people
People are the consumers of the fashion industry and causes of the other pillars; planet, profit and purpose. This suggests that people are the main key to success within the industry and therefore should show diversity within internal, external, organization and world view aspects.
The generation Gen Z are defined by people born between 1995 and 2005. This is the generation that grew up with the internet and are custom to worldwide change. This includes the expansion of online retailers and social media growth. Globally there are over 2 billion of this generation making nearly 30% of the entire population. (McCrindle, 2022) This shows that Gen Z are one of the largest generations and therefore the largest influence on retailers.
The generation holds this buying power and will look to companies that share the same values. It’s said that 9/10 of gen Z’s hold companies responsible to address social and environmental problems. (Amed, 2019) Brands will need to adapt to this generation and see that it is no longer just the products that the consumers are buying but the beliefs of the brand itself. If the beliefs of the brand match the consumer, they will be able to stay popular, and have the Gen Z’s custom.
A belief that has risen in popularity in recent years is diversity. This is the differences people share and acknowledge. Brands react differently to diversity depending on the brand itself. Fenty beauty by Rihanna is a cosmetic company that in 2017 was the first brand to come out with an inclusive line of 50 shades of foundation. This meant that people of colour that were not able to find their shade due to the lack of shade range were now included within the industry.” Is Exactly What Women of Colour Need — and Deserve — Right Now” stated by (Arterbery, 2017) This caused a domino effect with many different brands now having a much bigger shade range. Nike has also diversified their models by having plus sized people in advertisements and manikins in stores. This shows body positivity which has been a big talking subject within the athleisure fashion industry.
To be a successful brand within the fashion industry there must be innovation and research skills available. The industry is always changing, and brand must change with it with diversity and new trends the brand must keep up or even lead the revolution. This will encourage not just new customers but the retention of previous. This will also encourage change within the world both political and environmental with fashion to express these concerns.
References:
■Amed, I., Balchandani, A., Beltrami, M., Berg, A., Hedrich, S. and Rölkens, F. (2019). The Influence of ‘Woke’ Consumers on Fashion. [online] McKinsey & Company. Available at: https://www.mckinsey.com/industries/retail/our-insights/the-influence-of-woke-consumers-on-fashion.
■Andrea Arterbery (2017). Rihanna’s Fenty Beauty Is Exactly What Women Of Color Need — and Deserve — Right Now. [online] Cosmopolitan. Available at: https://www.cosmopolitan.com/style-beauty/beauty/a12466929/fenty-beauty-review/.
■McCrindle. 2022. Gen Z and Gen Alpha Infographic Update – McCrindle. Available at: https://mccrindle.com.au/article/topic/generation-z/gen-z-and-gen-alpha-infographic-update/. [Accessed 18 October 2022].
Image Reference:
■Rodulfo K. (2018). For New Foundation Ranges, ‘Fenty 40’ Is the Magic Number. [online] ELLE. Available at: https://www.elle.com/beauty/makeup-skin-care/a20967710/makeup-companies-40-foundation-shades-fenty-beauty-influence/.
■CNN, E.D. (n.d.). Nike introduces plus-size mannequins to London store. [online] CNN. Available at: https://edition.cnn.com/style/article/london-nike-mannequins-scli-intl/index.html.