Cherryn Oh

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PROFIT

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Profit is the main aim of most fashion businesses out in the world. To maintain profit, fashion brands from small startups to established luxury brands all consider strategies for preserving competitiveness with each other in uncertain economic times. Also, in this, the role of creative directors is essential in balancing creativity and commerce. 

THE SIZE OF THE FASHION INDUSTRY 

The fashion industry is massive, both in terms of revenue and global impact. According to the statistics, the revenue of the global apparel market was calculated to amount to 1.53 trillion U.S. dollars in 2022, then forecast to increase in 2023, to more than 1.7 trillion dollars. (Statista. 2023.) 

The industry encompasses a wide range of sectors, from fast fashion to luxury brands. It also employs millions of people worldwide, from designers and manufacturers to marketers and retailers. 

THE PERFORMANCE OF THE VARIOUS SECTORS OF THE FASHION INDUSTRY 

Due to how big the fashion industry is, it comprises various sectors, each with its own unique challenges and opportunities. Sectors may include fast fashion such as Zara and H&M that are on-trend and affordable however they do not consider ethical practices and sustainability. Luxury fashion such as Dior have high-quality products, but they need to adapt to the digital age and appeal to younger consumers. Sustainable and eco-friendly fashion brands are rising changing consumer values, but they are still considered as ‘pricey’ by younger consumers. 

HOW DO BRANDS REMAIN COMPETITIVE IN UNCERTAIN ECONOMIC TIMES? 

The industry is big and there are so many sectors so for the companies to be kept competitive in the field, it requires adaptability to new fresh approaches. The focus of the companies recently is the emerging concept of ‘digitalization’ and ‘metaverse’. 

‘Metaverse’ is basically a ‘second world’ where the creativity is unlimited virtually (McKinsey & Company. 2022). Brands focus on the metaverse as it is where people work, socialise, and shop to engage more creatively with their customers and unlock new value streams (McKinsey & Company. 2022). Virtual clothing could also be useful for both consumers and companies because they do not require much consideration of environmental impact because they are digital, no real fabrics are needed. Furthermore, fewer employees are required to produce the garments compared to the real clothes. 

As gaming increasingly becomes popular during the pandemic, it has become a prime target for fashion brands. One example of this could be a South Korean avatar simulation app Zepeto that is targeted to the younger generation, collaborating with Ralph Lauren. This shows that a strong online presence is essential. Brands need to invest in user-friendly websites or apps, social media such as TikTok or Twitter, online marketing to reach a wider audience. 

THE ROLE OF CREATIVE DIRECTORS BETWEEN CREATIVITY AND COMMERCE 

Not only being adaptable to new technologies keeps the industry competitive. Creative directors play a pivotal role in this by balancing artistic vision with commercial viability. (Mitterfellner, O. 2023) 

A good case example is Karl Lagerfeld who worked as a creative director for Fendi and Chanel. In 1965, he designed the famous FF logo, transforming the brand’s name into a highly marketable and recognisable logo, giving creative vision to many aspects of the brand such as the design of the catwalk shows. (Mitterfellner, O. 2023) 

The important characteristic of the creative director is to understand the brand identity very well. One of his key strengths was his profound understanding of the brands he worked for, which allowed him to create designs that resonated with Chanel’s loyal customer base while attracting new, younger consumers.  

Furthermore, innovation and risk-taking are also important. Lagerfeld was known for his fearless approach to design. He continuously pushed the boundaries of fashion, introducing new ideas, materials, and styles while staying true to the brand’s DNA. His ability to balance creativity with risk-taking was significant in keeping Chanel alive and kept at the forefront of the industry. 

BIBLIOGRAPHY 

McKinsey & Company. (2022). The State of Fashion 2022. https://www.mckinsey.com/~/media/mckinsey/industries/retail/our%20insights/state%20of%20fashion/2022/the-state-of-fashion-2022.pdf 

Mitterfellner, O. (2023). Luxury fashion brand management: Unifying fashion with sustainability. Taylor & Francis Group. 

Statista. (August 24, 2023). Revenue of the apparel market worldwide from 2014 to 2027 (in trillion U.S. dollars) [Graph]. In Statista. Retrieved October 20, 2023, https://www.statista.com/forecasts/821415/value-of-the-global-apparel-market 

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The Adverse Effect of Fashion on Our Planet

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Fashion is an ever-evolving industry that influences our lives in numerous ways. However, it is the SECOND biggest industry that has major harm to the environment. 

Fast ‘fashion’, characterised by its rapid production and consumption cycles, has helped it become a dominant force in the fashion industry. However, the ‘fast’ fashion leads to an irreducible consequences for our environment. 

To start with statistics, the fashion industry is responsible for 10% of human-caused global carbon emissions:

1.2 billion tonnes of CO2

120 billion garments produced

85% of textiles to landfills which is about 21 billion tonnes a year, with the speed of one garbage truck per second (Chen, X. 2021)

30% wasted before even going on retail!

These statistics show the fast fashion industry contributes significantly to environmental degradation.

It’s not just carbon emissions, the fashion industry is also responsible for 20% of wastewater with the use of water of 79 trillion litres per year:

ONE T-SHIRT = 2,700L one person can drink for 3 years
1KG OF COTTON = 20,000L one person can drink for 22 years

SUSTAINABILITY IS A KEY – SO WHAT DO WE DO?

Recognizing the urgent need for change in the fashion industry, their main spotlight nowadays is on ‘sustainability’. 

The fashion industry initially used the linear economy which was more complex, opaque and interconnected. All stages of the linear system model produce carbon emissions and they mainly depend on synthetic fibres for 68% which are cheap, and easy to produce. The rest is shared between natural fibres such as cotton with 26%.

As you can see, the government and the related fashion organisations MUST redesign the chain into a more transparent and reliable process. 

The circular economy has been developed by the Ellen Macarthur Foundations, according to their website it refers to ‘a system where materials never become waste and nature is regenerated’. The circular business models are designed to reduce costs, increase revenues, and manage risks, as well as provide possibilities for the finance sector to contribute to a transition to sustainability. (Ellem Mcarthur Foundations, 2022) 

This can be done by individually focusing on raw materials, products, use, and after-use activities. Encouraging recycling and upcycling could be one of the examples of circular economy. By adopting these sustainable approaches, fashion brands can minimize their ecological footprint and contribute to a better, greener future. 

AS A CONSUMER, HOW CAN I PARTICIPATE IN THIS?

Also as a tip for consumers, we also play a vital role in promoting sustainable fashion by making conscious choices, for example buying from ethical and sustainable brands, supporting second-hand markets, and extending the lifespan of our garments through proper care, we can contribute to reducing the environment impact of the fashion industry. 

Bibliography

Chen, X., Memon, H. A., Wang, Y., Marriam, I., & Tebyetekerwa, M. (2021). Circular Economy and sustainability of the clothing and textile Industry. Materials Circular Economy, 3, 1-9.

Farhana, K., Kadirgama, K., Mahamude, A. S. F., & Mica, M. T. (2022). Energy consumption, environmental impact, and implementation of renewable energy resources in global textile industries: an overview towards circularity and sustainability. Materials Circular Economy, 4(1), 15.
Gwilt, Alison. A Practical Guide to Sustainable Fashion, Bloomsbury Publishing USA, 2020. ProQuest Ebook Central, http://ebookcentral.proquest.com/lib/ual/detail.action?docID=6234061.

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A favourite fashion brand: ADER error

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ADER error is a fashion brand based on South Korea since 2014. The brand slogan ‘but near missed things’ implies the philosophy that they focus on the expression of any things that people miss in everyday. They re-edit pictures, videos, space, design, art and objects in the way to suggest a new cultural experience. They usually do experimental exhibitions and collections which I believe is more than just a normal fashion brand and makes them unique. I have visited one of their exhibition in South Korea called ‘2.0 ADER space’ flagships store and their unconventional displays caught my attention. 

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