Profit
Profit can be defined as the reward in the industry. Luxury brands such as Hermes, Chanel, Dior, etc. Their history and principles have existed for years, even decades. These brands are popular in many places, which allows them to have a high profit as a result. Moreover, people who are wearing those brands also represent their reputation.
The size of the fashion industry can be massive, which involves many people and money. In the US, which involves 22000 companies and 675000 people. (Sen A, 2008) Including growing cotton, fabric so on to retail which requires a lot of money and people.
There are different sectors to perform different roles in the industry. In recent years, technology has involved the fashion industry, playing different positions such as marketing, and online fittings. Then the collected data will be analysed to allow the company to improve. This allows designers less workload and works differently from the traditional ways. (Sun L, Zhao L, 2017) During the COVID pandemic, many cosmetic brands use AI technology is elicited because of sanitising problems. Using AI technology to do skin testing become a topic. Then more and more companies use this technology for people to shop online as well so that they can order products online with the more accurate colour tone of foundation or lipsticks.
Social media is also another tool that is important for being competitive. People nowadays mostly have more than one social media, and most of them look at it daily. By using social media, people are more often getting information passively, even people who did not search for it. (Hethorn J, Ulasewicz C, 2015) Companies can use interesting advertisements to attract people to consume, which is another selling point and method to attract customers. For example, Maybelline made an AI advertisement for their Sky High Mascara, which blew many people’s minds by using buses and buildings, tubes and tunnels to rematch with eyelashes and mascara.
Furthermore, the dual leadership of partnering with the cultural and creative industry are more common nowadays. Building up small and medium-sized companies on these two basic foundations is more often to succeed in the industry. (Overdiek O, 2016) Nowadays, art and fashion are more linked and related together, such as putting fashion into museums and galleries.
Reference :
Sen A (2018) The US fashion industry : A supply chain review
Sun L, Zhao L (2017) Technology disruptions: exploring the changing roles of designers, makers, and users in the fashion industry
Hethorn, J., & Ulasewicz, C. (eds). (2015). Sustainable Fashion: What’s Next? A Conversation about Issues, Practices and Possibilities. New York: Bloomsbury
Overdiek, Anja. (2016). Fashion designers and their business partners: Juggling creativity and commerce.