Profits with a purpose to be the new dictum in the fashion industry

In its bid to prioritise profits over everything else, global fashion industry has been veering away from its original purpose for the last few years. The outbreak of COVID-19 has further exposed the industry’s deep-seated disregard for the environments. The only way forward is to infuse a social purpose into the industry without de-emphasizing the importance of profit.

Reimagining fashion as a sustainable business

According to Rebecca Hendersen, a distinguished professor of the Harvard Business School and author of the new book, ‘Reimagining Capitalism in a World on Fire’, for many years, fashion industry only concentrated on satisfying the needs of its customers and delivering returns on investment.

Now, however, it will have to shift its focus to building a positive environment without pushing supply chains to the brink. Embracing a new purposeProfits with a purpose to be the new dictum in the fashion industry without exalting profits, the industry will have to reimagine itself as a sustainable business.

Now, companies will no longer be able to maximize their prosperity by simply boosting shareholder values. They will have to alter their values of capitalism and invest energies in new choices. They will have to be more careful about the profits they make and stay away from investments that don’t align with this purpose. They will have to convince their staff and consumers about the seriousness of purpose by using a persuasive body of academic research which will help in boosting bottomlines.

Building a more resilient society

If the purpose of these companies is authentic, their productivity and capacity to innovate will increase and they will be excited to make a difference in the world. The pandemic has forced brands and retailers to face the vulnerability of their supply chains and make flexible investments against environmental and social calamities. Henceforth, brands and retailers will have to focus on building a more resilient society where all businesses are driven towards increasing the health and well-being of the society.