When starting all Fashion Promotion projects it's best to use to following formula LE PEST C to collect data which will give a good overview of the MACRO market.
LEGAL
As in most industries there are a variety of laws and legal issues affect the way an industry is legally aloud to function. Brands, designers and Fashion houses all face legal restrictions and regulations they must oblige to in order to stay within the law such as property protection, copyright, trademark, labour and transactions. The fashion industry is a fast moving field. Specific styles, logos, icons, fabrics and shapes can become very popular very quickly which means demand from consumers for a certain look can increase rapidly over night. This can lead to counterfeit goods "fakes" or "knock offs" being produced in order to deliver to consumer demand. The counterfeit goods which look identical to the real thing are often a lot cheaper. With these "fakes" being produced this poses risk for designers as they're ideas are being copied however in most cases there is a way around the trademark and copyright law. To learn more about Legal issues surrounding the fashion industry read more here.
SOURCE: http://www.hg.org/fashion-law.html
As in most industries there are a variety of laws and legal issues affect the way an industry is legally aloud to function. Brands, designers and Fashion houses all face legal restrictions and regulations they must oblige to in order to stay within the law such as property protection, copyright, trademark, labour and transactions. The fashion industry is a fast moving field. Specific styles, logos, icons, fabrics and shapes can become very popular very quickly which means demand from consumers for a certain look can increase rapidly over night. This can lead to counterfeit goods "fakes" or "knock offs" being produced in order to deliver to consumer demand. The counterfeit goods which look identical to the real thing are often a lot cheaper. With these "fakes" being produced this poses risk for designers as they're ideas are being copied however in most cases there is a way around the trademark and copyright law. To learn more about Legal issues surrounding the fashion industry read more here.
SOURCE: http://www.hg.org/fashion-law.html
ETHICAL
£74.4 billion is brought into the UK economy every year. £26 billion of that is brought in by the creative industries which may sometimes tempt fashion related industries to use unethical behaviour (models, fur, advertising, sweatshops e.t.c) to engage in more profit. Fashion houses must be aware of what is ethically acceptable and what is no, to make sure they are staying within what is expected of them as a brand. It is important that brands do not push the ethical boundaries such as child labour, animal cruelty and pay rates. This behaviour can be highly damaging a Brand and can resort becoming politically incorrect and negative publicity which could ultimately result in loss of consumers which will minimise profit.
SOURCE: http://smallbusiness.chron.com/top-ten-ethical-issues-fashion-business-21866.html
POLITICAL
The fashion industry (like most industries) is made up of unions. A union is a society or association formed by people with a common interest or purpose. Unions in the fashion industry have an impact on the treatment of its employers. If the wages, medical benefits and other important political factors are worse than those in other industries then the unions will protest against fashion organisations and brands in order to fix the problem. This can cause a slow down in production, meaning a delay for retailers and stockists. Delays in garments can be highly damaging to a designer due to the fast pace of the fashion industry (especially if the organisation was placed in the economy market segment) and collections having to be ready on time for various fashion weeks and seasons.
The fashion industry (like most industries) is made up of unions. A union is a society or association formed by people with a common interest or purpose. Unions in the fashion industry have an impact on the treatment of its employers. If the wages, medical benefits and other important political factors are worse than those in other industries then the unions will protest against fashion organisations and brands in order to fix the problem. This can cause a slow down in production, meaning a delay for retailers and stockists. Delays in garments can be highly damaging to a designer due to the fast pace of the fashion industry (especially if the organisation was placed in the economy market segment) and collections having to be ready on time for various fashion weeks and seasons.
ECONOMIC
Fashion can be divided into markets which are; Haute Couture, Runway, Ready to wear and Casual/Contemporary/Mass production. Fashion retail is typically a consumer goods market. Depending on which market an consumer buys into determines the price the consumer is going to pay. For example the average wage for someone working within the UK is £26,000. Haute Couture prices start at around £20,000 which generally means someone on such wage would not buy into Haute Couture fashion pieces as they would be too pricey for their disposable budget. Price/diffusion
SOCIAL
Fashion can be divided into markets which are; Haute Couture, Runway, Ready to wear and Casual/Contemporary/Mass production. Fashion retail is typically a consumer goods market. Depending on which market an consumer buys into determines the price the consumer is going to pay. For example the average wage for someone working within the UK is £26,000. Haute Couture prices start at around £20,000 which generally means someone on such wage would not buy into Haute Couture fashion pieces as they would be too pricey for their disposable budget. Price/diffusion
SOCIAL
Social media has become a highly valuable
resource to the fashion industry. Whether this be a brand, designer or people
wishing to break into the industry. It has become a way in which brands
can connect with their target market quickly, efficiently and cost effectively.
All social media platforms such as twitter, Instagram, Facebook and Youtube
advertising has flashes of fashion running through them. For both new and
established brands, social media can highly boost the brands image. A brands
image is how the public perceives the brand. A brands image is
interpreted by it's audience whereby people can experience an emotional change,
such as, feelings, thoughts/images, beliefs and attitudes. It exists in the
minds of people made up of information and expectation of the brand. As well as
boosting a brand image via social media brand image can be shattered over
social media in seconds due to the quick exposure social media holds. For
example if a negative post was made by a person on the internet who is
very influential this could reach a lot of people instantly and
damage the reputation of the brand.
TECHNOLOGY
Technological factors in the fashion industry can concern many factors, one of them being availability of resources. The fashion industry has a very fast growing and moving business environment. Fast growths in technology can cause certain jobs (such a jobs in factories) that would have been carried out by an employee to be carried out by machines to make the process quicker an also minimise costs. With humans being replaced by machines this is cheaper for the company to run than paying an employee, this means that the employment rate in this industry can fall.
COMPETITIVE ADVANTAGE
A USP (unique selling point) is key for a brand if it wants to become successful. A brand must have a USP to gain its competitive advantage above other brands. A USP attracts more consumers to your brand as you are doing something different which no-one else is and consumers are attracted to exclusive elements. Brands can become generic without a USP, a certain way a brand is portrayed can gain it the right kind of interest and customers.
A USP (unique selling point) is key for a brand if it wants to become successful. A brand must have a USP to gain its competitive advantage above other brands. A USP attracts more consumers to your brand as you are doing something different which no-one else is and consumers are attracted to exclusive elements. Brands can become generic without a USP, a certain way a brand is portrayed can gain it the right kind of interest and customers.
