Purpose

Purpose is one of the four pillars of the fashion industry and is the long term goal of the fashion industry in developing brands that provide sustainable wellbeings for the industry and the world, such as providing more jobs and reducing the environmental impact of the fashion industry.

Brand Philosophy is a brand’s “way of doing things” and belief in that way, a mission, vision, value proposition that each brand communicates to the outside world(shela-heramis). If a brand has a clear brand philosophy and is able to communicate with its customers, then it will be more attractive to them. For example, Nike’s philosophy to their customers is not to be afraid of failure in everything they do, to Just Do It, as their slogan suggests. nike’s marketing and advertising all communicate this concept. This clear message is a great way to attract people who want to be part of the movement to take action and buy Nike products.

The sharing economy uses technology to facilitate the exchange of access to goods or services between two or more parties, where both parties can share value from an unused skill or asset(Miller). This exchange of value takes place through shared marketplaces, collaborative platforms or peer-to-peer applications. In the fashion industry, platforms such as girlmeetsdress, a dress rental site, offer a service where multiple people rent a dress to share the value of that dress. Other examples of the sharing economy in life are Uber and so on.

Brands that want to reach their goals through gen z have to use what they do best, the internet. In fact, the biggest cultural moment to capture the attention of young audiences in 2020 is happening on digital campfire platforms rather than traditional social platforms (Wilson). So if you want to get their ideas across to gen z you need to be good at using digital campfire platforms. For example, tikTok, which has 100 million monthly active users in the US alone, is great for brands to promote. Brands can find online celebrities to work with and post challenges to attract genz so that more people can understand the brand’s philosophy, communicate the brand’s purpose and provide more opportunities for wellbeings.

Reference

Institute, UTS. Wellbeing Wardrobe: A Wellbeing Economy for the Fashion and Textile Sector. 2022.

Joseph, Seb. “Top Ten Nike “Just Do It” Ads – Marketing Week.” Marketing Week, 22 Aug. 2013, www.marketingweek.com/top-ten-nike-just-do-it-ads/.

Miller, Derek. “The Sharing Economy and How It Is Changing Industries.” The Balance, 19 Sept. 2022, www.thebalancemoney.com/the-sharing-economy-and-how-it-changes-industries-4172234.

shela-heramis. “What Is Brand Philosophy? [+How to Find Yours].” Brand Master Academy, 13 Mar. 2020, brandmasteracademy.com/brand-philosophy/.

Wilson, Sara. “Where Brands Are Reaching Gen Z.” Harvard Business Review, 11 Mar. 2021, hbr.org/2021/03/where-brands-are-reaching-gen-z.