Aaheli Maity

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PURPOSE

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The “Purpose” pillar is just as crucial to the success and sustainability of a firm as the other four pillars.A well-defined mission makes a brand stand out in a crowded market. By offering a differentiator that goes beyond the product or service alone, it gives customers a cause to select one brand over another.

The basis of a brand’s identity is its purpose. Consumer perception of the brand is shaped by it, and it aids in maintaining a consistent brand image across a range of channels and interactions.

Establishing a purposeful bond with customers fosters an emotional bond. People are more inclined to stick with a brand if they identify with its mission. Brands with a purpose tend to develop a committed following of people who share their beliefs.

Strongly purpose-driven brands are better able to negotiate the challenges of the marketplace and establish enduring bonds with their clientele.

As the purported cure-all for our social issues, brand purpose offers capitalism a chance to make amends, give back to the community, and create value that goes beyond shareholder value and the profit margin.

A brand must help society, the larger good, and consumers’ emotions in order for its goal to truly be advantageous to it. That is the hallmark of a brand with a purpose.

More than half of Gen Z customers care about a brand’s credibility before making a purchase, and 69% of Gen Z believe that businesses should assist them in achieving their objectives.

Future-focused brand purposes need to be both an artistic and scientific endeavor that can cater to the much more complex and intersectional identities, media choices, and interests of the younger generation than just “something for everyone.” Understanding the cultural truths and nuances that you are supporting or criticizing is necessary for a brand’s mission to be successful, but since most brands were raised on loud self-promotion, it is not unexpected that so many of them are misrepresenting these aspects of society.

“Brands are thinking about things they think are relevant in order to look cool, but it often comes across as trying too hard, and ultimately, inauthentic,” says Bregman. “Patagonia does a good job aligning who they are as a company with their social mission and what their customers care about.”

The idea behind purpose is to build brand value on the whole of the practical, psychological, and social advantages it offers. Furthermore, given that by 2020 Gen-Z will account for the majority of global consumers, it is critical that modern firms carefully explore how to incorporate purpose into their business models. The brands they enjoy should represent something, in the eyes of this generation.

In conclusion, a brand needs a clear and significant purpose because it sets it apart from competitors, makes an emotional connection with customers, motivates staff, assures long-term success, has a good social impact, develops trust, and encourages creativity.

Reference List :
1) https://www.forbes.com/sites/jefffromm/2019/07/26/gen-z-and-the-three-elements-of-purpose-brands/?sh=597f280c37e3
2) https://freshsparks.com/brand-purpose/
3) https://www.marketingsociety.com/empower/gen-z-and-future-brand-purpose

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P R O F I T

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“Fashion is one of the world’s most important industries, driving a significant part of the global economy. It is one of the key value-creating industries for the world economy. If it were ranked alongside individual countries’ GDP the global fashion industry would represent the seventh-largest economy in the world “ ( The state of fashion 2017 – mckinsey & company)

In order to create economic value, the economic pillar known as “profit” must take social and environmental costs into account. A brand’s overall success in the fashion business is largely determined by its profit margin. The money a company makes after paying for things like production is referred to as profit when discussing the four pillars. The profit pillar involves monitoring how effectively and responsibly a business uses its resources to produce income.

In 2022, the worldwide apparel market was expected to generate 1.53 trillion dollars in revenue, a marginal decline from the year before. Nonetheless, it was anticipated that income would rise to more than 1.7 trillion dollars in 2023. China topped the list of countries with the biggest value of garment exports in 2021. (Smith, P. Apparel market worldwide, Statista ) The luxury segment’s top-line increased by 27% in the first half of 2022 compared to the same period in 2021, according to a McKinsey analysis of publicly traded companies.51 Luxury conglomerates such as LVMH and Kering recorded double-digit growth in the first nine months of 2022 and raised their revenue projections. ( Amed, I. and Berg, A. (2022) The State of Fashion 2023: Resilience in the face of uncertainty, The Business of Fashion. )

Source : Mckinsey Global Fashion Index 2016

A research conducted in March 2010 examined 4,700 companies’ recession-period performance and subsequent recovery. Of those, 17 percent went private, filed for bankruptcy, or were bought out. Apparently, the best-positioned businesses to survive a recession are those who focus on improving operational efficiency in order to save expenses, while simultaneously allocating resources to growth tactics like marketing and development. In an environment where competition is fierce, brands need to stand out from the crowd with a USP.Brands would experience a significant drop in sales, profit, and popularity if they didn’t adjust to the new trends of more relaxed and informal attire.As a result, it can modify its supply chain, sales channel, and digital marketing strategies in addition to updating its operating models to cope with the increasing complexity. For instance, fashion companies will need to prepare carefully in order to withstand the risks of a recession and other uncertainties that lie ahead in 2023. (1922 McKinsey)

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

When it comes to combining creativity and business, creative directors are essential since they enable both a commercial plan and a creative vision for the brand, which can boost sales and maximize profit. A strong creative director knows how to boost a brand’s creativity so that it can thrive, as well as the competitive nature of the industry and consumer preferences. In order to safeguard both the company’s and the artist’s reputations, as well as to make sure that their partnership meets market expectations and earns enough cash despite any potential dangers, it is imperative that these parties establish a solid and trusting connection. Human achievement has always come from having the humility to realize what you’re not fit out for and the strength to concentrate on what you do well. It also comes from being able to adapt and bring in outside experts to help you realize your dreams. “Art and entrepreneurialism are two expressions of one shared desire: to leave the world a little different than you found it.” (Bridging the gap between art and business | Ajaz Ahmed (2013) The Guardian.)

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Gen Z Fashion Is Bringing Back Colour

PEOPLE : “Gen-Z and Fashion in the Age of Realism”

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The pillar ‘People’ is one of the most important pillars in the fashion industry as people in the fashion industry are a broad group of professionals that work together to shape the trends, fashions, and stories that define our cultural aesthetics. They are generally seen as the cornerstones of this dynamic and constantly changing world. Fashion is an essential component of our collective expression and storytelling since each individual in this pillar makes a unique contribution to an art form that transcends the runway. Here, in this blog we will discuss Gen Z as a consumer and how brands may draw in customers by using distinctive marketing techniques that cater to their shared interests. Generation Z, who will shortly surpass all previous generations in population and diversity, will bear the majority of the future of employment.

Those born between 1996 and 2010 are considered to be members of Generation Z, according to McKinsey. The digital age, COVID-19, changing financial conditions, and climate anxiety have all influenced this generation’s identity. There is a bigger cultural divide between Gen-Z and older generations because they were the first generation to grow up digitally native and had different formative experiences than earlier generations. Gen-Z consumers now have a remarkable ability for networking and interacting with audiences through social media platforms. Today, Gen Z and millennials make up a sizable portion of the consumer base, which is important for the majority of fashion enterprises. With a $360 billion purchasing power, Gen-Z is notably influencing the economy and culture in the US.

Young consumers are the key to the industry – BOF

These days, marketing focuses more on telling a brand’s story and building stronger emotional connections with consumers than it does on just pushing things. And since members of Gen Z are digital natives, they would be a potential market for numerous brands. Furthermore, Gen Z is a generation that favors inclusivity and diversity. Many desire to see representation of themselves and their peers in the brands they use. In order to make sure that even more individuals feel included, more platforms are establishing safe and welcoming spaces for LGBTQ+ users. Another illustration is the skincare line Fenty Beauty, which was started by singer Rihanna. The company introduced a variety of foundation hues that were designed to suit a broad spectrum of skin tones, including some that are frequently disregarded by other companies. In November 2021, H&M debuted a virtual vegan fashion collection on its Looop Island in the Nintendo game Animal Crossing. Other mainstream brands like Wrangler, Levi’s, Diesel, and Gap have also recently launched collections of non-fungible tokens (NFTs), which are unique virtual products stored on blockchains. Boohoo began running billboard advertisements on the “Paris World” island of the Paris Hilton on the online gaming platform Roblox in February 2022.

Fenty foundation product line – from https://goknit.com/how-gen-z-is-growing-the-beauty-industry-and-pushing-its-innovation/

In conclusion, inclusiveness, engagement, transparency, social responsibility, and cultural knowledge are critical people skills that brands must demonstrate if they hope to succeed with Generation Z. These abilities enable brands to engage Gen Z more deeply. In addition to being current with trends, brands catering to Gen-Z must also be inclusive and sustainable. Additionally, it’s critical for the company to properly sell its product—in this example, via social media.

Reference List :
1) https://www.forbes.com/sites/onemind/2022/07/22/the-future-of-work-depends-on-supporting-gen-z/?sh=7ee83c3e447a
2) https://www.mckinsey.com/featured-insights/mckinsey-explainers/what-is-gen-z
3) https://www.drapersonline.com/guides/gen-z-and-millennials-2022
4) https://www.businessoffashion.com/reports/retail/gen-z-fashion-in-the-age-of-realism-bof-insights-social-media-report/
5)

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Can fashion ever be sustainable?

P L A N E T

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Buy Less, Choose Well, Make It Last -Vivienne Westwood

Fast Fashion vs Planet

The four pillars of sustainable fashion, also known as the “Four P’s,” are essential ideas that steer the fashion industry toward a more sustainable future. The “Planet” pillar represents an intense dedication to environmental responsibility. One of the most polluting sectors of the global economy, the fashion business is thought to be responsible for 10% of greenhouse gas emissions. The use of raw materials has the biggest impact on fashion’s environmental impact: cotton for the industry consumes 2.5% of global farmland, while polyester is estimated to use 342 million barrels of oil annually and clothes production processes like dying use 43 million tonnes of chemicals. Therefore, environmentally friendly materials like recycled fabric and organic cotton, lowering pollution through ethical manufacturing practices, and preserving energy by utilizing renewable resources and enhancing production methods.

Clothing and textiles make up a significant portion of the global economy and are an essential component of daily living. However, the majority of clothing isn’t currently designed to be recyclable, reusable, repurposed, or biodegradable, hence the majority of textiles wind up in landfills or are burned. The goal of circular fashion is to “design out waste” by using less natural resources to manufacture our clothes and preventing waste from going to landfills. Simply said, circular fashion (a closed-loop system) involves creating new materials from old ones.
The three main principles of CE : design out waste and pollution, keep products and materials in use, and regenerate natural systems.

Circular Fashion Economy from thesustainablefashionforum

“Fashion has the power to change lives, and the responsibility to protect the planet.” – Orsola de Castro.
The process of creating, designing, and consuming apparel, accessories, and footwear in a way that is both environmentally and socially responsible is known as sustainability. True sustainability should also ensure that every aspect of the production process—from raw materials to manufacturing to working conditions and compensation—is ethically and environmentally sound. Businesses are starting to give packaging sustainability, equal weight with the sustainability of their products. H&M declared their intention to become 100% circular by the year 2030 in April 2017.

The Sustainable Development Goals 13 : Climate Action

One of the 17 global objectives included in the 2030 Agenda for Sustainable Development, which was adopted by the United Nations in 2015, is Sustainable Development Goal 13 (SDG 13) : Climate Action.
The fashion sector contributes significantly to global greenhouse gas emissions, water pollution, and trash generation, all of which are factors in climate change. This entails switching to renewable energy sources, adopting circular economy principles to reduce waste, and putting sustainable supply chain principles into effect. Fashion businesses must make investments in the development of eco-friendly products and technologies, support water conservation efforts, and support climate change mitigation legislation. By doing this, the fashion sector can directly contribute to the attainment of SDG 13 and play a crucial role in tackling climate change and promoting a more resilient and sustainable global ecosystem. Stella McCartney is an expert in environmentally conscious fashion, incorporating sustainable materials and moral manufacturing practices into her creations. By avoiding the use of leather, fur, and other animal materials, the business is committed to cruelty-free fashion.

Therefore, let’s work together to produce the most popular fashion trend in the future one that benefits the planet and its inhabitants. “Styles come and go, but sustainability preserves our planet for a lifetime.”

References :
1) https://www.forbes.com/sites/forbescommunicationscouncil/2023/01/02/the-state-of-sustainability-in-the-fashion-industry-and-what-it-means-for-brands/?sh=522911021c82
2) https://www.voguebusiness.com/sustainability/sustainability-where-fashion-is-heading-in-2022
3) A Practical Guide To Sustainable Fashion
4) https://www.sustainablejungle.com/sustainable-living/ethical-sustainable-fashion/
5) https://www.thesustainablefashionforum.com/pages/what-is-circular-fashion
6) https://www.drapersonline.com/insight/drapers-bespoke/collaborating-for-change-sustainability-report-2022

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©DIOR, Photography by Viviane Sassen

My Favourite Fashion Brand

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Dior is an excellent choice for a favorite fashion brand! With its rich history, timeless elegance, and iconic designs, Dior has a lasting appeal that resonates with many fashion enthusiasts. Whether you love their haute couture creations, ready-to-wear collections, or signature accessories, Dior is known for its commitment to style and luxury. Christian Dior, a Normandy-born French fashion designer, established the business in 1946 in Paris at 30 Avenue Montaigne. The brand’s first collection, known as the “New Look” was introduced in 1947 and marked a significant departure from the austerity of wartime fashion. It featured full skirts, cinched waists, and a focus on feminine elegance. The “New Look” introduced by Christian Dior in 1947 had a profound influence on post-war fashion, emphasizing a return to luxurious and extravagant styles. It set the stage for Dior’s enduring legacy in the fashion industry. Dior is renowned for its haute couture collections, which are custom-made, high-end fashion pieces crafted with exceptional attention to detail. These collections often showcase intricate craftsmanship and elaborate designs.

Dior has grown over the years from women’s haute couture to practically any opulent whim. Be it the elegant men’s collection Dior Homme, the children’s clothing line Baby Dior, the wide variety of DiorSkin cosmetics and skin care products, the many different perfumes offered, or the renowned Lady Dior handbags and exquisite shoes. Their curation is something we can never refuse.

Dior made history in 2016 when Maria Grazia Chiuri, a former Valentino designer, was chosen as the fashion house’s first female artistic director. Being the first woman to lead the luxury business was undoubtedly a talking point when she was hired. The Fall 2023 Dior collection was unveiled in India.It was the first time the French Maison debuted a show in the nation and was held in front of Mumbai’s iconic Gateway of India.The collection’s patterns, colors, geometric designs made of gold and silver sequins, and stress are all examples of the incredible craftsmanship. To honor the priceless work that comes out of India, Dior invited influential people in the fashion industry to the largest city in the nation and curated a collection that highlights traditional creativity.

The Fall 2023 Dior collection

For individuals who value haute couture and high-end clothing, Dior continues to be a sought-after brand and a representation of French elegance and craftsmanship. Its creations have appeared on red carpets, runways, and in the wardrobes of fashion devotees all over the world, making it a true fashion icon.

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