Profit
The word profit is lost when the general public thinks about the fashion industry, they forget that profit is what the industry thrives for, one brand competing with the other for who makes the most money. The fashion industry is all about profit, it’s a money-making machine; a business; an enlarged pyramid scheme and that is why the fashion industry exists.
The fashion industry has a massive impact on the world. In just the UK alone, it is worth approximately 32 billion pounds, globally the fashion industry is worth around 2.4 trillion USD. The industry can produce approximately 150 billion garments annually, creating a huge market for profit.
The many sectors of the industry are everchanging. The luxury sector, for example, is expected to grow 5 to 10 per cent in 2023, and the fast fashion industry is expected to grow from 122.98 billion USD to 184.96 billion USD in 2027 (see graph 2). Many of the younger generation (Gen Z) believe that fast fashion should decline, as this side of the industry is creating many problems around the world.
In the world of economics, the western hemisphere is slowing down and a new change in world organisation is coming. The countries of Africa. ‘Seven of the world’s ten fastest growing economies are in Africa.’ Frances Corner, (2014 Page 5) and ‘Seventy per cent of the continent’s population live in countries that have enjoyed annual economic growth of over 4 per cent in the past decade.’ Frances Corner, (2014 Page 5). As the world changes, brands with flagship stores in London, New York and Paris should shift their attention towards the African continent, as once the economic boom takes place, a new consumer evolves, bringing profits when the Western world declines in revenue.
To bridge the gap between the creative director’s vision and what would be considered commercially successful, designers should take previous garment designs from older collections, that have previously been proven successful and profitable and adapt them to suit modern times. This is how many brands have been successful in the past, for example, Barbour, a well-known profitable British brand has continuously taken their classic designs and reinvented them to a more updated look, which has been well received and profitable.
In conclusion, the fashion industry remains and always will be looking for more avenues to make a profit whether it be cutting down costs through the making and shipping of their garments, or raising the prices of each collection they release. The question is when will it be enough?
