Profit
To build a successful fashion industry, making your products profitable is a must (WHYTT, n.d.). According to McKinsey’s 2017 fashion report, the fashion industry drives the global economy and is one of the most important industries in the world (fashion united, n.d). As a prominent segment in the fashion industry, the clothing market covers a variety of clothing, such as sportswear, value clothing, and luxury goods. The two brands NIke and LVMH are the largest companies in this market, each with a market value of more than 100 billion US dollars (P. Smith, 2023).
In the past two years, the outbreak of COVID-19 has led to a global economic recession, which has greatly affected the development of the fashion industry. According to the analysis of two reports from Euromonitor and McKinsey, before the pandemic, the fashion industry’s global revenue was approximately between 1.7 trillion and 2.5 trillion US dollars. Therefore, the sudden change in the environment has caused most fashion and clothing Industry revenue fell by 20% (fashion united, n.d). In uncertain economic times, build content based on changes in the environment to analyze possible changes in customer behavior, refer to the data obtained from the survey to predict what customers want to do, and take marketing measures (Erik, 2020). In the first year of the epidemic, some merchants who responded quickly took action immediately, started online sales, and gained priority competitiveness. According to the latest report released by ARTS in 2020, e-commerce sales increased by US$24.4 billion, or 43%, during the year, exceeding US$800 billion. On the other hand, psychologically, consumer loyalty is also crucial. Link the brand with the brand attributes of stability, consistency, commitment and longevity, improve the trust between consumers and the brand, and allow customers to Always choose your brand, which helps keep profits stable during uncertain economic times. Half of the world’s ten most popular brands are nearly a century old (Mayumi, 2022).
In an effort to bridge the gap between creativity and commerce, Amy Whittaker said the collaboration was a shrewd move (Meaning team, 2018). Fashion brands’ cooperation with different industries allows them to create more competitive advantages and attract more consumers from different fields to create profits; for example, the cooperation between Balenciaga and “Harry Potter” is a very successful one Marketing strategy. On the other hand, it is also an innovative method for designers to understand wearer feedback in a more direct way and co-design with consumers (Hethorn & Ulasewicz, 2015).