Lecture 3 + 4 Flashcards
Fashion Pyramid
Luxury
Ready-to-wear
Middle Market
High Street Fashion
Value Market
USP - Luxury
Aspirational
USP - Ready to wear
accessible luxury
USP - Middle market
premium and contemporary
USP - Value market/ high street fashion
mass market
Attributes for USP
- price
- quality
- exclusivity
- trendiness
- Sustainability focus
- marketing appraoch
- target audience
- retail strategy
- production model
Sustainability challenges faced by Luxury brands
- raw materials from nature => Climate change and loss of biodiversity and animal habitat
Sustainability challenges faced by Designer brands
- investment in iconic materials to lower impact
- supply chain (in-house design and prototypes; product assembly is mainly outsourced)
- sourcing
Sustainability challenges faced by sportswear brands
- high volumes
- abuses in the supply chain; outsourcing
=> lifestyle expected to embrace sustainability and business ethics
Sustainability challenges faced by fast-fashion brands
- overproduction of cheaply made garments at affordable prices with faster cycles
- excess stock
Sustainability journey
Pre-compliance
compliance
beyond compliance
integrated strategy
purpose/ passion
Pre-compliance
company does everything to cut costs even though its borderline legal => profit max
Compliance
baseline of all stages; comply to regulations and creates company policies
beyond compliance
greater conscience; realize that some savings can be made, such as saving energy, reducing water consumption, using recycled materials
Integrated strategy
sustainability is embedded in every business aspect
Purpose/ passion
The essence of their businesses, as well as their core values, mission, and vision, are rooted in a social motivation = social value
2030 Agenda 5Ps
People
Planet
Prosperity
Peace
Partnerships
