Nikol Marinova

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Profit Blog

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The fashion industry is one of the biggest and most important industries, it is a huge part of the global economy. In 2020-2021 the global income of the fashion industry was estimated at $1.7 trillion, globally. In the UK the fashion industry was estimated at 58.5 billion British pounds, in 2022 (Smith).  

The product is what makes the profit for the fashion brand. The profit margin is determined by calculating the difference between a product’s selling price and its costs. The way a fashion brand makes profit doesn’t only depend on the prices and the costs of a product, but it also depends on the competition, the popularity of a brand. Due to the fashion industry being extremely competitive, brands need to come up with new creative ideas in order for them to never ‘go out of style’. For example, Supreme, is a brand that instead of making more profit from their first release of a collection, they make the first drop have limited amount of products and so, later on when they release just a few pieces again, that it what benefits them more. 

A brand needs to have a clear market target, the people they are trying to sell their clothes to and also try to avoid selling products that are already been made. For example, there are products that are so limited that only a certain amount of people can purchase them. Trying to establish your market target can be done by directly contacting the consumers in various ways and asking for their opinions. Also, by not following every new ‘micro-trend’ that becomes popular because that also takes away from the individuality and creative aspect of the brand. For the Gen Z consumers, individuality is very valued, so when Gen Z’s shop, they are looking for something that will stand out, but also be as sustainable as possible. 

As much a trend can increase the profit for a brand, after the trend is substituted by another, that brand automatically loses most of its value. Following the trend can only benefit a brand so much, it turns to commerce instead of a creative project being done due to a person being inspired. So, the creative aspect has to be present at all times when aiming for higher profit. creativity brings the individuality of a brand. Of course, most brands follow trends and try to widen their market by targeting various generations, but fashion can and in most cases should be considered as art not ‘costumes’. That is mostly because nowadays fashion has become more about self-expression and therefore, more personal instead of just fabric that is used to cover the body. 

References:

Smith, P. (n.d.). Topic: Apparel market in the UK. Retrieved from https://www.statista.com/topics/3348/apparel-market-in-the-uk/#topicOverview 

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People

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Everything begins with people, the good and the bad. We are the cause of our political and environmental challenges, but we are also the solution to many global issues. People bring fashion to life, our creativity is what creates, our bodies are what presents, and our individuality is what buys a piece of clothing. We use clothes to bring out our individuality, so we can stand out in our own way and communicate a message about our culture, personality or/and values. 

Over time, fashion has changed, the different trends and the specific people that buy into the trend, could depend on the generation a person is born into. Generation Z differs from Millennials in the way we shop and from where. There is a lot of expectation for Generation Z, we are basically expected to save the planet, (Mazzu, 2023), and as much as Gen Z cares about sustainability, there is still a lot of consumption of fast fashion. We care more about sustainability than any other generation. 54% of Gen Z aged 18-24 stated that sustainability is important to them (Herron, 2023), but at the same time Gen Z and Millennials are the leading generations of buying fast fashion, stated by the ‘ThredUp’s 2022, Gen Z, Fast Fashion Report, 72% of college students reported having shopped fast fashion in the past year.’ (Herron, 2023). So, Generation Z is both the problem and the solution, as long as even more people can be influenced to be more sustainable. 

More Gen Z people can be attracted to a brand not only through it being sustainable, but also if the brand is diverse and inclusive in all forms. Generation Z cares a lot about individuality, we prefer to buy something that will represent our personality and make us stand out, whether it be fast fashion or not. Due to our ‘Generational Values’, and all the political issues we are facing today, when it comes to diversity, close to 40% of Gen Z consumers prefer gender neutral beauty products compared to older generations. Nike is a great example of being an inclusive and diverse brand, for example, their Pro Hijab for Muslim female athletes’ advertisement, their active wear for people with disabilities and the plus-sized athletic wear. Other brands are Fenty Beauty- ‘Beauty for All’, Target – ‘ Bring Home Support’ and Adobe – ‘When I see Black’. 

Overall, Generation Z is attracted to brands that are able to help them show their individuality, be as sustainable as possible and are diverse and inclusive. 

References: 

Mazzu, R. (2023). Gen Z loves fast fashion. so…how exactly is that sustainable? Retrieved from https://www.myindyx.com/blog/genz-sustainability#:~:text=While%20Gen%20Z%20buys%20secondhand,and%20trendier%20options%2C%20in%20bulk. 

Herron, A. (2023). Retrieved from https://www.fashiondive.com/news/sustainable-fashion-consumer-demographics-gen-z/650864/#:~:text=About%2054%25%20of%20Gen%20Z,leading%20consumers%20of%20fast%20fashion. 

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Planet Blog

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The increasingly high demand for the production of clothes multiplies the damage on our environment. Whether that be the role the fashion industry plays in the release of CO2 emissions, water pollution or the plastic microfibers that are getting release into the oceans. The 2017 Pulse of the Fashion Industry report stated that the industry was responsible for 1.715 million tonnes of CO2 emission in 2015, (Environmental impact of textile and clothes industry) The report also forecasts that the emissions that are caused by the fashion industry will grow up to 63% by 2030. 

Our current system of distributing and producing clothes, plays a major part in all the carbon emission and water and air pollution, that is caused by the fashion industry. The linear economy focuses on producing and selling the clothes, that unfortunately only get used for a short amount of time and therefore, all the large amounts of non-renewable resources that were used in the making of those clothes, get scattered on land fiends ect. What circular economy provides is an alternative system of production and consumption, in which the clothes are kept in use for as long as possible and their value is also contained. The full and highest value of the clothes is being preserved even after re-entering the economy after use, therefore the waste that would have been created in a linear economy is now cut down, without the clothes being at a lower value. When the circular economy is used by brands the quality of clothing on the market increases. Resales are already wildly used by fashion brands, for example, in 2019 the ThredUp Resale has grown 21 times faster than an average retail over the past five years, as stated in the Ellen MacArthur Foundation’s article on “Fashion and the circular economy”. The article stated that “56 million women bought second-hand products in 2018, up from 44 million on 2017” (Fashion and the circular economy). The resales and partnerships are what make circular economy work, Stella McCartney has a partnership with The RealReal, which is a website that is based around circular economy, where people can buy and sell everything from clothing to home décor. Circular economy is basically used to tackle climate change and other global problems. 

The UN Sustainability Development Goals aim to end all types of poverty are the UN Sustainability Development goals. They bring attention to many different global challenged. One that could be directly connected to the environmental faults of the fashion industry is Goal 12: Responsible consumption and production. There are 85% of textiles sent to land fields, which is equivalent to 21 billion tons of year. Enthought, our Planet is nearly consumed by climate change, Goal 12 has established the change in the policies that concern the environment when it comes to the transformation of the business markets, globally “By 2018, a total of 108 countries had national policies and initiatives relevant to sustainable consumption and production.” (UNSD – Welcome to UNSD)

References:

(N.d.). Retrieved from https://www.europarl.europa.eu/RegData/etudes/BRIE/2019/633143/EPRS_BRI(2019)633143_EN.pdf 

(N.d.-a). Retrieved from https://ellenmacarthurfoundation.org/topics/fashion/overview#:~:text=Circular%20fashion%20examples&text=Customers%20are%20encouraged%20to%20recycle,they%20return%20their%20used%20garments.  

(2022). Retrieved from https://www.springwise.com/sustainable-source/fashion-and-the-sdgs/#:~:text=SDG%2010%3A%20Reduced%20inequality,tool%20for%20tackling%20social%20issues. 

(N.d.-a). Retrieved from https://unstats.un.org/sdgs/files/report/2018/TheSustainableDevelopmentGoalsReport2018-EN.pdf 

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Screenshot 2023-09-29 at 16.49.58

Favourite Fashion Brand

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My favourite fashion brand is Christian Dior. Besides the shoes, clothes and bags, the history of the brand and how established it is in society, adds on to the elegance of the brand. Dior produces a bag with a variety of designs. For example, the Dior Saddle Bag has changed from vintage to contemporary styles, throughout time, same with the shoes. It seems like Dior sticks to one design, but changes it so much, according to the trends, that it never gets boring. There is always something old, but new to expect from Christian Dior.

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