Havin Yalcin

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Purpose

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The fashion industry is significantly beneficial in regards to promote cultures, develop meanings and techniques into their designs. Purpose, which is one of the four pillars, links exceptionally well when we associate it to the meaning behind modern clothing. Brand philosophy is coherent in relation to their structure of associating to their brands values, which is significant in a world of fashion as brands should tend to rely on their resources, liberation and to also have faith in their own brand.

Brand purpose is socially a principal factor in relation to consumers. Brand philosophy determines this as Gen Z consumers tend to rely on business decisions. This heightens the importance on how consumers overall take on empowerment in their brand and how sustainability can be reasonable in the fashion world, as brands have to have a logical structure which is admirable to consumers. Mission, vision and value proposition is majorly important as the path of a business is clearly assembled. Mission proposition defines the brands achievements and set goals; “to help humanity thrive by enabling the world’s teams to work together effortlessly.” (sproutsocial, 2020). Vision and value proposition is proposedly revolved around sustainability, and how companies and their consumers should understand their purpose and value of their designs in the economy; ‘To meet sustainable environmental measures, small-and-medium-sized businesses (SMFBs) must also curb their environmental burden’ (MDPI, 2022). These propositions all have a purpose in the fashion industry, whether it is a brands philosophy which includes engagement of consumers with a brand to conclude a decision, or how sustainable a brand can be when reflected upon these propositions. 

When we associate how brands communicate their purpose to Gen Z, the value of quality and product designs is their main priority. Gen Z consumers rely on an higher importance of a brands purpose in regards to customer service for example; many set to have a more fundamental and radical approach. Attest have stated that 88% of Gen Z consumers are more intrigued about the purpose-driven work of brands (Attest, 2021), which shows in the world of sustainability how brands should communicate and have commitment towards their business. In our generation, the meaning of purpose is valued highly, and that a brands philosophy is a main priority to many who want to start a business and to also attract Gen Z consumers. 

Reference List:

Sproutsocial, (2021) What is a brand mission and how to define it

https://sproutsocial.com/insights/brand-mission/

MDPI, (2022) Value Propositions for Small Fashion Businesses: From Japanese Case Studies

https://www.mdpi.com/2071-1050/14/6/3502

Attest, (2021) How brands can win the trust of Gen Z

https://www.askattest.com/blog/attest-investigates/how-brands-can-win-the-trust-of-gen-z.

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Profit

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In 2023, companies need to prioritize the importance of maintaining their manufacturing approaches, and how this can be reflected upon in the economy. Profit in the Fashion industry is gratified to be processed towards certain strategies of digital marketing; and how brands compromise to fulfil the challenges into facing the climate. However, many companies will struggle to find opportunities in regard to the issues of climate change globally, and how this effects their brand as many contend to face their growth rates declining. 

The Fashion Industry is specifically a large number; and this is evidently shown before 2023, where retail sales were significantly high. During the Covid-19 pandemic, the result of sales declining majorly affected the fashion industry due to it being one of the largest industries ever. Fashion United’s statistics criticise the importance of profit during this deadly pandemic, and how fashion brands compromised their global apparel in order to maintain their sale rates; ‘Before the Covid-19 pandemic, the fashion industry global revenue was estimated between $1.7 trillion and $2.5 trillion’ (Fashion United, 2022). This is substantially very crucial in relation to profit of the Fashion Industry over the years. According to McKinsey & Co’s report in 2022, their predictions for the ‘State of Fashion’ in 2023 is certainly predictable. ‘The fashion industry delivered a 21 percent increase in revenues in 2020-21’ (McKinsey & Co, 2022). This heightens the factor of currency rates before 2023, and whether if the profit would stay the same or increase in the following years. Although this report gratifies the previous fashion market; it also predicts the ‘year over year growth in fashion retail sales’ (McKinsey & Co, 2022), which shows the difference in profit from the Covid-19 Pandemic to 2023. 

(Figure 1 Credit: McKinsey & Company, (2022) The State of Fashion 2023: Holding onto growth as global clouds gather)

A brand during the effects of a deadly pandemic and climate change should reinforce their strategy of marketing in order to remain competitive in uncertain economic times. This can be achieved through the decline of their sale products; as the cost of living crisis prolongs the difficulties of many customers being able to afford certain products and garments. Forbes states that ‘cutting advertising dollars may appear the logical reflex to an economic downturn’ (Forbes, 2023). Also, in order to conjoin creativity and commerce, businesses must value their customers concerns, and the imbalance between this relationship should be changed through the prices of the products that the customers choose to buy. 

Reference List:

Fashion United, (2022), Global Fashion Industry Statistics

https://fashionunited.com/global-fashion-industry-statistics#

McKinsey & Company, (2022), The State of Fashion 2023: Holding onto growth as global clouds gather

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

Forbes, (2023), Surviving A Recession With A Strong Marketing Strategy 

https://www.forbes.com/sites/forbesagencycouncil/2023/02/23/surviving-a-recession-with-a-strong-marketing-strategy/

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People

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Sustainability is formed by one of the four pillars, People, where individuals should reflect the importance of societal and economical values in the fashion industry, in use of greater diversity and equality. The strategy of how strong an individual’s sustainability can be is reflected upon the measured environmental and governance, which can be increased in reference to enhance, benefit and prolong the human assets in society. 

Members of Gen Z are born between 1995 to 2010, and consumers focus on the significance of how high the use of the internet has been towards this generation. Individual’s youth during this time has majorly been affected due to the social increase of mobile phones etc. The Lost Generation, as an example, optimises the graphic, brutal barbarity of warfare during World War II; hence why it is named to be ‘lost’ (McKinsey & Co, 2023). However, Gen Z is mainly involved in the Age of Realism, reflecting upon the fashion industry, which is many decades ago from ‘The Lost Generation’; people can also compare how generations have changed over time. Sustainable Fashion is a common factor when it comes to the consumers of Gen Z. According to the Business of Fashion website, the article published in October 2022, (Figure 1), heightens the age difference of the younger generation in relation to the older generation, and how ‘shoppers spend less on fashion as they get older’ (Schneider & Lee, 2022). This is clearly accurate according to the consumers of Gen Z, and brands can approach their businesses in relation to young consumers in the fashion industry who are glorifying fashion as their main priority, until fashion no longer becomes importance to people, which is clearly shown in the article. 

(Figure 1 Credit: Schneider & Lee, 2022, Gen Z and Fashion in the Age of Realism.)

As Gen Z overall empowers the concern of clothing to be made ethnically, fashion brands are taking this into consideration which effects their strategy of sale production. An example of a brand which does effectively show diversity through their cultures and people is Versace. Donatella Versace states ‘for me, and for Versace, the Black community – actually all diverse communities – have always been part of the family.’ (AnOther Magazine, 2021). This comprehensive statement from Donatella Versace shows the consumers of Gen Z that diversity and equality is becoming accepted in our society, through generations in the fashion industry. Newer brands in the fashion industry should take these key skills into consideration in order to become successful by gaining an audience who prioritize these characteristics of being diverse and equal. 

Reference List:

McKinsey & Company, (2023) “What is Gen Z?”

https://www.mckinsey.com/featured-insights/mckinsey-explainers/what-is-gen-z

Schneider & Lee, (2022) BoF Insights | Gen-Z and Fashion in the Age of Realism

https://www.businessoffashion.com/reports/retail/gen-z-fashion-in-the-age-of-realism-bof-insights-social-media-report/

Fury, (2021) Donatella Versace Speaks on the Importance of Community and Inclusivity

https://www.anothermag.com/fashion-beauty/13253/donatella-versace-on-inclusivity-community-another-magazine-ss-21

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Planet

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Even though the first generation heightened the social and economic values of climate change as a worldwide and disregarding issue, the younger generation gratify the real meaning of sustainability and how to amplify the facing issues and problems of the environment. Sustainability is the societal necessities and requirements in the absence of future dilemmas, such as many fashion brands focusing on the current issues on our planet so far, without compromising the future. Planet, which consists one of the four pillars of sustainability, implies how our current generation use the planets assets to combine and prevent coherent desecration in the fashion industry. 

The fashion world reinforces the sustainable side of planet by the 17 SDG’s (Sustainable Development Goals), which were created particularly to idealise the worlds problems. Although many brands in the fashion industry reflect upon these goals, newer brands who have entered into the fashion business should indicate sustainability throughout their creation of garments in their business; whether this is through the environmental, social and governance (ESG) policy and sustainable legalisation (Moran, G. (2022)). In terms of fashion sustainability, SDG 12, Responsible Consumption and Production, can effectively be viewed upon by the fast fashion industry. Fast Fashion has huge downsides on climate change and the environment of the planet; such as the exploitation of unemployed workers, discarded clothing filled over land, and carbon emissions overall.  The fast fashion industry is mainly accountable for the increase of global carbon emissions of 10%. This SDG also objectifies the innovative creations of designs, whether this is textile consumption, which has made a huge sustainable impact on the planet by the municipal waste of textiles. 

Furthermore, Conde Nast has had a huge impact on sustainability for our planet. The company has reduced the brands cooperative greenhouse gas emissions by 59% since 2018, committed to eliminate all single-use plastic by 2025, and to become carbon neutral by 2030 (condenast.com. 2020 Sustainability Report Phase One), and many more effective ways to narrow carbon emissions in sustainable ways. Such a huge company like Conde Nast shows the planet how to make fashion acceptable, and to decrease these matters of how newer brands should cooperate their business in terms of how to be sustainable, and should be disregarding the means on how to be successful and to rather focus on our planet.

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My favourite brand

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Dolce and Gabbana

Domenico Dolce and Stefano Gabbana, two Italian designers who curate their ethnicity into their creations of clothes in the fashion industry. Their first collection revolved around the inspiration of women and how a feminine role is seductively being presented; ‘Real Women’. Additionally, most of their textiles and fabrics are revolved around Sicily, which I believe is an iconic component of their work. As a person of Turkish ethnicity, I am also intrigued by ethnic designers who bring their cultures into their creations. Hal Rubenstein stated; ‘The Sicilian dress is the essence of Dolce and Gabbana, the brands sartorial touchstone’. Sicily has become a more valued and respected region through their unique designs and fabrics. Both designers have successfully used their ethnicity to develop inspiring and unique collections throughout the years. Fashion is an art; and Dolce and Gabbana have shown this through the success of the brand.

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