Transition Of Corporate Power And How It Effect Fashion Industry - Assignment Example

Omer Bayhan RajuParakkal Transition Of Corporate Power And How It Effect Fashion Industry. Introduction The fashion industry as any other sector of the economy has taken steps in the improvement of its governing and development. The industry has aimed to increase production and the quality of its products so as to satisfy its customers and remain the best and the most competitive sector of a country’s economy. A transition is a gradual passing orchanging from one thing to theother. Good corporate governance in the fashion industry develops frameworks which allow the business or the company pinpoints its deviant behaviors and traces its links into the real economy. In the fashion sector, the corporate should be focusing on the governance so that they maximize residuals and in thecases of investor-owned firms, theyhave to make a pro datadistribution to theshareholders. The pro-data distribution allows accountability when it comes to government subsidies and the role of labor laws and community interests (Merritt and Michael.1-10) An example of a transition of corporate power in thefashionindustry is China. China is one of the largest consumers of textile with its population of 400 million, giving a high demand for textile. In the past, the fashion industry has faced problems starting from insufficient raw materials and inadequate technology. In 1950, the Chinese government started it five-year plan with the construction of cotton mills, printing and dyeing plants. The plan was not only meeting the demands of the growing population but also to provide employment. The government solely embarked on the production, structure and distribution. It however failed to meet the requirements of its population, so the government introduced a modernized method of the open policy. Therefore, allowed foreign direct investors to do businesses in China. It also enabled China to renovate its outdated industry rapidly and also make new economic ties with other countries. The result was a transformation of the intermediate products like thread, woven and knitting fabrics. The intermediate products served as the primary input in the fashion industry that boosted the country’s total gross income (Alon and Ilan 220-227). China also joined the World Trade Organization which had direct impacts on the Chinese garment industry. The production of the natural fiber became cheap and also the cost of labor reduced Fashion can be said to be theability to be able to expresswhat cannot be said by word of mouth. Fashion has impacted a lot in the global trend. Fashion itself is a replication of societal, economic, political and cultural variations. It expresses stylishness, symbolizing the spirit of the times (Matheson and Linda Florence 22).Fashion schools no longer worry about graduates finding It hard to be in the labor market. The education programs have now specialized themselves in relation to the industry needs. In the recent years, this industry has been entirely concentrated on the profitability, andquality has become a secondary objective. The making of the best merchandise is no longer their principal aim. It has now shifted to what the product is to what the product represents. In order to achieve this, significant fashion companies have intensively encouraged the tradition of a brand, employing a young designer to give it a current edge and improving the logo on everything (Linda, 22). The product is not in the market anymore: it is the brand that speaks. The usage of a young and experienced designer’s talent and eagerness to refresh a legendary product is an ingenious marketing tool. Other than supporting new ideas, this is a section of considered strategy in boosting the sales and expanding the fashion industry. With this in mind, it is not easy to query if today’s fashion trends are a normal evolution of style or it is just the rules of big luxury brands, who are trying to increase their profit and presence. Many so-called patterns are just old pieces, slightly reinterpreted just to have more commercial appeal. Anyone who works in the fashion industry, it is important to spot and to Fore see social and cultural influences. The fashion industry changes and moves with the change in environment and culture. The style of living and fashion trend is influenced by social-cultural changes, such as modernization, technological innovation and also by artistic movements. Trend analysis looks at the interaction of shifts in fashion consumer lifestyle and culture and is a framework for understanding and interpreting fashion changes. It is important to realize that trends people make trends by who on different levels get involved with various artistic environments. In the Muslim community, the usual Buibui and kanzus are worn. In this kind of culture, not much is expected to the change but in recent years these clothes have been modernized by reshaping. Designers have now introduced colored fabrics used to tailor trousers that are worn with the Buibuis. They have also used jewelries and decorated stones to add color and make them more fashionable. The change shows us that social customs are gradually being broken in the fashion industry with the slow introduction of new styles of clothing. In the famous pop culture is followed and has a large audience that appreciates it. The celebrities influence the pop culture and they are also inspired and influenced by the daily interactions and cultural moments. Everyone wants to dress like the stars from head to toe. The copy trend makes the fashion company’s advance in their designs as the go by the consumer demand. They make more clothing, shoes and bags bearing the celebrity name or look alike in decoration of the products. They also categorize the products according to affordability as the most expensive product can be decorated with gold and the cheap ones remain undecorated. In the last years, mass media has increased the exposure and power of celebrities (Kawamura and Yuniya 1-15). The celebrity lifestyle and culture has and will always have an impact on society as they are constantly in themedia. Celebrities are one of the role models in our community and are copied a lot in the society. In the football world, people want to associate themselves with the winning teams like the premier leagueteams Arsenal and Manchester United among others. They also like to wear jerseys and have their houses decorated with pictures of their best players. Fashion industries want to utilize the glam of these celebrities on their products. Another good example is the use of Victoria Beckham in the underwear. High culture denotes to activities like visual art painting, sculpture and other forms of art, for example, music and auditory art. This kind of techniques has also applied art like camera work, architecture and design. Art is a human activity that is made to stimulate the human sense of mind by transmitting as well as conveying ideas in terms of fashion inspiration. These emotions and ideas later undergo a more process that leads to new conceptslet’s say in the design. The designer brings it to a contemporary art and by noting a modern art; we get what inspires the fashion designers and their fashion trends. An example of how art sways way, you can find itin the case of Louis Vuitton collaboration with several artists, like Stephen Sprouseor Takeshi Murakami, who in the past had embellished their famous Louis Vuitton Monogram bags. The other culture level is the one that constitutes the streets. The culture cans bederived from thespirit of skateboarding like the graffiti andthe hip-hop movements. It has affected the vast part of the sporting world. Conclusion the fashion industry was not the way it used to be. The incorporation of corporate power has improved the quality and quantity of products produced. Fashion has been widely influenced by what people see on the Internet or social media, live streaming fashion shows and on streets. Many fashion industries have changed their style rules to meet the consumer wants. Nonetheless, fashion trends are still studied and monitored by many customers and producers, who use them as a way of making a fashion statement in the chaotic world of fashion. Trend predicting companies use technologies and experts to predict what will be in the market in the future. The fast fashion brands are using the enormous number of trends in demand at any one moment to make and sell more clothes. Transition of corporate powers in the fashion industry has led to utilizing of new information and rediscovering of new trends and technologies that has resulted in a quick turn over putting quick money in the pockets of the industry. Work sited Fox, Merritt B., and Michael Heller, eds. Corporate governance lessons from transition economy reforms. Princeton University Press, 2006. Manlow, Veronica. Designing clothes: Culture and organization of the fashion industry. Transaction Publishers, 2009. Matheson, Linda Florence. Imperial Material: Textile Fashions and Identities in Transitional China 1573--1722. ProQuest, 2008. Alon, Ilan, ed. Chinese economic transition and international marketing strategy. Greenwood Publishing Group, 2003 . Mathieu, Chris, ed. Careers in creative industries. Routledge, 2011. Kawamura, Yuniya. Doing research in fashion and dress: an introduction to qualitative methods.Berg, 2011. Read More