Profit
We live in a capitalist society whereby the concept of profit is rooted at the centre of most fashion companies. Profit can be defined as capital that an organisation acquires after the cost of selling goods and services are deducted. Fast fashion plays a considerable role in the idea of profitability; inexpensive clothing are being mass produced at the expense of poorly worked and paid factory workers, as a result, businesses are able to break-even quicker as the overall cost of producing one garment continues to stay at an unethically low level.
Covid-19 is a good example of when times were uncertain, it was a time in which many brands had to close physical stores leading to a rise in unemployment and instability. Most brands also experienced a large impact on the supply chain and demand. Three years on, we can analyse what measures brands took in order to remain relevant. The use of tech and e-commerce are major ways in which brands can stay competitive. One key emerging technology that played a large role in fashion’s recovery was Artificial Intelligence. By generating a substantial understanding of customer data through this technology, brands can provide unique experiences in which the focus is on the individual customer.
Fashion is an art; designers express their creativity through haute couture in which many feature in art museums. However, there needs to be a gap between creativity and commerce. This is done using Ready-to-Wear collections and Haute Couture lines. Haute Couture may be garments that seem less wearable to the average person, and it is also known as ‘high fashion’. Vogue describes Haute Couture as “walking pieces of art”. Whereas Ready-to-Wear provides a more realistic view of fashion and is viewed to be more wearable to consumers. The gap between creativity and commerce is crucial as it is common that ready-to-wear lines see a larger return on investment in comparison to couture collections. On the other hand, it is the couture lines that evoke attraction and exposure internationally.
References
Amlani, P. (2020). Why Consumer Capitalism is the Real Problem in Fashion Industry. [online] Medium. Available at: https://medium.com/@amlani.puja/why-consumer-capitalism-is-the-real-problem-in-fashion-industry-eecd8d9f463f.
Cambridge Dictionary (2019). PROFIT | meaning in the Cambridge English Dictionary. [online] Cambridge.org. Available at: https://dictionary.cambridge.org/dictionary/english/profit.
Factory8. (2017). What Is The Difference Between Ready-To-Wear And Haute Couture? [online] Available at: https://thefactory8.com/difference-ready-wear-haute-couture/.
universityfashiongroup.org. (2021). Is Fashion Art? [online] Available at: https://universityfashiongroup.org/2021/12/01/is-fashion-art/.
www.wpp.com. (n.d.). Unlocking the power of online fashion with new technology | WPP. [online] Available at: https://www.wpp.com/wpp-iq/2020/08/unlocking-the-power-of-online-fashion-with-new-technology.