Profit
Rather than asking ‘What is the future of fashion?’ it is perhaps more meaningful to ask, ‘What is the future fashion designer?’ With an industry that values profitability over all else, designers are challenged with a responsibility to merge the creative and business sides of fashion (Palomo-Lovinski et al, 2022). The ‘profit’ pillar digs deeper and questions preconceptions around the traditional metrics that measure success.
There is a direct correlation between the rise of global capitalism and the transition from clothing handmade by dressmakers and tailors to mass-produced garments and retail outlets (Major & Steele, 2018). The fashion industry is one of the largest employers, with a labor force of 3,384.1 million, according to Fashion United. It is a “highly globalized industry, with clothing often designed in one country, manufactured in another, and sold in a third” (Major & Steele, 2018). The industry has an estimated global revenue of between 1.7 and 2.5 trillion dollars (Fashion United, 2022).
The various sectors of the industry are interconnected whether they belong to the creative or commercial side. In 2020, the pandemic disrupted each sector from production and design down the chain to retailing and marketing. A report from the Business of Fashion and McKinsey & Company, explained, “As the coronavirus pandemic sent shockwaves around the world, the industry suffered its worst year on record with almost three-quarters of listed companies losing money. Consumer behavior shifted, and supply chains were disrupted” (McKinsey & Company, 2021).
However, the report also provided insight into how brands remained competitive during an uncertain economic time like the pandemic. When discussing profitability, it is crucial to acknowledge that brand competition is a driving force behind business decisions. According to Mckinsey & Company, “many fashion companies have taken time during the crisis to reshape their business models, streamline their operations, and sharpen their customer propositions” (McKinsey & Company, 2021). The Cambridge Econometrics Sector profile highlighted that businesses implemented “additional resources for understanding risks and putting in place solutions. This may include actions to boost productivity, promote operational flexibility, optimize digital, and instill financial flexibility. Companies that can lead on these priorities and focus on executing their strategic agendas are likely to emerge from the current slowdown ahead of the pack” (LLEP, 2020).
Back to the previous question of ‘What is the future fashion designer?’ “To garner optimal profits, designers influence their consumers’ social-psychological motivations and synthesize these with their mastery of aesthetics. However, rather than relying on these actions to create profit alone, future designers must focus on creating profit through higher purposes and values” (Palomo-Lovinski et al, 2022). Making clear the purpose and value of a creative endeavor, creative directors can use both creativity and commerce to reach one united goal.
Sources
Donaldson, A. (2016). The power of fashion | British Council. [online] Britishcouncil.org. Available at: https://www.britishcouncil.org/research-policy-insight/insight-articles/power-fashion.
Fashion United (2022). Global Fashion Industry Statistics. [online] fashionunited.com. Available at: https://fashionunited.com/global-fashion-industry-statistics.
Graziano, G. (2022). Creativity vs Business: why you need both in fashion. [online] GLAM OBSERVER. Available at: https://glamobserver.com/creativity-vs-business-why-you-need-both-in-fashion/ [Accessed 22 Oct. 2022].
Major, J.S. and Steele, V. (2018). Fashion industry. In: Encyclopædia Britannica. [online] Available at: https://www.britannica.com/art/fashion-industry.
McKinsey & Company (2021). The State of Fashion 2022: In search of promise in perilous times | McKinsey. [online] McKinsey. Available at: https://www.mckinsey.com/industries/retail/our-insights/state-of-fashion.
Palomo-Lovinski, N. and Faerm, S. (n.d.). 32 The future of the fashion designer: changing concepts of the designer and consumer relationship in the age of sustainable practice. [online] Available at: https://fashioninstitute.mmu.ac.uk/assets/uploads/2019/07/132-The-future-of-the-fashion-designer-changing-concepts-of-the-designer-and-consumer-relationship-in-the-age-of-sustainable-practice-Palomo-Lovinski-Noel.pdf [Accessed 22 Oct. 2022].
Sector profile: Textiles and Fashion 1 Compiled on behalf of the LLEP by Cambridge Econometrics Sector profile: Textiles and Fashion in Leicester and Leicestershire Defining Textiles and Fashion Market and economic outlook Global market. (n.d.). [online] Available at: https://llep.org.uk/app/uploads/2021/09/Textiles-and-Fashion.pdf [Accessed 23 Oct. 2022].
Smith, P. (2022). Topic: Apparel Market Worldwide. [online] Statista. Available at: https://www.statista.com/topics/5091/apparel-market-worldwide/#topicHeader__wrapper.