Profit

Fashion is more than wearing clothes for functionality, it’s where the world of art and clothing merge. Only the richest members of society, like royalty, were able to the different fabrics and craftsmanship required to create a fashionable garment years ago (Crane, 2000). Although fashion is more accessible now, there is still exclusivity in luxury fashion through the combination of artistic design, price point and marketing. In today’s society, how does the blurring of lines between fashion and art influence consumers’ shopping habits, and therefore profits?

The fashion industry is multifaceted and broad, with its contribution to the global economy valued at 2.5 trillion dollars before the pandemic (McKinsey, 2022). It’s not only about clothing; ‘a fashion ecosystem needs a range of retailers, a strong youth culture, museums, galleries and other cultural institutions’ (Corner, 2014). Selfridges use this ecosystem to their advantage and showcase art installations across their locations. This has led to a 28% year-on-year growth, at £843.7 million in the 2022 fiscal year (Beevers, 2023). Even the way clothes are merchandised can be seen as an art form. Research has shown that people experience similar positive emotions when they judge fashion displays as beautiful as they do when they look at traditional paintings (Cheung et al., 2019). By having displays that can be perceived as art in themselves, companies can see substantial growth in profits.

Aesthetic pleasure can be gained from viewing beautiful displays, however there is also a social motivation to buy and wear clothes that have artistic value. One study found that people who wear clothing with visible logos are often perceived as ‘higher in status, more intelligent, and attractive’ (Razmus & Fortuna, 2022). Brands need to understand the desire to be seen as successful in their creative processes and marketing strategies to stay profitable. A perfect example of this is Virgil Abloh, who founded the brand ‘Off-White.’ He drew inspiration from various cultural aspects, including streetwear, art, and music. His trailblazing designs celebrated creativity while keeping a high price to maintain desirability. The Off-White tag is now a symbol of wealth and status.

The fusion of art and clothing has revolutionised the fashion industry; clothes are no longer to only stay warm and provide protection, they are a way to display status. Brands who use this to enhance our shopping experience turn their stores into galleries of modern fashion. This impacts our shopping habits as consumers, as it turns our clothing into a form of self-expression, affecting both our own and other’s perspectives. This ability that clothing has encourages us to spend more money on our image, boosting the profits of these companies.

Reference List

Beevers, A. (2023, October 11). Selfridges’ Losses Narrow after Sales Boost. Retail Bulletin | Daily UK Retail News. https://www.theretailbulletin.com/department-stores/selfridges-narrows-losses-after-sales-boost-11-10-2023/#:~:text=%2Don%2Dyear.-

Cheung, M.-C., Law, D., Yip, J., & Wong, C. W. Y. (2019). Emotional Responses to Visual Art and Commercial Stimuli: Implications for Creativity and Aesthetics. Frontiers in Psychology, 10(JAN). https://doi.org/10.3389/fpsyg.2019.00014

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Corner, F. (2014). Why Fashion Matters. In Library Catalog (Koha). Thames and Hudson, Limited. https://libsearch.arts.ac.uk/cgi-bin/koha/opac-detail.pl?biblionumber=1449157&query_desc=kw%2Cwrdl%3A%20Why%20Fashion%20Matters

‌ Crane, D. (2000). Fashion and its social agendas: class, gender, and identity in clothing. In Library Catalog (Koha). University of Chicago Press. https://libsearch.arts.ac.uk/cgi-bin/koha/opac-detail.pl?biblionumber=1450986&query_desc=kw%2Cwrdl%3A%20Fashion%20and%20Its%20Social%20Agendas

‌ McKinsey. (2022, November 29). The State of Fashion 2023: Holding onto growth as global clouds gather. McKinsey; McKinsey & Company. https://www.mckinsey.com/industries/retail/our-insights/state-of-fashion

‌ Razmus, W., & Fortuna, P. (2022). Someone like me: The role of consumer brand engagement and social identification in the perception of luxury brand users. Journal of Consumer Behaviour, 21(5), 1190–1202. https://doi.org/10.1002/cb.2071