Video: Everyone Richer And Faster: Zara
2024 Author: Madeline Holiday | [email protected]. Last modified: 2024-01-11 01:09
The founder of the largest fast-fashion chain Amancio Ortega made a huge leap in the Forbes ranking - he broke into the top three richest people in the world with an estimate of $ 57 billion. What is the secret of the textile magnate's success?
As you know, it takes a record short amount of time from the idea of designing a Zara item to its appearance on store shelves - about two weeks. Sometimes the speed increases up to several days! For comparison, the industry average is six months. The founder of Zara prefers opening new outlets over advertising expenses. This dynamic makes it possible to sell more than 10,000 clothing models per year. In cases where a model does not have active demand, it is instantly withdrawn from sale and production.
Since the opening of the first store in 1975 in northwest Spain and until 2010, there have been more than 1,800 outlets worldwide.
The owner of "instant fashion" Amancio Ortega controls 60% of the shares, runs his popular business, while maintaining privacy, and never gives interviews. The fact that he has no equal is by no means a miracle. Continuous work, focus on the goal - to fill more and more new markets - led to the result. In the past year alone, shares of the parent company Inditex (in addition to Zara, it includes other well-known brands Massimo Dutti, Bershka, Pull & Bear, Oysho and Uterqüe) grew by 50%.
Louis Vuitton fashion director Daniel Piet has described Zara as "Possibly the most innovative and disruptive retail chain in the world."
Several new products of the week for Zara:
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