At the core of each business there exists the basic question of how to finance your next steps. Fashion is no different. In fact, finance is one of the incremental, yet not really talked about, elements allowing for the world of fashion to function the way we know it today.
While finance is not what would usually come to mind when thinking about the world of fashion, it is indeed what makes it one of the most profitable and admirable industries there exist. Therefore, finance-related jobs are vital to the prosperous and glamorous image we receive. On top of that, they are one of the best ways to combine an analytical mindset with a passion for beauty, craft, and people.
While searching for new material, as well as routinely scrolling through internships- as every business student does- ,I have come across a particular trend. Big fashion and luxury brands searching for young financial analysts.
This is no mistake taking into consideration the growing investment in the industry, as well as interest and growing interconnection with other fields, such as technology. Firms need analysts in order to monitor their performance as well as on one hand customer, on the other market behaviour and response to their actions. This pertains to both micro and macro scale, and is particularly important in identifying prosperous markets with unexploited growth potential.
Fashion companies have to be particularly forward-looking and sensitive to the slightest changes and movements. On one hand we have luxury companies that rely on customer relationships and repeated-business reputation, and therefore need to keep a close eye on any negative trends. On the other hand, we have fast-fashion companies which primarily focus on what sells best. Although the latter assumption might be considered an oversimplification, knowing what your customer desires is key to attracting new capital and showing investors positive prospects for the future. Furthermore, financial analysis is also particularly crucial for multinational fashion and luxury conglomerates in managing their investments and company structures. This includes appointing not only the management, but most importantly the talent behind their product.
Naturally demand breeds supply in the long run. Therefore a growing number of leading educational institutions allow to specialise your finance degree in the direction of fashion. This move is only a proof of the fact that the juxtaposition of conservative finance and very open world of fashion is one to look out for.
Consequently, if you are unsure, or puzzled about your career path of choice, financial analysis in a fashion company might be the way to go. It allows you to combine working for a company that offers what you are passionate about, with the classical vision of career conservatism. Yet, it maintains the allure and mystery created by working with creative minds able to create beauty, as well as with people who break taboos and introduce people to their vision of the world.
By Zuzanna Kalwat