I work in a world where everything has to be done months in advance; we are always at the very least two seasons ahead. In order to sell a pair of jeans in stores in September, the company has to send the order to its factories as early as February. And while we may stipulate that we need the jeans in our DC by, say, August 25th, the factories sometimes can’t even achieve this deadline – even with 7 months notice.
And sometimes, because we need to reach these deadlines, we place our orders to the factories before we can even get market reaction – before we can even get an idea of what the demand would be. Sometimes, we’re spot on with the trends, and other times, it’s a total miss, resulting in a loss of hundreds of thousands of dollars.
So all this has me thinking – how do fast fashion retailers like Zara, Forever 21, and H&M operate? Unlike the rest of the forward-thinking fashion world, these retailers live in the now. They pick up on current trends and bestselling items from high-end designers, then produce it with cheaper materials and stock their stores within a matter of weeks – and at a fraction of the retail price.
But how is this possible? How can they design, source and produce thousands of styles in a matter of days? It truly boggles me -- so I did some research and actually came across this article from the Harvard Business Review. It is a great, comprehensive explanation of the concept of “fast fashion” and how Zara in particular operates their business. It also points out the intrinsic differences between fast fashion retailers and the rest of the retail world – differences in strategy, structure, product offering, and customer experience.
Click
here to read it. It is really quite interesting.