Aaliyah Thomas-Opoku

About Aaliyah Thomas-Opoku

Posts by Aaliyah Thomas-Opoku:

Profit

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Profit is a fundamental factor within the fashion industry and determines the overall success of a brand. Profit is made when many components within the supply chain work efficiently to achieve specific goals and targets.

The global eCommerce fashion industry continues to thrive year after year with an estimated revenue of $768.70bn and estimated market value of $821bn for 2023. (‘Fashion – Worldwide.’ 2023) This makes the fashion industry one of the largest and most profitable markets globally.

According to a McKinsey and Company report, ‘The State of Fashion 2023,’ the industry saw a “21% increase in revenues during the 2020-21 global pandemic” (Amed, I. 2023). Many consumers during this time, especially gen Z, saw an opportunity to save substantially and spend the money on day-to-day expenses as well as luxury goods. This propelled the financial market, highlighted in Statista analysis (figure 1), and saw global revenue increase from $633.20 to $759.08 billion following an unexpected decline to $707.29 billion in 2022 due to inflation and mental health. (Statista Fashion, 2023) Brands clever use of innovative and personalised marketing strategies such as user-friendly navigation and customer reviews assisted in the rise of revenue due to such strategies triggering an emotional connection between the consumer and product, encouraging them to purchase it. Brands adopt these strategies, to target and connect with a wider scope of consumers for various backgrounds which, in the long term, will generate more sales. 

Figure 1: Statista Fashion – Worldwide. Accessed: October 18, 2023.

With reference to figure 1, the chart is divided into categories: ‘Accessories, Apparel and Footwear’ and highlights that most revenue is generated from apparel sales while footwear and accessories follow closely behind. The market is currently dominated by online retailer Amazon whose revenue during 2022, stood at $514.00 bn. (Statista Fashion – Worldwide, 2023) The brand takes advantage of the digital age and fully understands consumer behaviour, values and use target marketing. 

To stay competitive, brands should not rely on economic growth/trend forecasts but implement diverse thinking and risk mitigating processes into their strategies. This will enable brands to uphold reputations, keep customers engaged and continue to deliver on targets. 

Creative directors must reflect on the values and needs of the consumer while also analysing the state of the economy, as different factors will cause fluctuations in the fashion industry market, resulting in unsteady growth for businesses. Presenting ideas and outcomes to consumers can be in an inspirational and transparent way which develops a trusting and personal relationship with customers. 

Reference List

Fashion – Worldwide. Accessed: October 18, 2023. https://www.statista.com/outlook/dmo/ecommerce/fashion/worldwide?currency=usd&locale=en

Francis, T. and Hoefel, F., 2018. True Gen’: Generation Z and its implications for companies. McKinsey & Company, 12.

https://www.mckinsey.com/industries/consumer-packaged-goods/our-insights/true-gen-generation-z-and-its-implications-for-companies

Figure1 Statista Fashion – Worldwide. Accessed: October 18, 2023.

https://www.statista.com/outlook/dmo/ecommerce/fashion/worldwide?currency=usd&locale=en

The state of fashion 2023: Holding onto growth as global clouds gather (2022) McKinsey & Company.

https://www.mckinsey.com/industries/retail/our-insights/state-of-fashion

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People Blog

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8 billion people on this planet equals greater diversity, opinions, and everything in between. This blog will highlight the values, trends, and unique traits of individuals as well as a society. Gen Z consumers, who differ greatly from millennials, will highlight the impact of technology on behaviour and portray a generation that are stuck with no desire for significant change. (See figure 1.) 

(Figure 1 Credit: McKinsey & Company, 2023 “What is Gen Z?”)

Gen z consumers are a ‘digital age’ generation that have become an integral part of the fashion industry. Gen Z views, that mainly stem around racial justice, finance, and expression, dictate the global changes that need to be made by many brands and organisations (McKinsey & Company, 2023 b) The conduct of ethical practices and saving the planet has had a significant influence on Gen z’s in the recent years. It has changed their attitude towards the relationship between lifestyle and the future. A McKinsey and Company, study revealed that “73% of Gen z’s try to make purchases from ethical brands and 9/10 believe that companies hold the responsibility for following the correct principles.” (Amed , I et Al. 2019 a). This ultimately puts more pressure on the fashion industry to become more sustainable for the idealistic Gen Z’s that “demand commitment and accountability.” (McKinsey & Company, 2023 c).

Inclusivity is one way to ensure “a better quality of life, which is more valued than surplus income for 73% of Gen z consumers.” (Barth, M. 2023) It is an imperative factor in modern society because it gives Gen z’s the opportunity to be unique and express their personality without feeling suppressed. Nike is one of many brands that have sparked major change and promoted diversity through the launch of the Nike sportswear modesty range. (Benissan, E. 2022)  In doing so, Nike have enticed a wider range of cultures and people of different backgrounds to come together comfortably and take part in activities they enjoy. The Japanese brand Uniqlo have also responded well to diversity by directly supporting refugees since 2016 and making a conscious effort to employ them in various departments. (Amed, I et Al. 2019 b).

A successful fashion brand must utilise emotional intelligence to understand and maintain a strong and genuine relationship between them and Gen Z’s in such a hyperconnected world. Brands must be able to adapt efficiently, be transparent with consumers and develop creativity to help them stand out from other brands and achieve targets. This can all be achieved using technology, the future. 

Reference List:

Amed , I Balchandani, A. Beltrami, M.  Berg A, Hedrich, S.  Rölkens, F. (2019) ”The Influence of ‘woke’ consumers on fashion”

https://www.mckinsey.com/industries/retail/our-insights/the-influence-of-woke-consumers-on-fashion

Barth, M. (2023) Fortune, “Gen Zers are turning to ‘radical rest,’ delusional thinking, and self-indulgence as they struggle to cope with late-stage capitalism.”

https://fortune.com/2023/06/27/gen-zers-turning-to-radical-rest-delusional-thinking-self-indulgence-late-stage-capitalism-molly-barth/#:~:text=Mental%20well%2Dbeing%2C%20personal%20growth,their%20other%20interests%20in%20life.

Benissan, E. (2022) Vogue Business – “How Nike and Adidas are tapping the modesty sportswear opportunity”

https://www.voguebusiness.com/fashion/how-nike-and-adidas-are-tapping-the-modest-sportswear-opportunity?

McKinsey & Company, (2023) “What is gen Z?”https://www.mckinsey.com/featured-insights/mckinsey-explainers/what-is-gen-z

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Global surface air temperature graph

Planet Blog

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The planet. A place that is home to billions. Where the most captivating life forms, cultures and lifestyles are formed and explored. An environment that displays the true beauty of the earth’s landscapes, climates, vast oceans and towering peaks all under shared responsibility.

This blog will highlight the incredible relationship between earth and mankind and how both are connected, marking a significant period in history. From the industrial revolution to the frequent wildfires and everything in between, that has shaped the course of our existence. 

Over time, consumers, brands and designers have become more conscious of the social and environmental impacts of the fashion industry. Many brands have adopted a holistic approach to clothing production, design and consumption that involve methods discouraging fast fashion. They embrace responsible sustainability by following 4 key circular economy principles:

  1. Sustainable materials 
  2. Reusing/Upcycling
  3. Recycling
  4. Zero Waste Production

Statistics from Gerardo B, (2022) highlights the fashion industry’s contribution of 20% global water waste which is a cause for major concern as global warming continues to rise at an alarming rate evident in Figure 1. Tackling global warming has become a high priority. Consequently, the goal for the fashion industry, is to create an industry that produces trendy and functional clothing, while considering the long-term impacts on the planet and its inhabitants.

Figure 1: Copernicus Climate Change Service (C3S)(2023)

Sustainability is defined as ethical practices that are carried out to encourage an eco-friendly environment that fulfils multiple purposes.

Studies show that production processes and materials have a long-lasting impact on our planet. According to an analysis by Business Insider, fashion production comprises 10% of total global carbon emissions. McFall Johnsen, M.(2019a)

Many innovative businesses have a contradicting approach to achieve meaningful change and attempt to combat sustainability using disorderly practices. Practices that lead to economic growth but environmental degradation. A shift in focus from products to businesses economic models, will create systems that can execute multiple ethical functions. Burberry have demonstrated this by agreeing to finance terms that align with key SDG’s (12-Responsible Consumption and Production). “These include reducing emissions by 46% by 2030 and becoming net zero by 2040.”Moran, G. (2022). 

However, “consumers are purchasing 60% more clothing than a decade ago, which has resulted in overproduction” and an intense fast fashion culture. McFall Johnsen, M.(2019b) With up to 100 billion garments being produced every year and 85% ending up in landfill. McFall Johnsen, M.(2019c) SDG 12 exists to help eradicate unethical practices such as resource misuse, inhumane working conditions promoting planet preservation.

Reference List:

Bandera, G. (2022) “How The fashion industry pollutes our water” 

https://www.fairplanet.org/story/how-the-fashion-industry-pollutes-our-water/#:~:text=Fabric%20dying%20and%20treatment%20practices,percent%20of%20the%20world%27s%20wastewater

Copernicus Climate Change Service (C3S) (2023)

https://climate.copernicus.eu/july-2023-global-air-and-ocean-temperatures-reach-new-record-highs#:~:text=These%20records%20have%20dire%20consequences,°C%20above%20preindustrial%20levels.

European Union, The Sustainable Development Goals Report (2023) “Goal 12: Ensure sustainable consumption and production patterns”

https://www.un.org/sustainabledevelopment/sustainable-consumption-production/

 

McFall-Johnsen, M. (2019)  

https://www.businessinsider.com/fast-fashion-environmental-impact-pollution-emissions-waste-water-2019-10?r=US&IR=T

Moran, G. (2022) “Drapers, Collaborating for Change: Sustainability Report 2022” https://www.drapersonline.com/guides/collaborating-for-change-sustainability-report-2022

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NKWO DESIGNS

My Favourite Brand

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NKWO

In 2007 Nkwo Onwuka burst onto the scene with her first ever collection that debuted at the V&A museum. It captured the eyes of many and led to her award win for best designer after several long years of experimenting with techniques and delving deeper into her Nigerian roots.

In 2012, Nkwo Onwuka continued to exceed our expectations and founded her own brand, NKWO. The artisanal brand puts natural resources at the forefront of every intricate detail and innovative design as part of Nigeria’s sustainable fashion movement. As a brand, their primary goal is to reduce textile waste, and they achieve that by upcycling materials such as denim and cotton. 

NKWO uses the concept of restoration and reduction to highlight tradition value systems that have been corrupted by fast fashion. And as the rate of pollution continues to rise at an alarming rate, consumers are drawn to NKWO’s collections as each garment expresses a strong commitment to the preservation of our environment and conveys a vivid story.

The brand fuses traditional techniques like beading, embroidery, dying and weaving with modernised designs and works directly with artisans and local makers to bring significant change. 

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