Mia Brain

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Blog: PROFIT

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Blog 3: Profit

At its core, the fashion industry is driven by making profits. Like any business, revenue is at the forefront; fashion’s close link to art does not change this fact. It can be a challenge to balance creativity and commerce, and this can be seen in Nike CEO Phil Knight’s quote “we put all our emphasis on designing and manufacturing the product. But now… Nike is a marketing-oriented company” (Klein, 1999). In order for a creative business to be successful, designers and marketers/commercial leaders must work together closely. Anja Overdiek refers to this idea as “dual and complementary leadership”. The qualitative and intangible ideas of a brand must be interlinked with those quantitative and tangible figures that allow a business to stay afloat. For example, Nicolas Ghesquière explains that his leaving from the designer role at Balenciaga in 2012 was due to a lack of merchandising skills within the industry. It seems that a business partner can be vital when it comes to the success of a designer (Overdiek 2015). It is usually the role of Creative Director that is tasked with bridging the gap between innovation and business value. Not only is the Creative Director a lead designer but also a staff manager, with many staff members below. They must create, supervise and most importantly they must generate revenue: “if the figures don’t impress, the designer can and will be exchanged for another one” (Mitterfellner 2023). 

The fashion industry is ever growing, revenue figures reaching new heights with every passing year. According to the Lyst Index Q1 2023, “the Prada Group cements its status as a fashion powerhouse” with Prada and its sister brand Miu Miu being the hottest brands of the year, generating retail sales of €3.7 billion in 2022. Due to celebrity culture being so prevalent, luxury brands’ partnerships with these stars are establishing their impact evermore.  For example, Lyst partly credits the Prada Group’s success to its partnerships with the likes of Kendall Jenner, Mia Goth and Ethel Cain. Capitalising on status seems to be the main way for brands to remain competitive in these uncertain economic times. Furthermore, Kim Kardashian’s shapewear brand SKIMS debuts in the list this year (with a valuation of $3.2 billion (Lyst Index Q1 2023), showing that the relevance of internet personalities is vastly increasing within the fashion industry. In an industry that values profit and a time where viral moments can make or break a brand, listening to the consumer is the most important thing a brand should be able to do. 

Reference list

Klein, N. (1999). No Logo: Taking Aim at the Brand Bullies. Toronto: Knopf Canada and Picador.

Lyst Insights. (2023). The Lyst Index: Fashion’s Hottest Brands and Products Q1 2023. [online] Available at: https://www.lyst.com/data/the-lyst-index/q123/.

Mitterfellner, O. (2023). Luxury fashion brand management: unifying fashion with sustainability. [online] Library Catalog (Koha). London: Routledge. Available at: https://libsearch.arts.ac.uk/cgi-bin/koha/opac-detail.pl?biblionumber=1546849&query_desc=kw%2Cwrdl%3A%20Mitterfellner.

Overdiek, A. (2015). Fashion designers and their business partners: Juggling creativity and commerce. [online] browzine.com. Available at: https://browzine.com/libraries/479/journals/36584/issues/8230931.

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PEOPLE

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In terms of the 4 pillars, People represents the way that the fashion industry interacts with society. Gen Z (individuals born in the years 1995-2010 (Francis and Hoefel, 2018)) is currently the most noteworthy generation in regard to this topic as they are having the most active impact on trends and therefore the way that all other generations associate with brands. Labelled “digital natives”, Francis and Hoefel (2018) argue that Gen Z’s technological proficiency requires companies to market themselves in a different way than they may be used to because this generation’s consumption habits have shifted quite significantly from those of Millennials. For example, a Drapers article (2022) reveals that Gen Z prefer to “seek fun and inspiration” while shopping and use it as a way to form and express their own personal identities. A 22-year-old respondent to a study conducted by McKinsey (2020) stated “with the internet, I feel much more free”. The internet is not just used for finding information or shopping, but for participating in communities, connecting with likeminded people; the same study also revealed that 66% of Gen Z participants hold the view that communities do not come together through economic backgrounds, but common interests. In order to maximise the relationship with today’s society, companies should target online communities rather than the individual. 

Value means something very different to each generation, and it’s quite evident that Gen Z value fashion businesses that can respond to ethical issues and factor inclusivity into the brand model. One brand that I think encapsulates the needs of Gen Z the best is small but rapidly growing brand Racer Worldwide. Founded by a group of 16-year-old friends, what better than a label “based around like-mindedness and friendship” to represent youth culture? (Racer Worldwide, 2023). McKinsey (2023) calls Gen Z idealistic, “socially progressive dreamers” – a group of people who try to stand up for diversity and sustainable practices, for example. The Racer team do their best to take on these expectations, creating entirely gender-neutral clothing lines and also lines that are limited and not mass produced to try to be as conscious of the planet as possible. In an interview with Sticky Magazine (2023), they say that their main inspiration comes from sharing experiences with and listening to their audience, which I believe is a key skill needed for any brand to become successful. In fact, Otto Scharmer for the Inner Development Goals (2020) tells us that leadership failure is achieved by a lack of listening and it is the “single most important leadership skill”. In summary, brands are able to succeed by learning from Gen Z customers. 

Reference list

Expósito , A. (2023). SICKY. [online] SICKY. Available at: https://sickymag.com/in-conversation-racer-worldwide/ [Accessed 14 Oct. 2023].

Francis, T. and Hoefel, F. (2018). ‘True Gen’: Generation Z and Its Implications for Companies. [online] McKinsey & Company. Available at: https://www.mckinsey.com/industries/consumer-packaged-goods/our-insights/true-gen-generation-z-and-its-implications-for-companies.

McKinsey (2023). What is Gen Z? | McKinsey. [online] www.mckinsey.com. Available at: https://www.mckinsey.com/featured-insights/mckinsey-explainers/what-is-gen-z.

Moran, G. (2022). Gen Z and Millennials 2022. [online] Drapers. Available at: https://www.drapersonline.com/guides/gen-z-and-millennials-2022.

Racer Worldwide®. (2023). About Racer Worldwide®. [online] Available at: https://www.racerworldwide.net/pages/about.

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PLANET

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It is impossible to speak critically about the current fashion industry model without discussing environmentalist concerns. In the 1960s, the worldwide impact of production and consumption was brought to the attention of the general public thus starting a ‘responsible design movement’ (Gwilt, 2020). Gwilt argues that in order to successfully partake in the production of sustainable clothing, designers need to be indubitably aware of a garment’s life cycle; a lecture delivered by Katarina Rimarcikova stated that 85% of textiles are sent to landfill. This shows that it is not merely an issue of carefully considering the materials that a garment is made of, but also the intentions of consumers when purchasing clothing. Is it possible to meet the needs of the present without compromising those of the future (United Nations, 2023)? When the planet is in a “climate crisis ‘unequivocally’ caused by human activities”, and there is merely 12 years to limit catastrophe (UN IPCC Report, 2021), fast action is necessary.

The United Nations has outlined 17 Sustainable Development Goals for 2030 that aim to bring attention to the major issues causing climate crisis. In terms of fashion sustainability, SDG 12: Responsible Consumption and Production is the most relevant. The relationship between garment producer and garment consumer is vital, as worldwide change can’t be achieved without ‘small yet impactful adjustments’ from all participants (Moran, 2022). As technology gets more advanced, so can the methods of production used to create clothing. Harnessing new and innovative processes can be the kick-starter to tackling waste, for example upcycling or using less chemically heavy and energy intensive materials. The present is becoming an epoch of change, and in a world where one wash load of polyester clothing can release 700,000 microplastic fibres into the environment (Katarina Rimarcikova, 2023), it is imperative that less is consumed. 

The goal of a circular economy is to have materials never become waste as they are always recycled and regenerated, with some examples being second-hand clothing businesses thredUP and Vinted. These platforms aim to guide consumers into buying responsibly – this means buying less and considering purchases much more meticulously. The Ellen MacArthur Foundation describes CE as “a systemic shift that builds long-term resilience… and provides environmental and societal benefits” (Gwilt, 2020). Currently 95% of discarded clothing can be recycled, but only 1% is (Katarina Rimarcikova, 2023); a circular economy is the way to ensure that this percentage significantly increases thus decreasing the number of textiles, chemicals and plastics that end up as waste. 

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