Bruna Candido Viegas Ramalho

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Profiting in Fashion

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Profit is a non-negotiable aspect for any business to work, (unless it’s a non-profit organization) without it there would be no business to run, or there would be a big crisis and pressure for the business to sustain itself over time. By being the 4th biggest industry in the world, estimated to have a revenue in between 1.7 trillion and 2.5 trillion dollars, before the pandemic, (reports by Euromonitor and McKinsey) the Fashion Industry has a major impact on the economy of the world, as well as an impact on the environment and the people in it.

In the Fashion world there are always countless of upcoming trends that come and go, that tend to generate a lot of profit for the business following them, although risking having a small number of loyal consumers, as well as no stable visual identity or cause that people could possibly relate to. “A closer look at the fashion industry reveals a diverse landscape, divided into various sub-sectors. Luxury fashion, characterized by high-end brands, tends to enjoy the highest profit margins” (Global Fashion Agenda, 2019). Although fast fashion has other techniques to make profit, such as the production of stocks and cheap products which are not good to the environment, leading many businesses to do greenwashing. The luxury brands tend to make people crave what they sell by making people believe it’s more exclusive due to the quality as well as the prices, showing how branding can differentiate one and another.

While it’s impossible to have no economic crisis in a business, some brands within the fashion world seem to be less affected by it than others “The fashion industry, like any other, is susceptible to economic uncertainties” (Harvard Business Review, 2018). Within the business world, flexibility is an important factor especially during hard times. Zara, the Spanish brand, although a fast fashion brand, it has a strong brand identity and more importantly, it has a global presence, so during uncertain economic times, Zara is able to depend, profit and grow from other places and not just one.

Adding to that, creative directors on the contrary of what people think, they don’t only do things related to the creative side of the industry  “Creative directors are the unsung heroes of the fashion industry. They curate brand images, design collections, and drive innovation” (Journal of Fashion Marketing and Management, 2020). They also deal with the financial goals of the brand, more specifically controlling the designs, so it aligns to these economical goals. 

The Fashion Industry, unlike many think, it’s not only related to arts, there is a lot of finance, marketing, investigations and studies behind the consumers and what they like, to try predicting their future behavior and profit from it. 

Reference List:

  1. McKinsey & Company. (2019). The State of Fashion 2019. McKinsey Global Fashion Index. Retrieved from https://www.mckinsey.com/~/media/mckinsey/industries/retail/our%20insights/the%20state%20of%20fashion/2019/state-of-fashion-2019-vf.ashx
  2. Global Fashion Agenda. (2019). Pulse of the Fashion Industry. Retrieved from https://www.globalfashionagenda.com/reports/pulse-of-the-fashion-industry-2019/
  3. Harvard Business Review. (2018). How Data Analytics Is Transforming the Fashion Industry. Harvard Business Review. Retrieved from https://hbr.org/2018/03/how-data-analytics-is-transforming-the-fashion-industry
  4. Varley, R., Roncha, A., Radclyffe-Thomas, N. and Gee, L. (2019) Fashion Management: A strategic Approach. London: Red Globe Press. [ebook]
  5. Mitterfellner, O. (2019) Fashion Marketing and Communication: Theory and Practice Across the Fashion Industry, Taylor & Francis Group, Milton.
  6. Mitterfellner, O. (2023) Luxury Fashion Brand Management and sustainability: Unifying fashion with sustainability. New York: Routledge.
  7. Overdiek, Anja. (2016). Fashion designers and their business partners: Juggling creativity and commerce. International Journal of Fashion Studies. 3. 27-46. 10.1386/infs.3.1.27_1.
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Understanding Gen Z’s consumption

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People are the key success of any business, they are present in each and every step of the supply chain process, by either being the consumer of that product and service, or by being the employee and providing others with a good product or service. All successful companies rely on their target audience to achieve their objectives, so creating a a trustworthy relationship with your customer is important.

That being said, the new generation that goes from 1995-2010 known as Gen Z, has been impacting the fashion industry and demanding changes to it “Resale sites on social media were favored for their low prices, information about previously owned fashion items and the opportunity to exercise sustainable fashion choices.” Every generation differs from the other, and compared to other generations, Gen Z tends to be more realistic, communaholics, dialoguers and have undefined id, as well as their consumption being more ethical, unlimited and unique.

Furthermore, to attract this new generation and grow your business, new approaches need to be brought to the picture “less attention is given to relevant sales related information.” So the best alternative would be promoting your business in social media with high quality videos and pictures with the help of influencers, providing the audience with a mission statement they can relate to and shared values too, whether it’s sustainability, diversity or human rights.

Sustainability being something that Gen Z looks for, Vinted is a successful business that promotes this eco friendly values by reselling clothes that had already been worn “It is an example of industry 4.0 that promotes an innovative and successful business model while favoring sustainable fashion consumption.” Vintage clothing and thrift shops are a growing culture that promotes sustainability and ethical practices, an alternative to fast fashion and something to help our world thrive.

Reference list:

Siregar, Y., Kent, A., Peirson-Smith, A., & Guan, C. (2023). Disrupting the fashion retail journey: social media and GenZ’s fashion consumption. International Journal of Retail & Distribution Management. 

Lander, C., Harris, R., & Garrido, D. (2023). Marketers should use social media to build trust in their brand, but they must know how to measure it. Journal of Digital & Social Media Marketing, 11(1), 20-29.

Senanu, B., Anning-Dorson, T., & Tackie, N. N. (2023). Social media insights for non-luxury fashion SMEs in emerging markets: evidence from young consumers. Journal of Fashion Marketing and Management: An International Journal, (ahead-of-print).

Palomo-Domínguez, I., Elías-Zambrano, R., & Álvarez-Rodríguez, V. (2023). Gen Z’s Motivations towards Sustainable Fashion and Eco-Friendly Brand Attributes: The Case of Vinted. Sustainability, 15(11), 8753.

Jhawar, A., Kumar, P., & Varshney, S. (2023). The emergence of virtual influencers: a shift in the influencer marketing paradigm. Young Consumers, 24(4), 468-484.

Raghavan, S., & Shreen, K. (2015). Shared Value, Conscious Business, and Spirituality in a Fashion Enterprise in South India. Organizational Cultures: An International Journal, 15(1).
Ferraro, C., Sands, S., & Brace-Govan, J. (2016). The role of fashionability in second-hand shopping motivations. Journal of Retailing and Consumer Services, 32, 262-268

Image reference:

Team, T. A. (2022, October 24). Gen Z Trends From Around The World. EDITED. https://edited.com/blog/global-gen-z-trends/

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(Un)sustainable fashion

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Sustainability is the balanced use of the global resources, provided by the environment, at a natural speed, that allows the planet to regenerate itself and maintain the equilibrium on Earth, after all there only is one planet Earth and if we keep going on this unbalanced and rapid rate, by the year 2050, we’ll need 3 planets Earth to maintain human’s life style. “Because clothing has gotten so cheap, it is easily discarded after being worn only a few times. One survey found that 20 percent of clothing in the US is never worn; in the UK, it is 50 percent. Online shopping, available day and night, has made impulse buying and returning items easier.” Fast fashion has severe social impacts throughout the production process and when it’s being discarded the environment, human health and rights are harmed. 

Non-sustainable fashion is responsible for 10% of the greenhouse gasses emitted in the atmosphere, as well as 20% of global wastewater and water pollution “one kilogram of cotton used to produce a pair of jeans can consume 7,500 to 10,000 liters of water—the amount a person would drink over 10 years.” and one of the causes of cancer due to toxic chemicals present  in low quality fabrics. It has major social impacts due to mainly the growing culture of fast fashion, like Shein, in which stocks are produced and the Labor force exploited, being underpaid, overworked, exposed to dangerous situation at work and many of them being underage too, “it’s estimated that only two percent earn a living wage.” Showing the injustice that workers in less developed countries suffer “Slow fashion is the widespread reaction to fast fashion and its environmental impact, the argument for hitting the brakes on excessive production, overcomplicated supply chains, and mindless consumption. It advocates for manufacturing that respects people, the environment and animals.”

Being 100% sustainable in the fashion industry is not possible but there is a lot that can be done in the industry for it to be more eco-friendly. Transitioning from linear economy to circular economy is ideal, the principles being “A  systems solution framework that tackles global challenges like climate change, biodiversity loss, waste, and pollution. It is based on three principles, driven by design: eliminate waste and pollution, circulate products and eliminate waste and pollution, circulate products and materials (at their highest value), and regenerate nature.” Shifting consumer Behavior by making people more aware of what’s happening in the industry, the places they buy from and the quality of the products they are buying. A sustainable supply chain incorporating sustainable fibers and materials used are all things that can help our planet. 

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References:

Anguelov, N. (2015). The Dirty Side of the Garment Industry: Fast Fashion and Its Negative Impact on Environment and Society. United States: CRC Press.

Niinimäki, K. (2015). Ethical foundations in sustainable fashion. Textiles and Clothing Sustainability, 1, 1-11.

Bick, R., Halsey, E., & Ekenga, C. C. (2018). The global environmental injustice of fast fashion. Environmental Health, 17, 1-4.

Niinimäki, K., Peters, G., Dahlbo, H., Perry, P., Rissanen, T., & Gwilt, A. (2020). The environmental price of fast fashion. Nature Reviews Earth & Environment, 1(4), 189-200.

Cho, R. (2021). Why Fashion Needs to Be More Sustainable. Columbia Climate School. Available at: https://news. climate. columbia. edu/2021/06/10/why-fashion-needs-to-be-more-sustainable/. Accessed on, 22(11), 2022.

MacGilp, R. (2022, April 21). Earth Day: The Fashion Industry’s Impact. Fashion Revolution. https://www.fashionrevolution.org/earth-day-the-fashion-industrys-impact/

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Maiti, R. (2023, May 21). Fast Fashion and Its Environmental Impact. Earth.org. https://earth.org/fast-fashions-detrimental-effect-on-the-environment/

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My Favorite Brand

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My favorite brand of all times since I was a kid is Animale, a well know Brazilian quiet luxury brand. I like how creative they can be with their designs, but still managing to be consistent with their clothing styles. The pieces are high quality, extremely comfortable and unique in their own way, by not following trends that other luxury brands start, and this way the Brazilian essence is kept.

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