Tsz Hui

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PURPOSE

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‘Purpose’ has emerged as the final pillar within the fashion industry. In this generation, there has been a significant increase in the awareness of sustainability and social consciousness. This leads to fashion brands receiving recognition based on their brand philosophy and how their ideology aligns with their customer’s beliefs and values. This indicates that the concept of fashion exceeds beyond profit as it encompasses a commitment to social responsibility. Purpose-driven companies have the intention of creating a positive impact on the world while producing fashionable yet sustainable goods. A survey has shown that 62% of Gen Z prefer to purchase from brands that are sustainable and 73% of customers are even prepared to pay more for sustainable products. In addition, the majority of Gen Z and Millennials base their purchasing decisions on social, personal and environmental values (“The State of Consumer Spending”, 2023). 

A brand philosophy is comprised of its mission, vision, value and proposition and serves as a compass that guides the brand’s journey. Philosophy defines a brand’s belief, existence and how they aim to serve their customers and articulating a clear philosophy is not just a marketing tactic but also a strategic imperative. This is supported by research which highlights that maintaining a well-defined brand philosophy leads to a competitive advantage as it creates a distinct brand identity, encourages customer loyalty and differentiates the brand from its competitors. An example that suggests how brand philosophy encourages customer loyalty is that research suggests purchase intentions of customers are impacted by their values, and when customer value impacts the loyalty dimensions of purchase intentions (Chaisuwan, 2021). This forms the foundation upon which purpose-driven initiatives are built.

Gen Z is particularly sensitive to the ethics and values of brands therefore to effectively communicate purpose to this group of consumers, brands must employ a variety of strategies. Findings have revealed that having transparency in a brand’s communication is likely to boost the consumer’s perceptions of the brand authenticity and transparency due to it’s perceived sensitivity, and this leads to positive impacts on their trust, attitude and behavioural intention towards the brand (Yang et al., 2020). Additionally, the use innovative methods like social media to reach the Gen Z audience is vital as it personifies a brand by being more interactive, such as thoroughly updating and sharing high quality content on social media platforms. This increases the rapport with consumers leading to an improved brand awareness and product perception, and therefore brand loyalty (Ninan et al. 2020).

Ninan, N., Roy, J. C., & Cheriyan, N. K. (2020). Influence of social media marketing on the purchase intention of gen Z. Influence of Social Media Marketing on the Purchase Intention of Gen Z. https://www.researchgate.net/publication/339164968_Influence_of_Social_Media_Marketing_on_the_Purchase_Intention_of_Gen_Z 

Yang, J., & Battocchio, A. F. (2020, December 30). Effects of transparent brand communication on perceived brand authenticity and consumer responses. Journal of Product & Brand Management. https://www.emerald.com/insight/content/doi/10.1108/JPBM-03-2020-2803/full/html 

Chaisuwan, B. (2020a, March 1). Sufficiency economy philosophy-based sustainability dimensions impact on customer equity and Brand Loyalty. ABAC Journal. http://www.assumptionjournal.au.edu/index.php/abacjournal/article/view/4779 

Insight, F. (2023). The State of consumer spending: Gen Z Shoppers Demand Sustainable Retail. First Insight. https://www.firstinsight.com/white-papers-posts/gen-z-shoppers-demand-sustainability 

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Profit

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Profit has significant importance within the fashion industry due to it’s dynamic and ever-changing ecosystem that intersects between culture and commerce. It plays a pivotal role in the global economy due to it’s large influence on consumer behaviour and global reach.

The fashion industry encompasses a wide range of products including clothing and accessories to beauty and cosmetics. Data suggests that the global fashion market was estimated to be worth roughly 2.5 trillion dollars in 2020 (McKinsey & Company, 2021). And with millions of people employed globally due to it’s substantial revenue generated, this astonishing number demonstrates the industry’s enormous contribution to the global economy.

The fashion industry is comprised of various segments including fast fashion, sustainable fashion and luxury fashion. The performance of each segment is driven by consumer behaviour and market trends. In recent years, there has been a increase in the awareness of the sustainability issue and businesses that uphold and align with these values are likely to have experienced considerable development. In contrast, fast fashion brands are being monitored due to their environmental and ethical concerns and a study on fast fashion consumers found that H&M consumers do also seek to minimise the environmental effects caused by the fashion industry (Shen, 2014).

It is difficult to remain competitive within the fashion industry especially during uncertain economic times. Therefore, it is crucial that brands focus on innovation and adopting an effective supply chain so that they can be responsive to the continuous shift in consumer behaviour (Distanont et al., 2018). Furthermore, taking sustainable initiatives or adopting an e-commerce strategy may provide brands with a competitive advantage due to the increased awareness in sustainability and popularity in online shopping.

McKinsey & Company. (2021). The State of Fashion 2021: In search of promise in perilous times. McKinsey & Company. https://www.mckinsey.com/industries/retail/our-insights/the-state-of-fashion-2021-in-search-of-promise-in-perilous-times

Shen, B. (2014). Sustainable fashion supply chain: Lessons from H&M. Sustainability, 6(9), 6236-6249.

Distanont, A., & Khongmalai, O. (2018). The role of innovation in creating a competitive advantage. Kasetsart Journal of Social Sciences, 41(1), 15–21. Retrieved from https://so04.tci-thaijo.org/index.php/kjss/article/view/234863

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PEOPLE

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Fashion can be described an attribute presented on clothing and garments through the endorsement of certain people (Hunter, 2017) and in order to achieve success within the fashion business, it is imperative that people and consumer behaviour is investigated. 

Generational segmentation has been useful for fashion brands to better understand their target audience and deliver better tailored products (Topalova et al., 2021). Generation Z is one of the major consumer group that has a significant impact on fashion industry as they are the first ‘digital native’ generation who grew up surrounded by technology. As Gen Z are chronically online, they have developed a different preference and consumption in the context of purchasing behaviour. Additionally, Gen Z is part of a new wave of ‘inclusive and sustainable consumers’ which as described by McKinsley, they demand for purpose and accountability which in effect alters their behaviour as consumers. 

Brands are now required to reinvent their marketing strategies in order to further engage and align with the values of Gen Z. As they are ‘digital natives’, marketing through social media should be a priority as it optimises the access of information such as the advertisements of goods. Influencer marketing has also become prevalent in brands strategies as it ensures brand engagement. Brands should also consider the convenience and comfort of the browsing and purchasing process such as online shopping as there are numerous substitutes which increases the number of substitutes for the consumer. In addition, taking diversity or sustainability initiatives may attract Gen Z as it aligns with their values and improves the brands reputation (Budac, 2014). 

Fenty Beauty is one of the leading beauty brands within Gen Z. This popularity is mainly due to the brand’s ability to cater to a diverse society and promote inclusion. Fenty Beauty’s most famous foundation consists of 40 skin tone shades, and this product put an unprecedented spotlight on the need and the importance of diverse beauty products. Furthermore, having Rihanna as the face of Fenty Beauty may further increase its popularity within Gen Z as Rihanna herself is one of the most prominent singers present-day. 

Budac, A.-C. (2014). STRATEGIC CONSIDERATIONS ON HOW BRANDS SHOULD DEAL WITH GENERATION Z. Retrieved from http://economice.ulbsibiu.ro/revista.economica/ 

Topalova, N. (2020). Retrieved from https://gbsge.com/wp-content/uploads/2023/05/topalova-natalia-2020-the-impact-of-marketing-through-instagram-influencers-consumer-behavior-in-the-fashion-industry.pdf 

Rouse, E. (1989) Understanding Fashion. London: BSP Professional Books.

Charm, T., Dua, A., & Robinson, K. (2022). Retrieved from https://www.mckinsey.com/featured-insights/sustainable-inclusive-growth/future-of-america/rise-of-the-inclusive-sustainable-consumers 

What is gen Z? (2023) McKinsey & Company.

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PLANET

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In recent years, issues related to climate change has become a significant subject within political and scientific discourses and one of the leading contributors to this matter is the fashion industry. According to the United Nations, the fashion industry is the second largest polluter worldwide and is held responsible for up to 10% of carbon emissions and 20% of global wastewater. One of the foremost causes of this is fast fashion, a system that produces clothing at an inexpensive and intense volume. This increases the potential for shopping to become more addictive as clothing items are more easily accessible, allowing consumers to purchase much more than needed (Sanghani, 2018). The average consumer now purchases 60% more clothing in comparison to 15 years ago, and a total of approximately 56 million tonnes of clothing is bought every year. Around 13 million tonnes of all textiles are thrown away in the United States in 2017 and this number is expected to rise to 134 million by 2030 (Beall, 2022). It is evident that current state of the fashion industry is exceedingly wasteful and damaging to the environment and suggests that an urgent shift is needed to slow down fast fashion.

To tackle this issue, the transition from the current linear economy into a circular economy has been introduced as an alternative. The linear economy focuses on the concept of make, use, dispose which suggests that products move linearly – from raw materials to waste. This method of production and consumption does not allow materials to be used to their full potential and thereby generates additional waste. In comparison, the circular economy is a business model based on the establishment of a implementing a closed production system where resources are preserved to be in use for as long as possible (Dissanayake and Weearsinghe, 2022). This includes redesigning garments and up-cycling clothes. This allows waste to be kept to a minimum and leads to a more sustainable future.

Beall, A. (2022) Why clothes are so hard to recycle, BBC Future. Available at: https://www.bbc.com/future/article/20200710-why-clothes-are-so-hard-to-recycle (Accessed: 08 October 2023). 

Dissanayake, D.G.K. and Weerasinghe, D. (2021) Towards circular economy in fashion: Review of strategies, barriers and enablers – circular economy and Sustainability, SpringerLink. Available at: https://link.springer.com/article/10.1007/s43615-021-00090-5 (Accessed: 08 October 2023). 

Rao, P. (2019) Battling the damaging effects of ‘fast fashion’ | africa renewal, Battling the damaging effects of ‘fast fashion’. Available at: https://www.un.org/africarenewal/magazine/december-2019-march-2020/battling-damaging-effects-%E2%80%98fast-fashion%E2%80%99 (Accessed: 08 October 2023). 

Sanghani, R. (2018) Stacey Dooley Investigates: Are your clothes wrecking the planet? Available at: https://www.abingdonsciencepartnership.org/wp-content/uploads/2020/04/Geography-Fast-Fashion-Stacey-Dooley-Investigates.pdf (Accessed: 08 October 2023). 

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My Favourite Brand: GENTLE MONSTER

My Favourite Brand: GENTLE MONSTER

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Gentle Monster is a Korean eyewear brand founded by Jay Oh and Hankook Kim in 2011. This brand operates under the motto of Innovative Experimentation and has a unique perspective and philosophy. When undergoing research for the brand, Kim found that eyewear is engineered to accommodate Western facial structures and this enlightened him to discover a gap in the market and tailor the products to meet the specific and nuanced needs of his customer base. This is my favourite brand as the designs are delicate yet full of attitude and individuality.

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