Inditex, the Spanish giant, has numerous companies — like Bershka, Pull & Bear and Massimo Dutti — in its fold. But it is Zara that comes to mind first when sonmeone says Inditex. Zara managed to claim the world’s biggest fashion retailer tag and I feel one of the main reasons is its fast production process.
It takes only three weeks for new consignments to reach the racks. Best of all, it doesn’t have just one collection but has five ‘waves’ of products, with new merchandise entering the stores every week.
The ‘fast fashion’ model that Inditex has discovered has been significant to its extraordinary growth from a tiny town in northern Spain to the world’s largest retailer. The company was set up in 1963 by Amancio Ortega, who has recently been named the world’s richest man.
The company had always placed its bet on being creative and innovative. For instance, the recently developed technology room features mirrors that help customers try clothes on virtually. Up on cards are self-terminal process which would enable customers to pay and ‘check out’ by themselves, thus cutting down on queues.
Inditex has already installed a few self-scan terminals in few stores. Another incredible technology that was explored by the giant was the mobile payment and 3D window projection devices.
The company can teach great lessons on how to turn the conventional practices over and benefit from them. “Our business model is the opposite of the traditional model,” says Pablo Isla, the group’s chairman and chief executive. “Instead of designing a collection long before the season and then working out whether clients like it or not, we try to understand what our customers like and then we design it and produce it.”
The idea is to market well-made and comparatively cheap clothing merchandise that are always in sync with in vogue fashion trends. In other words, Inditex is making sure that the future of retail is shining bright.
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