ROOTS, the fourth volume of ALTR Magazine, explores the inner workings of the fashion industry as we understand it today, delving into the history, culture, and experience that has shaped the way we a
by RIYA KHETARPAL
As a generation, "thrifting", "vintage", and "secondhand" have become buzzwords when it comes to fashion. However, despite Gen Z having one of the highest rates of secondhand shoppers across generations, only 42% actually shop secondhand. So, where do the remaining 58% get their clothes? The answer is retailers.
When you think about fashion retail, several things may come to mind- small-business boutiques, popular online storefronts, luxury department stores. Despite their variety in assortment, they do all have a couple of things in common: they all sell clothes, and they are all businesses. In our current societal structure, almost everything done by a business is for the sake of revenue. Traditional business models focus on profitability, utilizing a one-dimensional model that defines success in terms of economic capital and financial assets. But in a society, nation, and planet that is in a constant state of accelerated change, is this truly the most effective benchmark for success?
ALTR Magazine
Concern for the sustainability of business practices have increased universally over the past decade, a phenomenon not unique to retail. According to the World Economic Forum, over ninety percent of current CEOs feel a sense of obligation or motivation to increase the sustainability of their businesses; however, this intention is often deprioritized due to fear of harming bottom lines [2]. It's a common misconception that shifting strategies to accommodate for more sustainable options is incompatible with maintaining or increasing profit. After all, what's cheaper- a new head-to-toe outfit from SHEIN or a Reformation miniskirt? However, this cash-centric model of "profit" ignores the inherently multifaceted nature of economic capital itself. Yes, at the end of the day, businesses need to make money- but what is regularly ignored is the value of environmental, social, and cultural capital as significant contributors to overall performance, as well as revenue.