Sonny Sheehan

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Profit

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Profit.

Profit is important. Part of any business and a crucial part that helps make a business become successful and make a business popular. When looking at fashion businesses they look at profit a lot because they need to attract new investors. Investors must make crucial strategic choices of the application to develop, ‘’if they are to attract the substantial resources often needed for the risky development process. Some of these choices need an understanding of changing fashions in business models and investors’ current preferences for particular industries.’’Bower, D.J., 2003. Business model fashion and the academic spinout firm. R&d Management, 33(2), pp.97-106.’’

Fashion is one of the biggest industries in the world and is still growing. In the UK they predicted that the fashion industry brings in almost 58.5 British pounds. This is a prediction for this year.

To become successful in the fashion industry you have to cater to your audience and customers. You have to listen intently to what they want. To carry on growing you have to constantly be solving the consumer’s problem in your company whether that be a problem with fashion marketing or manufacturers or even retailing. Your resources need to be looked at and managed to work in a co ord. They have to work in the process. A lot of businesses follow this simple process ‘’Some of the processes could be: (1) Manufacturing (2) Sales & Marketing (3) Research & Development (4) Budgeting etc.’’

Most of the best selling products this year have come from tik tok and instagram an example of that is the ugs slipper. Of course they have always been a huge peice but since they have gone viral on most platforms with people styling them in different outfits. They have massively boosted up in the market with most pairs being sold out in smaller sizes. Fashion is also very influenced by famous figures, if you look at the likes of sports men and women they have a huge influence on fashion. People look up to them and admire the brands they are wearing. Hector Bellerin is an amazing example. Someone who has played at Spanish and English sides is described as “either the most fashionable or least fashionable man in football, depending on your outlook” inspiring football fans and other players to look at more designer statement piece brands, the likes of Louis Vuitton and Prada. Along with playing football he also modelled for Louis Vuitton walking down the runway in pink. He reaches two target audience so a great abastor for a company trying to branch out.

A role that is very important to have in todays fashoon buiness is a creative directors. Having this helps bridge the gap between creativity and commerce. For a director it is more than just over seeing designs and how the garment is being produced. They have to vision how the garment looks and how they are gonna help reach their target audience whether that being through social media or in shops.

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People

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People 

The people Pillar is made from four different components. These being Planet,profit,people, purpose. These are in place to help  fashion buisness to reach there target audience in todays worlds where fashion trends are heavily dependent on the younger generation also known as “generation Z”

Gen Z are the next generation of workers and consumers so as a company it has never been more important to look at what the younger generation are craving in fashion. When describing Gen Z you talk about how accessible everything is. How you can order anything online whether that is food, clothes or simply useful stuff on Amazon. The effect this has had on the generation is it has made us lazy, everything is at our fingertips, its all on our phones. “Gen Z is named after the last letter in the alphabet because their arrival marks the end of clearly defined roles, traditions and experiences. After all, Zs are coming of age on the heels of what has been referred to as the most disruptive decade of the last century.”

Sladek, S. and Grabinger, A., 2014. Gen Z. Introducing the first Generation of the 21st Century Available at. 

Social media apps like instagram and tik tok have nearly 1 billion users each. Where this generation of young people spend so much time on their phones they are inspired and persuaded heavily by the stuff they see online. For example the street wear brand called Cortiez. The brand only had 10k followers on instagram 2 years ago. The viral tik toks has now reached nearly 1 million becuase of viral videos posted on tik tok. Social media has also made the Gen Z generation more aware of the political and environmental crisis that is going on to date. So to attract consumers they can mend some of these issues. A brand called broken planet  was an overnight sensation due to their hatred for fast fashion and what it does for the environment.

We hate trends – that’s a fact. As people that don’t like fast fashion, we can say that confidently.” – Lukas and Indrè.

They focus on the importance of creating garments with recycled materials and help slow the shipping process so there is a less damaging effect on the environment. This helps consumers buy their product as it has a positive effect on the already deteriating planet.

There are a lot of components to making a clothing brand and business that suits the needs of Gen Z but one of the most important things is the way they interact and the people skills they have with buyers. A massive thing that plays into the laziness is making your brand feel accessible, easy to wear and order. A sense of attainability is so important because it makes the people buying the products feel more involved meaning they will have more of a connection with the garment meaning there is more chance they will buy again.

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Planet

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The fashion industry is one of largest in the world and nearly 100 billion items of clothing are getting produced each year. Fashion affects day to day life. Garments are seen as one of the biggest ways to express yourself in today’s world. Us as a planet have become more educated and have a better understanding of how important it is that we take care of the environment. 

Some countries use the 17 goals as a basic guideline to help end poverty, protect the planet and ensure prosperity. Nike, a sportswear brand, makes a conscious effort to really stand by 5 of the 17. They focus on good health, equality,economic growth, responsible consumption, and climate action. Nike is promising a zero carbon waste by 2025. An example brand that doesn’t follow the 17 goals is Primark, they produce almost 6 million tonnes of emissions a year, they have stated that they will be halving this figure by 2030. Companies who have no care are responsible for 8-10% of carbon emissions. 

Another system that companies use to help  the environment is Triple Bottom Line (TBL). “People.Planet.Profit.”

Profit is a term we frequently hear and refers to the reporting of profit and loss.

In the past, businesses have only considered how to maximise profits while making decisions. 

People is another word for social. When a person uses the term “social,” they are referring to a company’s social responsibility, societal influence, and commitment to its employees.

Planet is referred to as the environment. This is to speak to a company’s environmental responsibility. Businesses have historically had a significant detrimental impact on our world, contributing to pollution, the release of tonnes of greenhouse gases into the atmosphere, and the demise of wildlife habitats.

A large economic problem that carries over to brands is the divide between rich and poor. Statistically poorer people will buy cheap clothes, helping fuel fast fashion businesses. People with more money will buy more expensive designer pieces to either show off wealth or because they like the look of the garment. The people who are earning less buying cheaper products are buying products which are poorly made and often will not be cherished. Products like this are ones that end up in places like the Atacama desert. Where 59,000 tons of clothes that can’t be sold in Europe are sat. The way we counter this problem is by buying second hand recycled clothing, but recycled clothing is expensive and not as accessible as fast fashion, this is solely down to there not being enough businesss promoting second hand clothing. There are some like depop, vinted and eBay but there needs to be more.

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