Profit Blog
The profit pillar is potentially one of the greatest concerns among any business. Within the fashion industry, companies, and designers are eager to portray their creativity while also providing the opportunity to make an adequate profit, in order to sustain a successful business. The fashion industry is described to be one of the most rapidly growing industries in the world – with a current amount of 1.53 trillion US dollars (Statista, 2023) and is predicted to show an annual growth rate of 9.45%, meaning that by 2027 revenues will reach up to two trillion US dollars (Statista, 2023). This blog will explain the concerns that the industry is looking to face while striving to create a profitable margin.
When individuals think of fashion they often only consider small sectors of what it actually takes to extract a piece of fabric into a garment. Furthermore, everyone knows about the captivating fashion shows and luxury brands, however, the industry consists of much wider markets than this, an example is – fast fashion. Over the years, and especially after COVID-19, brands have grown to promote their businesses on social media platforms. A report published by P. Smith in 2022, illustrates that in 2019 the apparel market value was 271.88 billion US dollars and by 2021, it had only grown to 300.37 billion US dollars (Statista, 2022). In addition to this, business were one of the many affected by the COVID-19 and sales dropped drastically.
So how did companies manage to clear out of this situation? As mentioned before, social media played a vast fragment, thus, magazines and in store shopping became just about historic. In a recent report by Robin Jennings, he stated that “Brands are exploring unexpected platforms like Discord, OnlyFans, and Twitch beyond standard ads” (YellowBrick, 2022). Thibaud Guyonnet – a creative director of Voo Store – explains that the reason for this is: “ We were getting reported on Instagram because it’s like ‘oh you’re showing a bit too much of skin, so we said f*ck it. We have to find a platform where we can actually do what we want to.’” (YellowBrick, 2022).
To conclude this, creative directors, have to think unconventionally in order to unlock freedom for more possibilities, rather than staying in the thinking mind of a merchant. Ajaz Ahmed published a newspaper article in 2013 where he stated, “Art and entrepreneurialism are two expressions of one shared desire: to leave the world a little different than you found it.” (The Guardian, 2013).
Reference List:
Figure 1: https://www-statista-com.arts.idm.oclc.org/statistics/875613/global-adaptive-apparel-market-size/
https://www.yellowbrick.co/industry-insights/understanding-the-fashion-industry
https://www.theguardian.com/media-network/media-network-blog/2013/oct/16/bridging-gap-art-busines
25th April 2025 @ 2:05 pm
Nice