The Fashion Business
To outsiders it might seem like a frivolous business, but to those in the know, the fashion industry represents a very important contribution to the economy of many countries. In the UK, according to the British Fashion Council this contribution amounts to over 51 billion Australian dollars, twice what the car industry brings, and nearly equal to the contribution from housing. With that amount of money floating around, it is no surprise that the fashion industry is indeed a complex one. From design, material sourcing and manufacturing, through channels of financial planning and business management, to showing creations on runways and in magazines, the talents and hard work of many people is involved. Oxford Economics 2014 claims the industry in the UK employs 797,000 people. Much of the hard, less glamourous work is done behind the scenes, and often without security in what lies ahead. Small fashion houses tend to open and close quickly, with a reported 95% of start ups failing in the first five years. For many designers, a lot rides on certain peak periods of publicity and exposure. London Fashion Week, held twice a year, is a massive event, where retail buyers from around the world...
Read MoreWhy Showing Your Ethics Helps Boost Sales
Consumer labels like “Fair Trade” and “Free Range” have become so mainstream, buyers are now on the lookout for information on the origins of an ever increasing range of products. In order to make purchasing decisions, consumers want to know how, where, and by whom a product was made. Making this information freely available, especially when companies have nothing to hide, is a new marketing trend. In the fashion industry, and many others, displaying ethical considerations and policies can increase sales. Formerly, clothing manufacturers thought making information about their creation processes available would diminish their competitive edge. Doing so could invite rivals to imitate profitable practices, or lead competitors to access particular supply chains. These days, in order to combat speculation about sweatshop production, or environmentally unsustainable manufacturing processes, some brands are letting trade secrets loose. Some in the industry believe in the future disclosing such information will become mandatory. Bruno Pieters, former art director for Hugo Boss, is one who understands how consumers gather information either from the addition or absence of thorough product labelling. He has pointed out that, “If a brand is proud about something, they’ll make sure we know about it; if they’re doing something...
Read MoreSocial Media Platforms For Fashion
Women use social media more than men. In fact 78% of all women aged over 18 who use the internet are active on social media according to Pew Internet Research. That’s a lot of women, with a lot of disposable income, and a passion for fashion. The UK brand Topshop partnered with Facebook in 2012 to live-stream a London fashion show and achieve the largest online audience of its kind. Over 200 million people were exposed to the brand and the fashion, with customers able to purchase directly from the runway in real time. The very first dress featured on the catwalk was sold out before the end of the show. If that doesn’t convince you of the place of social media in the fashion industry nothing will. Fashion and social media were made for each other. Fashion is such a visual concept and social media is all about pop culture and sharing. If you are in the fashion industry and not using social media then why not, and where do you start? Twitter and Facebook are 2 of the most well known and most used social media platforms but there are other lesser known avenues that are better suited...
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