges. Brands must adapt, innovate, and link creativity with consumer expectations if they want to maximize revenues. Success stories like the YSL rebranding serve as an inspiration for brands striving to succeed in this always changing sector. The capacity to adapt during uncertain times is crucial.
References:
1. Statista. (2021). Value of the global fashion industry in 2021.
2. McKinsey & Company. (2021). The State of Fashion 2021.
3. Mitterfellner, O. (2023) The Business of Fashion Rebranding of YSL in Collaboration with Jannis Härtel.
Fashion revolves around many things, profit included; Businesses simply cannot survive if they are not bringing in added revenue. Profit however should have newly improved modern models that empower success and prosperity for stakeholders. Businesses that stick to their promises of enabling sustainable practises and caring for the planet should also be rewarded by consumers, with profit and increased value. The fashion industry is one of the most profitable and highest grossing industries globally with an estimated $1.7 trillion revenue pre-covid (Mckinsey, Euromonitor, 2021). The merchandising industry is part of the fashion business sector, and it involves focusing on consumer habits and trend analysis that can be reflected into buying, selling, and marketing in terms of window displays and mannequin dressing for shops and brands to lure an audience (Dillon. S, 2012). Merchandising is becoming more of a priority and is beginning to thrive more with fashion executives stating that it is their priority to improve go-to-marketing and merchandising within their brands (Mckinsey, 2023). Another sector that is reliant on a brands success is marketing and this has been proven during uncertain economic times. During a study in 2010 after the recession collection of 4700 companies were tracked with 17% of them going bankrupt; The 83% of surviving companies were found to have reallocated their funds into growth techniques such as marketing (Ranjay Gulati, Nitin Nohria and Franz Wohlgezogen,2010) (Erik Clausen,2020). The main thing for companies to make sure they do not do during uncertain economic time though is not being too aggressive and be empathetic with ethe consumer during a time of struggle and “get close to them when other competitors may have ignored them” (Ranjay Gulati, Nitin Nohria and Franz Wohlgezogen,2010). For creative directors to maintain a profitable brand for the company they must make sure to not blur the lines between art and business. This means taking risks from both the creative and the business officials whilst also measuring how worth these risks are worth taking. The risks can be worth taking however because it engages in clientele, both old and new whilst also bringing in a sizeable revenue (Ajaz Ahmed,2013). Another main priority is collaborating with consumers and always taking into account what they find value for money creativity wise (Josh De souza Crook, 2017). The main accounting reasons for a brands success profit and revenue wise is always going to be through collaboration and partnership; This can be collaborating with consumers, marketers, merchandisers, or anyone but the critical point would be for everyone to be on the same page and success starts from there.
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: 22 October 2023).
The profit pillar is grounded on effectively utilizing the company’s resources and using them to improve the financial performance and make profits, for the maximize profits. The fashion industry provides a large number of employment opportunities and generates a lot of economic mobility.
According to a report by Statista, globally, the revenue of the apparel market reached a value of 1.53 trillion U.S. dollars in 2022, in the UK was estimated to be just under 58.5 billion British pounds. As demonstrated by Fashion United, the industry has a labor force of 3,384.1 million. Its value is equivalent to 3 trillion dollars. That means, it corresponds to 2% of the world’s Gross Domestic Product (GDP). The Ellen MacArthur Foundation states that globally, the clothing industry employs more than 300 million people along the value chain, which can be understood to also include people that work in design, distribution and retail divisions of the fashion industry.
The fashion industry encompasses the design, manufacturing, distribution, marketing, retailing, advertising, and promotion of all types of apparel. (Steele el al.,2023) According to Forbes, on top of the biggest apparel companies rank is Louis Vuitton Moët Hennessy (LVMH), which includes enormous luxury brands such as Louis Vuitton, Christian Dior and Givenchy. Size of the global apparel market in 2022 is 1.53tr USD. In 2023, the global Footwear market is predicted to witness a revenue of US$398.40bn while the Accessories market amounts to US$551.10bn. (statistic, 2023)
On the authority of Mckinsey, in 2023, the global fashion industry will need to weather inflation while finding opportunities in shifting consumer patterns, channel and digital marketing strategies, and manufacturing approaches. （Mckinsey，2022）The lipstick effect describes the observation that consumers will still tend to buy small luxury items even during an economic downturn. Cash-strapped consumers want to treat themselves to something that lets them forget their financial problems.（Hayes，2021）In times of economic uncertainty, consumers tend to buy cheaper goods. Therefore, when the economic situation is not particularly good, brands can launch some products that are widely popular and relatively cheap. For example, luxury goods can introduce their cosmetics. Meanwhile, brands need to build strong customer relationships. In order to protect the existing client base, it is essential to provide exceptional customer service. Regular communication to understand their needs and concerns, coupled with efforts to make them feel appreciated, can foster customer loyalty. Even if some clients need to discontinue the service due to their own financial constraints, a strong relationship can ensure their return when circumstances improve.
Fig 1，CHANEL (1992)
Creative directors play a significant role in shaping a fashion brand’s products and image to align with consumer preferences. Whether it is creativity or commerce, the final choice rests with the customer. To cater to consumer preferences, creative directors need to first do market research and consumer Research, lock in target groups and markets, invest in market research to gain insights into consumer preferences. For example，creative directors can incorporate sustainable and ethical practices into their creative process. Trend analysis is also important. Staying attuned to fashion trends and consumer behavior is crucial. Meanwhile, some consumers prefer personalized or customizable products. Brands can offer options for customization, such as monogramming or color choices, to cater to these preferences. Furthermore, creative directors can also interact with consumers on social media to better catch consumer demands by consumer comments and attitudes to change sales strategies.
Bibliography
Apparel market trends analysis, growth, analysis, share, forecast to 2032 (no date) The Business Research Company. Available at: https://www.thebusinessresearchcompany.com/report/apparel-global-market-report (Accessed: 22 October 2023).
Clausen, E. (2020) Council post: Marketing rules to follow during Uncertain Economic Times, Forbes. Available at: https://www.forbes.com/sites/forbesagencycouncil/2020/04/03/marketing-rules-to-follow-during-uncertain-economic-times/?sh=79e0228b4a36 (Accessed: 22 October 2023).
Fashion industry(2023) Encyclopedia Britannica. Available at: https://www.britannica.com/art/fashion-industry (Accessed: 22 October 2023).
Fashion industry statistics: The 4th biggest sector is more than clothing (2022) Fashinnovation. Available at: https://fashinnovation.nyc/fashion-industry-statistics/ (Accessed: 22 October 2023).
Global Fashion Industry Statistics (no date) FashionUnited. Available at: https://fashionunited.com/global-fashion-industry-statistics (Accessed: 22 October 2023).
Hayes, A. (no date) Lipstick effect: Definition, theory, value as economic indicator, Investopedia. Available at: https://www.investopedia.com/terms/l/lipstick-effect.asp (Accessed: 22 October 2023).
Muaz (2023) An overview of the importance of the fashion industry in today’s world, blazon. Available at: https://blazon.revstance.com/an-overview-of-the-importance-of-the-fashion-industry-in-todays-world/ (Accessed: 22 October 2023).
Serr, J. (2023) The Sewing Room Fashion Sewing and sustainability blog – pillars of sustainable fashion, The Sewing Room. Available at: https://www.thesewingroomalameda.com/fashion-studies-blog/2022/7/15/pillars-of-sustainable-fashion (Accessed: 22 October 2023).
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: 22 October 2023).
Surviving the storm: What strategies can a company use in an economic downturn? (2023) Indinero. Available at: https://www.indinero.com/blog/what-strategies-can-a-company-use-in-an-economic-downturn/ (Accessed: 22 October 2023).
The pillar profit is tightly linked into the fashion industry as all industries are driven by profit with no exclusion. The profit of the industry, breaks down into specific brands, this determines the level of success it gains.
The fashion industry is the fourth largest industry in the world, with the value of $2.5 trillion (Amed, Et al, 2020) . S.Major stated: “However, the fashion industry encompasses the design, manufacturing, distribution, marketing, retailing, advertising, and promotion of all types of apparel. ” (2023). This suggests the complexity of the fashion industry, as well as stating how different sectors within the industry are tightly linked together to work most effectively.
Being adaptive and respond quickly are essential skills in the fashion industry when facing uncertain economic situations. COVID-19 has been one of the most significant economic downhill in the recent decade. Although fashion industry has been one of the industries that was least effected, due to its uniqueness and irreplaceable element of fashion, actions were still needing to be taken to avoid any damage as possible. Multiple brands have decided to collaborate with brands that target slightly different group of customers, which would refresh the impression of the brands as well as sharing a wider group of potential customers. A great example would the collaboration between MM6 Maison Margiela and Salomon. The profits produced from this collaboration is well proved by its popularity and sales volume. It has been recorded by Lyst Index, rating the 10th on the “Q1 2023 Hottest Products” (2023).
Figure 1: Q1 Hottest Products. The Lyst Index, Fashion’s Hottest Brands and Products Q1 2023
Creative director of brands are also the key people to effect the profit of the brand. Karl Lagerfeld, is one of the greatest examples when showing what impact a creative director can bring to a brand. Karl have used different strategies on leading different parts of the brand. For example, as the creative director for Chanel, his involvement was extensive (runways and behind the scenes), whilst for Fendi, he was more involved on designing the collections. (Mitterfellner, 2023) By creating memorable elements, it can well balance between the commerce and creativity of the brand.
Figure 2: Chanel Spring 2019 collection, ELLE.
Bibliography
Amed, I. , Balchandani, A., Berg, A., Hedrick, H., Jensen, J., Rölkens, F. The State of Fashion 2020: Corona Virus Update. 2020. [online] Mckinsey & Company. Available at: https://www.mckinsey.com/~/media/mckinsey/industries/retail/our%20insights/the%20state%20of%20fashion%202020%20navigating%20uncertainty/the-state-of-fashion-2020-final.pdf
Mitterfellner, O. Luxury Fashion Brand Management : Unifying Fashion with Sustainability. 31 July 2023. [online] Taylor & Francis Groups. Avaliable at: https://ebookcentral.proquest.com/lib/ual/reader.action?docID=7260416
The Lyst Index: The Fashion’s Hottest brands and Products Q1 2023. [online] Lyst Insights. Available at: https://www.lyst.com/data/the-lyst-index/q123/ . Accessed 18 October 2023.
S. Major, J., Steele, V. Fashion Industry. [online] 6 Oct. 2023. Encyclopedia Britannica. Available at: https://www.britannica.com/art/fashion-industry. Accessed 18 October 2023.
Image Reference
Chernikoff.L.R, Chanel Brings the Beach to the Runway. [online] Published on 2 October 2018, ELLE. Available at : https://www.elle.com/fashion/a23560987/chanel-spring-2019-collection/
Q1 Hottest Products. The Lyst Index, Fashion’s Hottest Brands and Products Q1 2023 [online] Available at: https://www.lyst.com/data/the-lyst-index/q123/ . Accessed 18 October 2023.
In these politically, economically and technologically dynamic times, it is essential that a fashion brand makes a valuable profit – but how? ‘The apparel and textile sector is the 4th biggest in the world’ Vilaça, J. (2022). ‘generating $2.5 trillion in global annual revenues’ McKinsey (2022). And is one of the most fast paced and trend-led. “The industry, which encompasses everything from textile and apparel brands to wholesalers, importers and retailers, employs more than 1.8 million people’ Vilaça, J. (2022) in the USA alone.
The global economy has recently suffered major shocks; Covid 19 (2019/2020) resulted in disruption to global supply chains, pent-up demand drove up shipping costs, war in Ukraine, the destruction of the Nordstream gas pipelines to Europe, Opec cutting oil production and now Middle East conflict will drive oil prices and inflation deepening the global cost of living crisis. This directly impacts the fashion industry as consumers restrict their spending as the cost of production – energy, distribution and raw materials rise “Cotton and cashmere prices, for example, have increased 45 percent and 30 percent year on year, respectively. McKinsey (2022)
McKinsey in its ‘The State of Fashion’ 2023 report assess the global performance of the luxury /non-luxury sectors. Unsurprisingly consumers who shop luxury are more insulated from economic hardship and forecast growth for 2023 is higher in the luxury sector than the non-luxury sector in the USA, Europe and China.
Given these difficult trading conditions it is essential that brands stay competitive by giving careful consideration to their geographical markets, and how they market themselves. According to Mitterfellner, O (2019) ‘blogging has become a lucrative business sector over the years and can be used to maximise profit in the fashion industry by captivating customers’. Brands can use multi-channel marketing strategies not just to demonstrate their uniqueness but to form relationships with their customers by communicating responsible sustainable principles (not just greenwash) and using new opportunities presented by the metaverse to take their creative campaigns and shopping experiences to a new level. The way a product is designed, curated and endorsed is imperative and dictates wether the consumers will buy. Consumers today like to know what they are buying and why.
Furthermore, a strong product narrative is one example of how creative directors can bridge the gap between creativity and business, ensuring the narrative flows throughout the outlet, online and in store.
Mitterfellner, O (2019) Chapter 5 – social media, blogs and opinion-leaders: who is leading your opinion? Page 83 Publisher Milton: Taylor and Francis group. [Last accessed 19 Oct. 2023]
In the current economic climate the primary objective of brands must be to ensure financial stability and achieve growth.
Although profit is the fundamental focus, it must not be at the expense of the environment or society. According to ‘Fashion Management: A Strategic Approach’, globally, the fashion industry is estimated to be worth 3 trillion dollars in terms of apparel alone. Bringing in such a vast amount of revenue, it is reported that “the apparel and the textile industry is one of the four biggest industries in the world.” (Vilaća, J. 2022).
Revenue generated from the women’s apparel market is much higher than that of men’s or children’s. In 2018, womenswear made up more than half (53%) of global fashion retail spending. Spending on menswear accounted for 31% and childrenswear for 16% (Fashion United 2022).
Prior to the Covid-19 pandemic, the fashion industries global revenue was estimated between $1.7 trillion and $2.5 trillion according to two different research reports by Euromonitor and McKinsey (Fashion United, 2022). (McKinsey, 2022) states that the fashion and apparel industry suffered a 20% decline in revenues for the 2019-2020 financial year. Once lockdown restrictions started to ease, consumers began to return to shops and the industry returned to pre-pandemic profit levels showing that these sectors need to adapt quickly in challenging times to avoid decline in revenue and profit.
If 2020 taught the industry anything, it’s that brands must plan for the unexpected. Marketing is an important signal to consumers that a business is viable and has a future. There is opportunity to capture greater market share from competitors who have reduced marketing activities (Steward, D. 2022).
Creative directors bridge the gap between creativity and commerce by selling products which are creative and wearable. Collaborations between artwork and brands provide creativity interlinked with fashion. Yves Saint Laurent illustrated this in his 1965 Mondrian collection. The dresses altered the connection between fashion and art transforming a painting into an animate work of art in a kind of “manifesto”, achieved by transforming a two-dimensional painting into a three-dimensional dress as powerful as the original. (Musée Yves Saint Laurent Paris, 2022).
Bibliography
Fashion United (2022). Global Fashion Industry Statistics. [online] Fashion United. Available at: https://fashionunited.com/global-fashion-industry-statistics [Accessed 16 Oct. 2023].
Musée Yves Saint Laurent Paris. (n.d.). The Mondrian Revolution. [online] Available at: https://museeyslparis.com/en/stories/la-revolution-mondrian.
Stewart, D. (2022). 5 Ways Brands Can Stay Competitive In A Recession. [online] Branding Strategy Insider. Available at: https://brandingstrategyinsider.com/5-ways-brands-can-stay-competitive-in-a-recession/ [Accessed 16 Oct. 2023].
Sulejewski, A. (2021). Council Post: How To Stay Competitive In An Uncertain Economic Climate. [online] Forbes. Available at: https://www.forbes.com/sites/forbestechcouncil/2022/12/01/how-to-stay-competitive-in-an-uncertain-economic-climate/?sh=7bead8873aa4 [Accessed 16 Oct. 2023].
the Guardian. (2013). Bridging the gap between art and business | Ajaz Ahmed. [online] Available at: https://www.theguardian.com/media-network/media-network-blog/2013/oct/16/bridging-gap-art-business.
Varley, R., Roncha, A., Radclyffe-Thomas, N. and Gee, L. (2018). Fashion management : a strategic approach. [online] London: Red Globe Press, p.4. Available at: https://ebookcentral.proquest.com/lib/ual/reader.action?docID=6234690 [Accessed 16 Oct. 2023].
Vilaća, J. (2022). Fashion Industry Statistics: The 4th Biggest Sector Is More Than Clothing. [online] fashinnovation.nyc. Available at: https://fashinnovation.nyc/fashion-industry-statistics/#:~:text=Discussions%20around%20the%20fashion%20industry [Accessed 16 Oct. 2023].
Wikipedia. (2023). Mondrian Collection. [online] Available at: https://en.wikipedia.org/wiki/Mondrian_Collection.
www.coolset.com. (n.d.). The three pillars of sustainability: people, planet, and profit. [online] Available at: https://www.coolset.com/academy/three-pillars-of-sustainability.
People are an essential part of the fashion industry, from designers to consumers. As of recent though, the focus being more so on Gen Z – the people of now AND of the future. “Gen Zers will make up a quarter of the population of the Asia-Pacific region by 2025.” (McKinsey&Company, 2023.) This statement alone proves the significance of them.
As consumers ”Gen Zers value individual expression and avoid labels. They mobilize themselves for a variety of causes.” (Francis et al, 2018.) In other words, they want something unique and authentic. They will not be easily persuaded, they see through greenwashing, they ask questions.
Following on from this, in order to attract Gen Z, companies need to keep it relevant and real. Read the news, follow the trends and one of the most important elements in the current digital ages: have a strong social media presence. “… the Generation Z is the most ethically diverse and technologically sophisticated generation. Generation Z has an informal, individual and straight way of communicating, and social networking is a vital part of their lives.” (Agarwal et al, 2018.)
As a result of Gen Z being such a free-spoken generation, brands must be conscientious when it comes to topics such as diversity. A positive example of a brand responding to diversity is Nike.
In 2019, Nike introduced a plus size mannequin to their flagship store on Oxford Street, London. Formerly, a debate was sparked between critics, some thought it was ”giant leap forward for inclusivity in sportwear” whilst others were ”commenting that the message being sent was ‘unhealthy’ and ‘dangerous’ and that the mannequin ‘promoted obesity’” (Mitton, 2019.) Tanya Gold, a British journalist, was the most vocal and origin of the negatives in the debate. However, she is 49 years old, perhaps the reason she doesn’t understand their marketing is because she wasn’t the original target consumer?
But target consumer or not, ”Nike’s mannequin may not be promoting obesity as some believe, it is a reflection of modern reality.” (Mitton, 2019.) Bluebella, a lingerie brand, stocked in stores such as Selfridges, completed a report and found ”Ms. Average in the UK is actually a size 16” (Bluebella, 2017.) Proving that Nike was just providing for it’s clientele.
In summary, Nike has shown that in order to be successful, companies must have active listening, problem solving and creativity skills. Through possessing these abilities, they grew their target market.
Bibliography:
Argarwal, H. And Vaghela, PS. (2018.) Work Values Of Gen Z: Bridging the Gap to the Next Generation. National Conference on Innovative Business Management Practices in 21″ Century, Faculty of Management Studies, Parul University, Gujarat, India. https://www.researchgate.net/profile/Pratiksinh-Vaghela/publication/334400459_WORK_VALUES_OF_GEN_ZBridging_the_Gap_to_the_Next_Generation/links/5d39cf0c92851cd04686491e/WORK-VALUES-OF-GEN-ZBridging-the-Gap-to-the-Next-Generation.pdf
Bluebella. (2017.) Bluebella, The Changing Shape of Women. https://www.bluebella.com/blogs/news/changing-shape-of-women
Francis, T. And Hoefel, F. (2018.) McKinsey&Company, ‘True Gen’: Generation Z and its implications for companies. https://www.mckinsey.com/industries/consumer-packaged-goods/our-insights/true-gen-generation-z-and-its-implications-for-companies
McKinsey&Company. (2023.) What is Gen Z? https://www.mckinsey.com/featured-insights/mckinsey-explainers/what-is-gen-z
Mitton, N. (2019.) MyMed, Obesity is a growing health concern, is Nike’s new plus-size mannequin helping or harming? – Plus-size mannequins – what’s the fuss really about? https://www.mymed.com/latest-news/obesity-is-a-growing-health-concern-is-nikes-new-plus-size-mannequin-helping-or-harming
Mitton, N. (2019.) MyMed, Obesity is a growing health concern, is Nike’s new plus-size mannequin helping or harming? – Nike’s plus-size mannequin reflects a growing reality. https://www.mymed.com/latest-news/obesity-is-a-growing-health-concern-is-nikes-new-plus-size-mannequin-helping-or-harming
Figure 1Models of diverse looks walk and dance on the runway for the Tommy Hilfiger runway show in September 2019
One of the main focuses for the fashion industry to be successful is for it to know its consumer inside and out to ensure they adhere for their wants and needs. (Shelley, 2017)“The appearance of a design should evoke associations with its originators in the minds of consumers, thus helping its originators to market it effectively.”
The fashion industry wouldn’t exist without ‘People’ and this Is why it’s one of the 4 pillars the business fashion school.Generation Z (Gen Z) is an everchanging cohort of people between the ‘ages of 6 and 26’ (Morgan, 2022). It’s the hyper connected, fast paced generation that fashion businesses are constantly evolving for to suit their ever-growing needs. A generation surrounded by technology created an overconsumption of new information, it revealed four main Gen Z behaviours as a consumer; (Hoefel, 2018)“They strive for individuality and self-expression, they mobilize themselves and are prepared to take action for a variety of causes, they believe in the efficacy of dialogue to solve conflicts and improve the world, finally they make decisions and relate to institutions in a highly analytical way.” Regarding these points stated, it makes the Gen Z consumer a forward-thinking individual who are attracted to brands which advocate for future development and change, socially and economically.
Figure 2 Generation Z behaviours; (Hoefel, 2018)
Linking back to the Gen Z consumer living in a digital world, social media and forms of AI have become increasingly more popular in everyday life. This resulted in fashion brands making the switch from instore and paper back advertisement, to social media and digital advertisement across many platforms. (Morgan, 2022) states; “the Gen Z consumer values a sense of community and are likely to respond well to brands and retailers who are using new technology, as well as anything that gives them a sense of control or co-creation, as TikTok and metaverse environments often do.”
Brands like Swarovski have rebranded themselves to appeal to the Gen Z consumer. The 2023 marketing campaign on the collection ‘Metamorphosis’ is a perfect example of how brands are adhering to change to catch the eye of the Gen Z consumer. The ad was launched on TikTok, Instagram and other social media sites. The campaign featured a range of diverse fashion influencers modelling the jewellery in ways which where culturally appropriate to their backgrounds. “A celebration of self-expression and transformation, highlights a collection inspired by tropical flora and fauna.” ( L’Officiel Malaysia, 2023)
Bibliography
Hoefel, F. (2018) Tracy Francis and Fernanda Hoefel – drthomaswu.com Tracy Francis, ‘True Gen’: generation Z and its implicationd for companies. Translated by T. Francis. Available at: http://drthomaswu.com/uicmpaccsmac/Gen%20Z%20Highlighted.pdf (Accessed: 16 October 2023).
Malaysia, L. (2023) Swarovski wants you to spread your wings with metamorphosis, L’Officiel Malaysia | Fashion, Beauty, Lifestyle, Arts & Culture. Available at: https://www.lofficielmalaysia.com/jewellery-watches/swarovski-wants-you-to-spread-your-wings-with-metamorphosis#:~:text=A%20celebration%20of%20self%2Dexpression,by%20tropical%20flora%20and%20fauna. (Accessed: 17 October 2023).
Shelley, C. (1970) Style, SpringerLink. Available at: https://link.springer.com/chapter/10.1007/978-3-319-52515-0_4 (Accessed: 15 October 2023).
Fashion is profoundly political despite the glamourous connotation perceived by the world as fashion is useful by providing jobs, security, community along with the profoundly political self-expressions and communication through the garments we wear and style, at the end of the day fashion is about dissecting a language, connections and relationships between the industry and consumers especially the current targeted demographic group known as Gen Z.
Generation Z, a digital born generation that are easily influenced by social media, influencers trends that tend to shape the consumer, workforce, and societal trends within the industry. This specific demographic group , are known for operating , consuming , involving and creating relationships and friendships through the online world as they consume approximately six hours of cyberspace on a daily basis. Generation Z tend to approach their daily news , information along with making prior purchases as these group of potential buyers tend to curate their online identity , presence especially being given the option of personalization . (Mckinsey , 2023) Due to the vast demand of keeping up with the on-going trends , retailers tend to switch up and produce rapid amount of garment at an extensive pace due to the demographic’s consumer habits alongside having an appreciation for expressive garments , the eagerness to disperse from the crowd , experimental with various styles from different generations such as 90s and Y2K along with their trend changing habits and support for circular fashion.
Generation Z value diversity , activism on social and political issues , mental health and sustainability in which they seek for among their belongings to reflect on their beliefs and values along with the brands they support and purchase from .Brands that highlight and cater to Generation Z’s values are Fenty Beauty and Rare Beauty. Fenty Beauty , a makeup and skincare brand that launched in 2017 that produce and launched a range of diverse foundation shades as the brand includes all races, all ethnicities and all abilities in their campaigns(Nduka, 2022). Rare beauty , a makeup brand that solely focuses on mental health and sustainability through their “MAKEARAREIMPACT” campaign , fundraiser , packing and adversity that along correlate with Generation Z’s values for mental health and wellbeing therefore it is supported and incorporated in Generation Z’s makeup routine .
Generation Z is all about communication and leadership in the workplace which is crucial to build a successful fashion brand.
Bililography
I.Hall. (2022). Nike, M&S and Fenty Beauty | 3 Gen Zers Share Which Brands They Love for Their Diversity. [Online]. Voxburner. Last Updated: 6 may. Available at: https://www.voxburner.com/blog/nike-ms-apple-fentybeauty-diverse-genz-brands/ [Accessed 15 October 2023].
Moran, G. (2022) Drapers, Gen Z and Millennials 2022.
They are now the second youngest group in the world. In the present era, Gen Z has become a pivotal cohort driving the advancement of the fashion industry. They are characterized by their creativity and critical thinking, enabling them to form unique judgments about various matters. Born in an age of rapid internet development, they are also referred to as “digital natives“ (2023,MCKINSEY). Gen Zers are known for working, shopping, dating, and making friends online. As consumers, individual rom Generation Z exhibit consumer behaviors that are largely shaped by their pragmatic perspective on financial matters and educational pursuits. Principal determinants of their consumption patterns include a pronounced inclination towards technological advancements, a deep-rooted commitment to societal issues, and a marked sense of individualism (2023,BEWICKE). Gen zers exhibit distinct consumption patterns, largely influenced by their pragmatic perspective on financial matters and educational pursuits. Notably, their proclivity for technological advancements, commitment to societal issues, and pronounced individualism are pivotal in shaping their consumer behaviors. In contrast to earlier generations, Gen zers does not prioritize cost as the primary decision-making factor. For a product or brand to resonate with this demographic, it must present a harmonious blend of value, superior quality, and ethical integrity.
Individuals from Generation Z exhibit distinct consumer behaviors, largely influenced by their pragmatic perspectives on financial and educational matters. Additionally, their profound relationship with technology, commitment to societal causes, and marked individualism play significant roles. Each generational cohort forges an identity distinct from its predecessors. Notably, Generation Z stands out as the inaugural generation of genuine digital natives. Their formative experiences are intertwined with digital phenomena, such as online gaming and trending internet content. It is probable that during their educational years, they relied on digital devices like personal computers or tablets for note-taking(2023,GOMEZ).
In 2023, Twitch has emerged as a predominant brand favored by Generation Z. Originally launched in 2005, Twitch was conceived as a real-time broadcasting platform where individuals could showcase their daily activities. While the platform has diversified its content categories, video gaming remains its central focus. Boasting over 240 million active users monthly, Twitch commands an impressive 73% of the live streaming market share. Notably, internal data from Twitch reveals that a significant 55% of its audience comprises members of Generation Z. Further, there is a discernible positive sentiment within the Twitch community towards channel monetization and advertisement displays, presenting a lucrative avenue for potential advertisers(2023,KHALID).
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What is gen Z? (2023) McKinsey & Company. Available at: https://www.mckinsey.com/featured-insights/mckinsey-explainers/what-is-gen-z# (Accessed: 15 October 2023).
Bewicke, H. (no date) Gen Z consumer behavior: What you need to know, Gen Z Consumer Behavior: What You Need to Know | Talon.One. Available at: https://www.talon.one/blog/gen-z-consumer-behavior-what-you-need-to-know# (Accessed: 15 October 2023).
Gomez, R. (2023) How to make sure you’re marketing to gen Z the right way, Sprout Social. Available at: https://sproutsocial.com/insights/marketing-to-gen-z/ (Accessed: 15 October 2023).
Khalid, S. (no date) Gen Z’s 25 favorite brands in 2023, Yahoo! Finance. Available at: https://finance.yahoo.com/news/gen-z-25-favorite-brands-092948829.html?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig=AQAAAHf7g7OrCknZ4PHkWCvWUsNp2jXBvXb4Ntqeoj8wTzmLpUtG0_jaHuNb6e1mAcB6m2AEhDCtBFc6_8CsVKIcEqjO1NkXyCiFbW19kJFICy6VkVk8q8ZIy4_Q2NZ_ZvaP5xvtGwRjvhillTuCvomc-Tc5LGB15zkvfDcD7p1jxxmv (Accessed: 16 October 2023).
