Profit
Profit is one of the pillars that cannot be ignored as the fashion industry needs to ensure maximum profit without damaging people, animals and the environment.
The fashion industry as a mass and colourful industry is continuing to grow with an upward trend in sales. Statista (2022) provides compelling data which suggests that as life is returning to normal after 2020, clothing consumption is expected to rise steadily to reach 197,316 million pieces. However, the development of savings in the fashion industry has offered a negative impact. According to McKinsey, the fashion industry contributed more than 4% of global CO2 emissions during that period. Additionally, 84% of them were released from supply chains, following a report by the World Resources Institute and the Garment Impact Institute. Almost 1 billion tonnes are totally produced each year. (Moran, 2022)
The fashion industry is undoubtedly complex. Thus, there are various sectors in the fashion industry. Initially, the understanding is necessarily held by the marketing sectors, both current fashion trends and consumer purchase habits. Followed by fashion designers make good use of skills to design, select the colours, fabrics and measure the sizes. The clothes are then made by the manufacturers. It is delivered to different stockists and retailers in various locations to ensure that the majority can buy in multiple areas such as offline flagship shops, online shops and select shops.
Due to the dramatic development of social media, it has become an integral part of the lives of the younger generation. (Hethorn and Ulasewicz, 2015) As social media has become an effective way to be competitive in an uncertain economy, 50% of social network users nowadays share or retweet news stories. 46% of them discuss news topics or events on the Internet. Thus, it can obviously connect unrelated people from different countries (Hethorn and Ulasewicz, 2015). It also provides an effective opportunity for brands to construct a bridge with consumers regularly, enabling them to acquire consumer preferences and behaviours to engage with more potential. As a result of this change in consumer behaviour, more brands have taken successful action to create their social media creation. For instance, fast fashion brands like H&M were followed by hundreds or even thousands of users, communicating frequently and effectively with their consumers and encouraging them to wear by posting on official social media accounts. Brand’s followers are constantly influenced by this marketing strategy, which will stimulate their desire. Brand could clearly catch the fresh trends. Thus, H&M, grew by 13%, while other retailers only increased by 2% during the same period (Mau, 2012).
Brands could hold various people from a wide range of professional people managing brand departments. Diverse talents work on the brand in order to keep genuine and maximise the brand’s profit. Therefore, the commercial section can master the current consumer habits and communicate in depth with the creative director so that they can clearly understand the current brand in terms of marketing to maximize creativity without violating the brand concept and consumer style. This enables the design to be as creative as possible and at the same time appeal to the consumer.
Text Reference
Apparent consumption of apparel worldwide from 2013 to 2026 (2022) Statista.com . Statista. Available at: https://www-statista-com.arts.idm.oclc.org/forecasts/1307850/worldwide-consumption-of-clothing-items (Accessed: October 21, 2022).
Hethorn, J. and Ulasewicz, C. (2015) Sustainable fashion what’s next?: A conversation about issues, practices and possibilities. New York: Fairchild Books, An imprint of Bloomsbury Publishing Inc.
Mau, D. (2012). NYC releases fashion report: Fashion Week, fast fashion see biggest growth. Retrieved September 25, 2014, from http://fashionista.com/2012/04/nyc-releases-fashion-report-fashion-week-fast-fashion-see-biggest-growth. [Accessed 20 October 2022].
Moran, G., 2022. Collaborating for Change: Sustainability Report 2022 – Drapers. [online] Drapers. Available at: <https://www.drapersonline.com/guides/collaborating-for-change-sustainability-report-2022> [Accessed 20 October 2022].
Photots Text
Apparent consumption of apparel worldwide from 2013 to 2026 (2022) Statista.com . Statista. Available at: https://www-statista-com.arts.idm.oclc.org/forecasts/1307850/worldwide-consumption-of-clothing-items (Accessed: October 21, 2022).