In the complex world of the fashion industry, Purpose stands as the ultimate guiding force. Purpose weaves its way through every aspect of this ever-evolving realm, touching on brand identity, responsibility, ethics, psychology, and philosophy. Brand identity is more than a mere logo; it serves as a mirror of a brand’s purpose, encapsulating its fundamental principles and vision. Fashion brands bear a significant responsibility, not just for their financial success but for the well-being of the planet and society as a whole. Purpose delves even deeper, reaching into the consumers perception of a company (McKinsey & Company, 2020). It’s a connection that goes beyond mere aesthetics, delving into the very core of why we choose the clothing we do.
Philosophy:
A brand’s philosophy serves as the guiding compass that shapes its identity and resonates with consumers. It comprises the mission, vision, and value proposition, all of which are pivotal in conveying what a brand represents. The mission statement serves as a brief summary of what the brand aims to achieve right now, grounding it in the present moment. On the other hand, the vision statement paints a picture of the brand’s ambitious dreams and goals for the future (brain & Company). Furthermore, a company’s principles can be expressed via their engagement in Corporate Social Responsibility (CSR), a concept encompassing the notion of organizations acknowledging and addressing their influence on the broader society (Londrigan, 2018). SKIM’S mission statement undermines a way “to consistently innovate on the past and advance our industry for the future” (Skims, 2023), through showcasing their ethos. A brand philosophy is very important as it can define its unique identity and helps to differentiate it from other competitors. This can help drive profit for the brand as consumers can resonate with a brands values and beliefs. This is proven with Skims as Kim Kardashian puts and emphasis on diversity and inclusion, allowing the consumer to relate more to the products being sold.
Gen Z
In the fashion industry, connecting with Gen Z consumers hinges on purpose, emphasizing authenticity, values, and ethics in their retail choices. Brands aligning with social and environmental causes and embracing social responsibility resonate with Gen Z (Mkinsey&Company,2020). Moreover, social media’s power is vital for engaging this digitally-savvy generation, collaborating with influencers who authentically convey the brand’s philosophy. Influencers are used as brand ambassadors, sharing the brand’s story and values that resonate with Gen Z. Bringing people with similar interests together helps them feel like they truly belong, encouraging them to share their thoughts and experiences. This, in turn, can attract a broader audience of potential customers.
Bibliography:
Bain & Company (2023). Purpose, Mission, and Vision Statements. [online] Bain. Available at: https://www.bain.com/insights/management-tools-mission-and-vision-statements/#:~:text=A%20Mission%20Statement%20is%20a.
Finneman, B., Spagnuolo, E. and Rahilly, L. (2020). Meet Generation Z: Shaping the Future of Shopping | McKinsey. [online] McKinsey. Available at: https://www.mckinsey.com/industries/consumer-packaged-goods/our-insights/meet-generation-z-shaping-the-future-of-shopping. (Accessed: 3 November, 2023)
Londrigan, M.P. and Jenkins, J.M. (2018) Fashion Supply Chain Management, Bloomsbury Fashion Central. New York: Fairchild Books. Available at: https://www-bloomsburyfashioncentral-com.arts.idm.oclc.org/encyclopedia-chapter?docid=b-9781501317798&tocid=b-9781501317798-chapter3&pdfid=9781501317798.ch-003.pdf (Accessed: 1 October 2023).
skims.com. (n.d.). SKIMS. [online] Available at: https://skims.com/pages/about#. ((Accessed: 3 November, 2023)
THE FASHION PSYCHOLOGY. (n.d.). THE FASHION PSYCHOLOGY. [online] Available at: https://www.thefashionpsychology.com/blog/influencers-fashion-week-2020-psychology.
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