Profit
‘Fashion Industry’ represent every single area that is related to plan, produce and purchase items that have particular style in certain period. Which means, the size of fashion industry is bigger that it seems. Editor Valerie in Britannica says some people distinguish between the fashion industry (which is high fashion) and the apparel industry (which makes ordinary fashion or “mass fashion”) but by the 1970s boundaries between them has blurred. Then how each sector of this industry performs? In general, marketing area plans the product and the promotion. After products are made from the factory it goes to the small shops and for the last step consumer purchase the fashion items.
Like every other industry, fashion industry is also extremely competitive. Each company needs their own know-how to survive. Mostly, brand’s goal is to get ‘Profit’. Then what is profit and how can the company can achieve their goal to make their own profit? This can be explained by economy. The tutor’s note (Zilka,2022) says that economy is the ways we meet humanities’ wants and needs.
Our current economy is capitalism. Capitalism is a system that which uses ‘capital’: Financial, human and planetary (land resources) to produce goods and services to supply the demands of consumer. To against capitalism, new options are suggesting. Renewing Indigenous economy and cultural economy can be that alternatives. Unlike capitalism, it is skeptical in mass production and linear economy which has steps of take, make, use and dispose. With the idea of sustainable, company’s ideal goal has to follow those economy system to achieve their ‘Profit’.
If it is unsure about how brands should take their marketing strategies, how can they decide between being creativity or being commercial. To be simple, mass production (commercial) represents capitalism while creativity or fine-arts related pieces more represent cultural economy. Even being creative and try to stay in circular system, fashion industry cannot ignore mass media and the commercial because it directly influences to company’s economy circumstances. According to this situation, company should focus to figure out this problem and sustain the balance between those two factors.
For the conclusion, Profit, which is one of the 4 pillars in fashion marketing, means all the effects that brand or company can receive while they are working on producing items or ideas.
Citation
Steele, V. (2022) Britannica. Available at: https://www.britannica.com/art/fashion-industry/additional-info#history
Zilka, R. (2022) ‘Better lives: Profit’. FT Yr 1: 22/23 Introduction to Fashion Marketing & Consumer Behavior. Available at: https://moodle.arts.ac.uk/pluginfile.php/1469957/mod_label/intro/Week%204-Monday-Profit%20lecture%209.30-10.30%20BL.pdf