Robert Padillo

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Profit Pillar: Where Finance and Ethics Unite in Fashion

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The Profit Pillar in the world of fashion represents the critical junction where financial strategies and ethical responsibilities intertwine. It’s a delicate balancing act that addresses the multifaceted demands of modern consumers, including sustainability, affordability, and style. This pillar is the response to the fashion industry’s growing emphasis on sustainability and ethical values, where achieving profitability coexists with the responsible sourcing of materials and ethical management of supply chains (Londrigan et al., 2018).

Whilst the fashion industry is colossus, forecasted to reach $1.7 trillion in retail sales by the end of 2023 (Smith, 2023), various sectors of the industry are performing uniquely concerning the profit pillar.  Luxury fashion, known for its prestige and exclusivity, historically maintained robust profit margins. However, it’s adapting to meet evolving consumer expectations for ethical practices (Mitterfellner, 2023). On the other hand, fast fashion, celebrated for its affordability and convenience, faces increasing scrutiny due to its environmental and ethical practices. Brands like Shein have continued to thrive, dominating the market with a 40% market share (Beyrouthy, 2023), despite these challenges. In contrast, sustainable fashion, committed to eco-friendly materials and ethical production, may commence with lower profit margins but is steadily gaining traction as consumers increasingly prioritise ethically responsible choices.

Navigating the ever-evolving economic landscape, fashion brands must adopt strategic measures in alignment with the Profit Pillar. This includes streamlining operations, diversifying into new markets, and thoughtfully balancing pricing strategies to cover production costs while ensuring affordability for consumers. Digital dominance is essential in the era of online shopping, where e-commerce and a strong online presence can make or break a brand. Sustainability, a central strategy, aligns not only with ethical values but also yields long-term financial savings. Remaining customer-centric, fostering innovation, and relying on data-driven decision-making are essential elements in this intricate balancing act.

Creative directors play a pivotal role in bridging the gap between creativity and commerce within the Profit Pillar. They analyse consumer trends and market dynamics, ensuring creative ideas translate into profitable, marketable products that align with ethical values. Crafters of brand identities and narratives, infuse sustainability and ethical practices into a brand’s story, catering to the conscientious consumer. Collaborations and influencer partnerships amplify brand reach and profitability, while sustainable design practices and innovation keep brands at the forefront. Data-driven decision-making guides their strategies, fine-tuning product offerings, marketing efforts, and pricing decisions with profitability and ethical responsibility in mind. The Profit Pillar, in essence, represents a transformation in the fashion industry, where financial sustainability and ethical responsibility are no longer adversaries but partners, coexisting to create an industry where innovative design and sustainable practices go hand in hand, aligning with the expectations of today’s conscious consumers.

Bibliography:

Beyrouthy, L. (2023, March 28). U.S. Fast Fashion Market Share 2022. Statista. https://www.statista.com/statistics/1341506/fast-fashion-market-share-us/

Mitterfellner, O. (2023). Luxury fashion brand management: unifying fashion with sustainability. In Library Catalog (Koha). Routledge. https://libsearch.arts.ac.uk/cgi-bin/koha/opac-detail.pl?biblionumber=1546849&query_desc=kw%2Cwrdl%3A%20Mitterfellner

Londrigan, M. P., Jenkins, J. M., & Bloomsbury (Firm). (2018). Fashion supply chain management. In Library Catalog (Koha). Fairchild Books, An imprint of Bloomsbury Publishing Inc. https://libsearch.arts.ac.uk/cgi-bin/koha/opac-detail.pl?biblionumber=1449128&query_desc=

Smith, P. (2023, August 31). Global apparel market – statistics & facts. Statista. https://www.statista.com/topics/5091/apparel-market-worldwide/#topicOverview

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People Pillar: Gen Z’s World of Diversity and Digital Fluency

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In the fashion business, creating movements and uniting communities is essential. Diversity and equal representation have become non-negotiable in an industry that seeks to amplify the beauty of the world it serves. While personal growth remains vital, the “People Pillar” allows individuals to unlock their full potential by joining forces with industry peers, and building enduring relationships and connections.

The fashion world is evolving at lightning speed, and at its epicenter is Generation Z. Born between 1997 and 2012, they are a generation immersed in technology, specifically social media (“What Is Gen Z?,” 2023). With their digital savvy, Gen Z shops online, researches garments, and finds fashion inspiration predominantly on platforms like Instagram and TikTok. The rise of social media is central to Gen Z’s world (Moran, 2022).

Despite being labeled the ‘snowflake generation’ by older generations, Gen Z’s connection to social media goes beyond offense; it’s about a massive information ecosystem. During the COVID-19 lockdown, Gen Z turned to social media to pass the time, becoming well-versed in the rapid dissemination and processing of information. With the rise of Artificial Intelligence, information travels even faster.

In this era centered around social media, it’s paramount for brands to harness these platforms to attract consumers. With the ascendance of social media influencers, creating content tailored for these platforms is key to capturing Gen Z’s attention. Interactivity is crucial; brands that can engage with their audience, create content, and tell stories to their associates will attract more consumers.

A shining example of diversity and inclusion in the fashion world is Nike’s launch of the Nike Pro Hijab (Pavey, 2018). This campaign celebrates inclusivity by acknowledging the needs of Muslim women athletes. It features diverse Muslim athletes like Zahra Lari, Amna Al Haddad, and Manal Rostom, breaking stereotypes and underscoring that wearing a hijab should never hinder participation in sports. Beyond fashion and sportswear, this campaign sparks vital conversations about inclusivity, representation, and diversity in the fashion and sports industries.

In today’s fashion realm, understanding and connecting with Generation Z is paramount for brand success. Known for their digital prowess, passion for inclusivity, and commitment to sustainability, Gen Z has distinct expectations. To thrive in this dynamic market, fashion brands must embrace authenticity, inclusivity, and sustainability, coupled with digital skills, influencer collaboration, and adaptability to changing trends. Adapting people skills to align with Gen Z’s values is the key to flourishing in the ever-evolving fashion industry.

Moran, G. (2022, May 10). Gen Z and Millennials 2022 – Drapers. Drapers. https://www.drapersonline.com/guides/gen-z-and-millennials-2022

Pavey, H. (2018, November 2). Nike is now selling a sports hijab. Evening Standard. https://www.standard.co.uk/insider/fashion/nike-has-launched-the-world-s-first-sports-hijab-

a3707896.html What is Gen Z? (2023). McKinsey & Company. https://www.mckinsey.com/featured-insights/mckinsey-explainers/what-is-gen-z

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My Favourite Brand: Marine Serre

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Marine Serre won the 2017 LVMH Prize in 2017 at only 26 years old and released her first men’s collection in 2019 where her work has been popularised by many influencers and celebrities since. The main highlight of Marine Serre is its eco-futurist ideology in fashion, where half of its collection is composed of recycled materials, and the other half is working with innovative and sustainable fibers, such as biodegradable yarns and recycled fibers. As a result, Marine Serre quickly became my favourite fashion brand due to its ethics, along with its iconic crescent moon pattern, celebrities such as A$AP Rocky, BLACKPINK and recently Beyonce have represented the fashion brand too. I have personally had the pleasure to talk to the people who worked there, and they are all very caring people with unique personalities who are very enthusiastic about the brand and what they do. I own the crescent moon turtleneck, which is also one of my favourite clothing items that I wear.

“The moon for us is like an icon, an emblem, an image, a representation, a flag, a language, a metaphor, an object of what we believe in: crossing boundaries, hybridity and freedom” – Marine Serre

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