Profit
“Profit” is the third pillar that contributes to a sustainable fashion environment. For any industry, it is impossible and unrealistic to build a brand without considering profit, and the fashion industry is no exception. Nowadays, the market size of fashion industry is Bigger, faster, digital (Statista, 2023). The fashion industry is an industry that covers many fields, including clothing, accessories, cosmetics, shoes and hats, bags and so on. This industry has developed rapidly in recent years, influenced by many factors such as art, culture and technology. According to Statista, the global apparel market is forecast to generate $1.53 trillion in sales in 2022, slightly less than the previous year. However, revenue is expected to increase in 2023, to more than $1.7 trillion. The womenswear market is the largest revenue-generating segment of the fashion industry, far higher than the men’s and children’s wear markets. Trends in the fashion industry include sustainability, diversity and digitalization. Sustainability has become the core of the fashion industry, and more and more brands are starting to focus on environmental protection and sustainability, using environmentally friendly materials and production methods to reduce their environmental impact.
Facing uncertain economic times, such as recession, real-income decline, and inflation, people will choose to buy lower-priced or more affordable products instead of pursuing high-end, luxury products. For brands, in the face of consumption downgrades, they need to adopt a series of coping strategies to adapt to changes in the market, maintain competitiveness, and meet the needs of consumers. Brands need to understand the current market conditions and consumer needs, and timely adjust the brand positioning and pricing strategy. A more economical and affordable product line can be considered to appeal to more budget-constrained consumers. At the same time, the brand can do product line optimization. According to the needs of the target audience, optimize the product line, focus on the product features that consumers are more concerned about, and ensure that the product is more cost-effective. Adding additional value can also help brands stay competitive. They can offer additional services or special experiences that make your brand worthwhile for consumers. This can include after-sale services, extended warranties, giveaways or membership privileges, etc.
When the Los Angeles Museum of Modern Art cooperated with Louis Vuitton, it opened a store in the museum and launched a bag co-branded with Takashi Murakami, forming an art, which is the perfect combination of fashion and business. People don’t need to spend more than £1million on a Murakami Takashi, they own the art as well as the merchandise. From this example we can see that the artist is also a brand in itself. Moreover, art plays an indispensable role in enhancing the value of products. There have been many examples of luxury brands cooperating with artists with a very clear purpose, which is to make products have a higher premium space. There is no doubt that art can promote the commercial development of fashion. Fashion can be artistic and creative, it is an aspect of artistic expression, the pursuit of beauty determines the design must have the corresponding artistic content, fashion if you want to achieve the realm of “beauty” or “aesthetics” must have artistic.
Reference List:
(No date) University of the Arts London weblogin. Available at: https://www-statista-com.arts.idm.oclc.org/topics/5091/apparel-market-worldwide/#topicOverview (Accessed: 22 October 2023).