PROFIT

THE FOUR PILLARS…

PROFIT

In today’s capitalist society, a business is often made to create some sort of profit throughout its growth as a company. Revenue, capital, income, and profit are words that are heard on a daily basis when placed in a brand or company’s work environment – the sole purpose of a business, is simply to make money. Unfortunately, profit is usually the most important factor in a business; this results in the business prioritising money over the care of its people. The luxury fashion industry is worth approximately $100 billion, as it stands, in 2022. Meanwhile, the fast fashion industry is worth close to $100 billion, currently standing at $99 billion, with growth at a “compound growth rate of 8.8%” according to The Business Research Company.

Global retail sales are expected to reach $29 trillion by the end of 2022, outperforming other sectors within the fashion industry – contrary to this, those working within the industry such as journalists, photographers and stylists aren’t profiting in the same way as retail. As of 2020, the fashion publishing company Conde Nast discovered $600 million in revenue after losing $120 million in 2017, emphasising the decline of journalism. Retail continues to grow year after year with the exception of COVID-19 in recent years.

Since the COVID-19 outbreak in 2020, brands have had to find new ways to engage their consumers through social media whilst also competing with other brands. Cynthia Sakai, the founder of EvolveTogether, took matters into her own hands to help others by producing trendy face masks during the pandemic, stating “brands will need to be very clear about how their products fulfil both emotional and functional needs”. Her concept drew attention by being shared on social media and allowed the business to grow whilst being able to help people everyday.

For a brand to become successful, it needs to be balanced in order to thrive. Creative Directors factor in every area of a brand to make sure it’s aligning with their mission statement and the brand’s image; however, profit needs to be taken into account alongside this. The Creator Director’s job is to ensure campaigns are in line with a new collection’s image whilst maintaining profitable growth but they have marketers, designers, merchandisers who support them with each sector. The Creative Director, as the name suggests, directs the team towards where the brand should be in the near future and what it should look like – commerce is largely targeted by accountants, buyers and merchandisers, and e-commerce specialists. They both work together to achieve a certain brand image and to maintain it.

BIBLIOGRAPHY

Fast Fashion Market Analysis, Size And Trends Global Forecast To 2022-2030. (2022) www.thebusinessresearchcompany.com.

Grechko, I. (2020). How The Nap Dress, Masks & Tie-Dye Helped These Fashion Brands Thrive In The Pandemic. https://www.refinery29.com/en-us/2020/12/10244533/top-fashion-brands-covid.

The Business of Fashion. (2018). Want a Job in Fashion Journalism? https:// www.businessoffashion.com/articles/workplace-talent/want-a-job-in-fashion-journalism/.

Total Retail Sales Worldwide (2018–2022)

https://au.oberlo.com/statistics/total-retail-sales.