Aofei Wang

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Profit

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Profit, the total cost deducted from the total revenue,  is the engine that keeps businesses running, serving as a primary measure of a brand’s success and viability. A profitable business undoubtedly facilitates a brand’s expansion, augmenting its ability to survive and compete.

Revenue of the global apparel market 2014-2027 | Statista (oclc.org)

According to Statista, the revenue of the global apparel market was calculated to be approximately 1.53 trillion U.S. dollars in 2022,  a slight decrease from the previous year however, it demonstrates a continuous increase between 2023 and 2027,  to more than 1.7 trillion dollars by 2023 and reaching a new peak of 1.94 trillion U.S. dollars by 2027 (Smith, 2023)

https://www.statista.com/statistics/1008241/fast-fashion-market-value-forecast-worldwide/#:~:text=The%20value%20of%20the%20fast.

The global fast fashion sector was assessed to possess a valuation surpassing 106 billion U.S. dollars in the year 2022. Per the data illustrated in the graph, a moderate uptick in market worth is foreseen for the forthcoming years reaching an estimated value of around 185 billion U.S. dollars by the year 2027. (Smith, 2023)

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

Mckinsey’s analysis of fashion forecast states that ‘the luxury sector will outperform the rest of the industry’, with a predicted growth between 5 and 10 % by 2023(McKinsey, 2022) the luxury goods sector is on the rise despite the uncertain economic climate triggered by events such as covid 19 and Brexit.

The unpredictable economic times present a plethora of challenges for fashion firms to navigate, and brands are forced to continually innovate in order to stay competitive. As consumer behaviour shifts towards digital engagement,  leveraging technology and social media platforms is necessary to enhance online presence and brand awareness,  integrating e-commerce and a potent online marketing strategy is vitally important for better accessibility and brand recognition. To remain competitive, brands must ensure high adaptability and responsiveness to market trends. Moreover, during uncertain economic times, it is imperative that brands reduce unnecessary expenditures and streamline their production processes, making sure each stage is cost-effective, reinforcing their position in a competitive marketplace.  

 The design museum’s REBEL exhibition exemplifies how creative directors adeptly bridge the gap between creativity and commerce. The exhibition not only showcased innovative fashion looks including  Harry Styles’ Steven Stokey Daley outfit and Sam Smith’s inflatable latex suit by HARRI(Q42, no date) but also served as a strategic platform for commercial success, educating visitors about background stories, political message, allowing emotional connection with brands and garments, thereby strengthening a brand’s presence and potentially driving sales. 

Citations:

Smith, P. (2023) Revenue of the Global Apparel Market 2012-2025, Statista. Available at: https://www.statista.com/forecasts/821415/value-of-the-global-apparel-market.

Smith, P. (2023) Fast fashion market value forecast worldwide 2022-2027, Statista. Available at: https://www.statista.com/statistics/1008241/fast-fashion-market-value-forecast-worldwide/#:~:text=The%20value%20of%20the%20fast.

Fast fashion market forecast worldwide 2022-2027 (no date) Statista. Available at: https://www-statista-com.arts.idm.oclc.org/statistics/1008241/fast-fashion-market-value-forecast-worldwide/. 

McKinsey (2022) The State of Fashion 2023: Holding onto growth as global clouds gather, McKinsey. McKinsey & Company. Available at: https://www.mckinsey.com/industries/retail/our-insights/state-of-fashion

‌Luxury Goods: market data & analysis (no date) Statista. Available at: https://www.statista.com/study/55494/luxury-goods-market-data-analysis/. Q42, F. & (no date) REBEL: 30 Years of London Fashion, Design Museum. Available at: https://designmuseum.org/exhibitions/rebel-30-years-of-london-fashion

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People

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https://www.ynap.com/wp-content/uploads/2022/08/people-positive.jpg

Diversity, Equity & Inclusion – YNAP.com

The people pillar in the fashion industry focuses on valuing diversity, authenticity and ethical practices influencing the success, overall well-being and sustainability of businesses in the industry. 

The people pillar is especially relevant when considering Generation Z, typically born between 1996 and 2010,  Gen Z is the first generation to grow up as ‘digital natives’ with technology being a part of daily life. The identity of this generation has been impacted by technological integration,  environmental concerns and COVID-19. (McKinsey, 2023) 

To captivate Generation Z, a brand should prioritize several key factors. Firstly, leveraging digital platforms and social media.‘61.6% of Gen Z shared they are familiar with the concept of the metaverse indicating that Gen Z are demonstrably more aware and open to the idea of the metaverse and the new technologies that contribute to it.’ (Moran, 2022) Gen Z is more likely to purchase from an influencer they follow from Instagram or TikTok which means brands that actively engage with consumers online through visually appealing content, celebrity endorsement and interactive campaigns are more likely to be trusted by Gen Z, Additionally, the widespread reach of social media allows brands to seamlessly integrate into the daily lives of Gen Z, augmenting the sense of connection and brand visibility.  

https://www.ypulse.com/wp-content/uploads/2021/09/Clothing-Fashion-Influences.png

This Chart Shows The Biggest Influences on Gen Z & Millennials’ Fashion Purchases – YPulse

Sustainability plays a pivotal role in attracting Gen Z due to this generation’s heightened environmental consciousness. By adopting responsible practices such as minimizing carbon footprints, utilising renewable resources, and providing fair working conditions across the supply chain, a brand can build its credibility to gain Gen Z’s support. Incorporating sustainability in a market where conscientious consumerism is on the rise ensures long-term appeals and customer loyalty from Generation Z.

Finally,  responding to diversity is key to success in today’s global market. The sportswear giant Nike is an illustrative example, it has consistently championed inclusivity through its marketing campaigns, featuring models of various races, body types and backgrounds. The launch of the Nike Pro Hijab in 2017 which caters to Muslim women in sports was groundbreaking, by catering to their diverse customer base they not only addressed a gap in the market but also a powerful message celebrating unique identities.

Figure skater Zahra Lari. Photo: Vivienne Balla/Nike
https://atlasofthefuture.org/wp-content/uploads/2017/04/08HIJAB1-web-superJumbo-1920×1280.jpg

To conclude, effective communication with the target demographic, a high level of cultural awareness, and adaptability are all important people skills contributing to identifying and addressing consumers’ wants and needs for a brand to be successful. 

Reference list:

McKinsey (2023) What is Gen Z? | McKinsey, 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, Drapers. Available at: https://www.drapersonline.com/guides/gen-z-and-millennials-2022. 

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Planet

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The ‘planet’ pillar has grown to prominence in the fashion industry. From utilising renewable resources to adopting environmentally responsible practices, the focus on the planet pillar emphasises a conscientious effort to be more ethical and ecologically responsible.

Fashion, accounting for approximately 10% of global carbon emissions, surpasses the combined impact of aviation and shipping(Mckinsey & Company 2002). According to WRAP(2017) around 300,000 tonnes of clothing is discarded, with 20% sent to landfill while 80% is incinerated(Gwilt, 2020). Moreover, Oxfam states that 2+ tonnes of clothing are bought each minute in the UK, with 11 million garments ending up in landfill each week. (Orsola de Castro, 2021)  These alarming figures highlight the fashion industry’s unsustainable trajectory, and the need to shift towards sustainable alternatives.

One of the key concepts encapsulated by the planet pillar is the circular economy model. The linear model: ‘take, make, waste’ approach contributes significantly to environmental degradation, it leads to a system that is inefficient and costly; in contrast, the circular fashion industry focuses on ‘repair, reuse, adapting’, a regenerative system in which garments are articulated for as long as their maximum value is retained and then returned safely to the biosphere when they are no longer of use. A circular economy is certainly more systemic and ambitious as no new material input is needed which results in less waste and reduced costs. It is crucial that we transition to a circular economy in order to address our planet’s greatest challenges including resource scarcity and biodiversity loss. Nevertheless, the success of maintaining circular practices hinges on enhanced regulation and access to finance.

In recent years, fashion brands have increasingly recognised the importance of responsible sourcing of materials,  a number of designs for sustainability concepts around cutting waste have emerged, from utilizing scraps in patchworked garments to recycling them into new yarns, such ideals are helping to slow the flow of waste in the fashion industry(Fletcher and Grose, 2012).  This holistic approach aligns with the United Nations Sustainable Development Goal(SDGs) 12: Responsible consumption and production which is particularly relevant to the fashion industry. By integrating the planet pillar, the fashion industry contributes to the achievement of SDG12 by promoting responsible and sustainable consumption patterns. This not only addresses the broader environmental impact of the fashion industry on global resource consumption but also resonates with many consumers who feel environmentally responsible. 

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My favourite fashion brand  

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Ralph Lauren

Ralph Lauren, a distinguished name in the world of fashion, renowned for its designs and commitment to environmental responsibility. Founded by Ralph Lauren in 1967, the brand epitomizes timeless elegance and sophistication. Distinguished for its iconic polo shirts, tailored silhouettes, and commitment to quality, Ralph Lauren stands as a symbol of enduring luxury and refined taste in the fashion industry.

From organic cotton to recycled fabrics, Ralph Lauren is dedicated to reducing its ecological footprint without compromising on style. The brand also prioritizes transparency in its supply chain, providing consumers with insight into the ethical considerations behind each garment. By implementing various procedures across its operations to minimise waste and energy consumption,  Ralph Lauren exemplifies a commitment to sustainable practices which resonate with their consumer values,  making it a distinguished choice for those who seek both sophistication and environmental stewardship in their fashion choices.

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