Retail industry professionals likely know that end-of-year reporting is vital for planning business. Even then, not everyone involved in the planning process realizes that most 2023 calendars ended with an unusual quirk: a 53rd fiscal week.
In the wake of the post-pandemic landscape, major brands are navigating through a sea of volatility, and the significance of swift data collection has never been more pronounced. Industry leading giants have recently presented starkly contrasting pictures of their performance during the third quarter. One particular powerhouse reported a substantial downturn in growth within the fashion and leather goods division, leading to an unsettling 8% drop in its stock value. Similarly, another leading brand experienced a 9% decline in sales, causing its shares to hit a five-year low.
Generation Z and Millennials Sociologist Diana Crane theorized that before the concept of fast fashion, the clothes a person wore represented their social class and having an entire wardrobe of clothes was not common at all.1 However, over the course of the 20th century, the mobility between social classes grew greater, and the social chasm between the classes lessened1; therefore, according to Crane’s theory, it can be implicated that depending on how salient social, class, gender, and lifestyle are in a society, clothing may play a major role in the social concept and construction of identity1. In other words, although fashion is no longer directly representative of a person’s socioeconomic characteristics, it is an underlying factor in consumption and perception of self in society globally. Thus, the idea of conspicuous consumption was born, and “style and fashion replaced utility as motives for purchasing.2
As the retail industry continues to evolve, so does the way retailers approach productivity. With increasing competition, rising costs, and changing consumer expectations, it is crucial for retailers to find ways to optimize their operations and maximize efficiency.
Experimental fashion is an innovative and avant-garde approach to fashion design that pushes the boundaries of traditional fashion concepts. Coperni and Heliot Emil, are two designers who have been at the forefront of experimental fashion, creating runway shows that leave a lasting impression on the audience.
As the economy attempts to balance on evident shaky ground, brands are finding it difficult to navigate within the uneven recovery trends across the globe. In this unstable environment, tracking and monitoring international business, along with reporting on market performance, is a strategic necessity for brands with worldwide presence. This plan of action will provide clear lens on consumer spending patterns, plus provide understanding on the economic potential of specific regions.
If you work in the fashion industry, you know that Mondays are largely spent recapping what happened the week prior based on reporting received from retailers. Have you ever stopped to think about where your selling data comes from? Or do you simply accept the figures at face value, plug them into your selling recap on Monday mornings and move on? If you identify with question two, it might be time to ask more questions about the sourcing of the data – This is integral to the foundation upon which brands build strategy and partnership plans.
On the heels of a slower start to the season, many retailers and brands are kicking off holiday shopping earlier. Release and circulation of gift guides, holiday collections and seasonal prints, while pumpkins are still fresh, are calling for consumers to make their lists and check them twice. News segments are highlighting the need for better budgeting, given inflation, so it’s clear marketers want consumers to be thinking about their holiday spending now.