Anelia Stefanova

About Anelia Stefanova

Posts by Anelia Stefanova:

Purpose Blog

⋅

The “Purpose” pillar is as equally important as the additional four pillars that help to lead a successful and sustainable business. A purpose is the reason as to why something is created, and/or, why it is created that way. This pillar defines the importance of ‘embedding an actual purpose to your company and deliver value’ as stated in an exhibit provided by McKinsey Quarterly (McKinsey & Company, 2020). Furthermore, this statement is concluded within the ‘5Ps’ which are as follows: portfolio strategy and products, people and culture, processes and systems, performance metrics, and positions and engagements (McKinsey & Company, 2020). These elements should vibrate among viewers and members of the business.

Figure 1

Brand philosophy is the set of values and principles that project the organisations’ factors. This enables consumers to comprehend exactly what they are in for and what they can expect from the company. Following this, employees should also be allowed to recognise these values, as a report, by The Harris Poll, states that 84 percent of employers will only work at Purpose-driven companies/brands (Sustainable Brands, 2022).

“Corporate social responsibility (CSR) refers to companies taking responsibility for their impact on society” – as stated by the European Commission (Londrigan and Jenkins, 2018). CSR provoked an interest in the 1950s when several businesses began to discuss appropriate practices within their organisations. In 1996 an article published by The New York Times caused a protest when Stephanie Strom “bought Kathie Lee Labels to task for having a clothing line that was being manufactured by thirteen- and fourteen-year-olds in Honduras” (Londrigan and Jenkins, 2018). This highly demonstrates why it is a must for businesses to be mindful of their vision and value proposition. 

Gen Z, the most diverse generation of all, is always on the look for limitless potential which is making it more difficult for brands to reach them. A study found that 64 percent of Millennials won’t take a job if their employee doesn’t have a strong CSR policy (Cone Company, 2020). It is vital for Gen Z to be able to experience much more than just a salary from a job. Moreover, a possible way for companies to communicate their purpose is through social media. Gen Z are full of creativity and freedom, so if an authentic ad shows up on their screens, they wouldn’t hesitate to look further into it.

Reference List:

https://www-bloomsburyfashioncentral-com.arts.idm.oclc.org/encyclopedia-chapter?docid=b-9781501317798&tocid=b-9781501317798-chapter3&pdfid=9781501317798.ch-003.pdf

https://www.mckinsey.com/capabilities/strategy-and-corporate-finance/our-insights/more-than-a-mission-statement-how-the-5ps-embed-purpose-to-deliver-value

https://sustainablebrands.com/read/organizational-change/study-employees-demanding-more-meaning-from-their-work-than-pre-pandemic

http://conecomm.com/2016-millennial-employee-engagement-study/

Figure 1: https://www.mckinsey.com/capabilities/strategy-and-corporate-finance/our-insights/more-than-a-mission-statement-how-the-5ps-embed-purpose-to-deliver-value

Liked Liked
No Comments

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. 

Figure 1, Statista 2022

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:

https://www.statista.com/outlook/dmo/ecommerce/fashion/worldwide#:~:text=Revenue%20in%20the%20Fashion%20market,US%241%2C103.00bn%20by%202027.

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

Liked Liked
1 Comment

  1. khaled: Nice

People

⋅

The People Pillar is one of the the four vital components to make a brand successful and, most importantly, sustainable. It aims to not only promote gender equality, which is often misinterpreted throughout the economy, but to also end poverty and hunger while promoting good health and wellbeing to the working class. “Without good people, it doesn’t really matter how efficient the process is or how good the product is if you can’t get the team to execute” (Stephen Butts, Medium, 2021)

Generation Z are the those born between 1995 and 2010 and are the first generation that were entirely exposed to the internet at an early age. Unlike other generations, they are non – stop using their platforms as their number one form of communication and are always following trends. Furthermore, Gen Z has easily adapted to using the internet for almost everything, and therefore 43% of young consumers said they’re willing to purchase a product based on an influencer’s recommendation, and 49% said they like shopping directly from social media (The Bottom Line, Mackenzie Born, 2023). This is because, they are familiar with the internet and know where and how to find exactly what they are looking for – unlike Gen X who would prefer to shop in stores (Statista Research Department, 2022).

Gen Z is attracted to brands that are convenient for them while also being eco-friendly and sustainable. One in three Gen Z consumers have abandoned a brand in the last 12 months based on that brand’s reputation for sustainability and ethics (The Bottom Line, Mackenzie Born, 2023). Furthermore, something as small as a delivery charge or not being able to return an item in store, can push away a Gen Z customer from buying a product. As this generation is formed of young people, they can’t afford to pay too much for an item thus, they are attracted to brands that offer sales and discounts.

In order for a brand to be successful, they have to be inclusive and mindful of their customer’s demands. Likewise, brands have been trying to portray diversity more than ever. In 2017, Nike launched their first “Pro Hijab” which was designed for Muslim female athletes who complained that working out in a standard hijab is too sweaty and makes hearing difficult (VERCIDA, 2019). Additionally, in the process of making this garment, Nike involved these women to design it to their needs and liking. 

Reference list:

https://www.statista.com/statistics/1337816/online-fashion-shoppers-by-generation-uk/#:~:text=A%20total%2067%20percent%20of,shopping%20online%20for%20their%20apparel.

https://squareup.com/us/en/the-bottom-line/reaching-customers/what-businesses-should-know-about-gen-z#

https://employerblog.vercida.com/nike-showing-commitment-to-inclusion-through-design

https://stephen-butts.medium.com

https://blog.hubspot.com/marketing/how-each-generation-shops-differently

Liked Liked
No Comments

Planet Blog

⋅

Sustainability has drastically become one of the supreme areas within the fashion industry where it is defined by the four pillars which include: Planet, People, Profit and Purpose. The public is becoming further aware of the environmental complications that are caused thus, provoking the fashion industry to cut down carbon emissions by at least 50%. The aim of this blog is to reveal exactly how the making of clothing is harming our planet.

To begin, what is circular economy?

It is a system of production and consumption which involves products to be recycled, reused, shared or refurbished. In doing this, the life cycle of a product is extended and results in reducing waste to a minimum. Within the fashion industry, 95% of clothing is recyclable and/or upcycled however, only 1% of those numbers actually is (LCF Lecture, 2/10/23). Currently, there are 1.2 billion tonnes of CO2 textiles production annually (Ellen MacArthur Foundation) which is already extremely adverse to the planet. But it doesn’t stop there, those garments/textiles are being thrown away to landfills and rising CO2 emissions even further. Because of this, the soil is unable to adapt, and farmers are forced to use toxic chemicals in order to grow their props. 

Looking further into why sustainability is so widely related to fashion, the fashion industry was responsible for 1,715 million of tonnes of CO2 emissions in 2015. Furthermore, it is claimed to be one of the most wasteful on the planet with responsibility of polluting our surroundings. “The Pulse report forecasts fashion emissions to grow by 63% by 2030” (Eionet Report, 2019). The textiles used to make garments are causing a lot of environmental issues such as deforestation, animals’ welfare and loss of biodiversity. For example, cotton – which is one of the most common textiles used – is not only water intensive but also extremely chemical heavy. 

So, what are ways that can help to reduce the problems that the fashion industry is causing?The United Nation’s Sustainable Development Goals are a universal call to end poverty, protect the planet and ensure peace & prosperity. Overall, there are seventeen sustainable goals and one of which is: responsible production and consumption, that ensures it is settled in a sustainable way to comfort the livelihood of current and future generations. Our future and survival are dependent on us humans and especially businesses. This is why the circular economy could be one of the best possible ways to tackle this current environmental degradation.

Liked Liked
No Comments

My favourite brand

⋅

Billionaire Boy’s Club

About the Brand

Billionaire Boys Club is an American fashion label based in New York City. Founded by Pharrell Williams and Nigo in 2003, the brand was created to help popularise street wear’s visibility in high fashion. The name “Billionaire Boys Club” was chosen with an irony meant to provoke thought. In addition, the brand is perpetually focused on originality and expressing the authentic self rather than financial implications. They have generated a community that perceives wealth in humanity, compassion, creativity and curiosity – “Wealth is of the heart and mind, not the pocket.”

Why the People Love It

While the brand focuses on creating items with top quality and materials, it remains affordable. Billionaire Boys Club focuses mainly on a sleek design which can be styled in many possible ways. Although the brand features only a male clientele, many females have been seen wearing their products. This could come as a shock for many as it is thrilling to see how this brand not only strives to incorporate streetwear into the luxury margin of fashion, but also prove that clothing has no rules when it comes to genders.

Liked Liked
No Comments