Profit

When we think of profit, we immediately think of numbers. We think of the amount of money earned beyond the cost of production. While the economic increase is crucial for stability, the social and cultural capital is vital for the growth of the business (Bourdieu, 1993). These factors define the Profit Pillar. Cultural capital considers knowledge of culture acquired through our upbringing and exposure to our surroundings. Social capital identifies networks and connections that may prove to be beneficial in the future (Bourdieu, 1993).

Fashion is a competitive field that is changing and growing every day. The global value of the fashion industry is about 3 trillion dollars and it employs 57.8 million people overall (Mair, 2018). To survive in such a fast-paced and cut-throat industry, businesses need to develop a strong identity and story that is reflected in their products. Expressing uniqueness is the key to success for a brand, as it is a quality that is desirable for the audience. For example, Apple is known for its focus on innovation, sleek design, and user experience. These selling factors have attracted a loyal customer base and helped the company differentiate itself from its competitors (Imbimbo, 2009) (Two Teachers, 2023).

To remain profitable, a company must attempt to maintain a loyal customer base and expand its outreach to new customers by adapting to consumer priorities (Amed, 2022). These priorities change based on the developments in our surroundings. For example, an increased awareness of climate change has promoted slow fashion, minimalism, and sustainability in 2023. Covid-19 pushed companies to shift to digital platforms and take on new methods of marketing. For example, TikTok gained popularity for its short-form, influencer-centered videos during the pandemic (Azpeitia, 2021). It became a prime location for brands to collaborate with influencers to reach beyond their target audience (Azpeitia, 2021). It also became a popular place for small companies to promote their brands and grow.

For the fashion industry to continue its upward trend and expand, it is critical to optimize new ideas and benefit from creativity. Creative directors shape and establish vision as part of marketing. They are responsible for presenting a story that sticks with viewers and entices them to become consumers. This can be done by relating to the customers so they feel represented and comfortable. For example, Djerf Avenue is a Swedish fashion brand that is founded and managed by women. They have a wide variety of models with hearing impairments, on wheelchairs, of different ages, and races in their fashion shows. Images of models on their website are unedited and natural. According to the New York Times, their revenue in 2021 was $8 million and is expected to reach $22 million by the end of 2023. This reemphasizes how the key to profitable success is uniqueness.

Bibliography

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

Azpeitia, J. (2021). Social media marketing and its effects on TikTok users.

Bourdieu, P. (2018). The forms of capital. In The sociology of economic life (pp. 78-92). Routledge.

Imbimbo, A. (2009). Steve Jobs: The Brilliant Mind Behind Apple: The Brilliant Mind Behind Apple. Gareth Stevens Publishing LLLP.

Isaacson, W. (2012). The real leadership lessons of Steve Jobs. Harvard business review, 90(4), 92-102.

Mair, C. (2018). The psychology of fashion. Routledge.

Moritz, M. (2009). Return to the little kingdom: How Apple and Steve Jobs changed the world. Abrams.

Two teachers. (2023, April 28). 3 Ways Apple Built Their Brand. Two Teachers; Two Teachers. https://www.twoteachers.co.uk/post/3-ways-apple-built-their-brand#:~:text=Apple