H&M enforces itself seek innovative ways to deepen their engagement with consumers and improve market share. The concept of collaboration in the fashion industry can often play an important role in the need to redesign a company future. Once adopted the idea, it can push the brand or the company with to maximize its value, to deliver more creative, valuable and profitable service. By taking advantage of the idea, they collect a wider audience of consumers from both sides of the collaboration, as new consumers are attracted by the results. On its broadest level, in such a fast fashion industry, a successful collaboration influences fashion innovation, blows herding effect and creates multi-levelled or positive flow-on effects.
Fashion companies using social media to attract more customers and gain loyalty customers which are very important for the luxury brands. Fashion companies are using social media increasingly to get more customers and keep actual customers, because social media became the most important communicating channel. Fashion is everywhere, mostly due to the internet. Blogs, as the main channel for communicating in the fashion industry, give consumers an almost unlimited chance to express their opinion and experience on the Internet (Kozinets, 2006). Blogs are very important in the fashion industry and luxury brand sector because young consumers want to hear personal experience, to ask for the opinion, etc.
Market-specific factors belong in the final cluster and shows competition, expansion predictions and likely return on investment. Two crucial factors are market potential and market competition. According to transaction cost theory the market potential refer the amount of resources company ready to commit to market (Brouthers et al., 2000). Profit growth is one of the most leading motivators that drive fashion retailers’ international expansions (Evans et al., 2008). Qatar is one of the fastest growing markets for fashion retailers.
Mac’s offers merchandize for all demographic. Their luxury brands brings in wealthier customers. They also offer economic pricing due to which lower income group can afford high quality merchandize at reasonable price. To promote sales Macy’s organize seasonal sales and offers huge discount. Such discount sales combined with coupons makes merchandize price attractive to customers.
It has become more important thus just a clothing to protect us from harsh weather and other extreme conditions. Fashion is now seen as statement that people make to the world. This is evident through the importance that people give for in the contemporary to fashion. Several fashion houses existing all over the world are procuring turnovers equivalent to a pharmaceutical company or a software company for that matter. Each year, these fashion houses are revolutionizing the world of fashion with new dress styles.
Unlike other companies Zara focuses its attention on understanding the fashion items that the customers want and delivering them in a fast speed, rather than on promoting its new collection via fashion shows and similar fashion inspired channels of influence, which is commonly used in the fashion industry. This company’s main purpose is to give great satisfaction to its customers so they launch their new products every week. Zara develops their own design instead of copying from other retailers. The designs made by Zara are according to the latest trend and if the product is not sold after a month then those clothes are discontinued to sell in their retail. It manufactures high quality product at a reasonable price.
The global apparel industry is one of the most lucrative industry in todays time, which despite the global economic downturn continues to grow at a healthy pace . It is estimated , by 2025 , the emerging countries would enlarge the apparel sector by $100 billion .The fashion involvement of the consumers and their hedonic and utilitarian attitudes are some of the crucial reasons for this rapid growth . Some of the important terms used in the study are discussed below FASHION INVOLVEMENT The American Marketing Association defines involvement as the degree of personal relevance a consumer perceives a product, brand, object, or behavior to have. High involvement products are seen as having important personal consequences or as useful for achieving important personal goals. Low involvement products are not linked to important consequences or goals.
So, executives invest in company-owned stores located in highly trafficked, high-end retail locations. This practice has proven effective as it induces customers to visit more often a Zara store than any other retailer. Zara’s targets young, price-conscious and interested in the latest fashion trends
Supply chain process or also known as logistics process is a process of delivering items, good or services from one place to another. This is the most important process in any businesses especially in big retail enterprise like Zara. Figure 3: ZARA’s inventory model The company produces about 450 million items or products per year for its 1770 stores in 86 countries. Normally, ZARA’s design team will monitor the current fashion trends, based on this they will come up with up to thousand designs a month. It shows how they use the inventory control system to ensure that they produce more styles, more choices and more chances of hitting the
It has been the fastest growing category online sales(Fashion Industry 5). Many people have put their own clothing online to make it known worldwide. This is a new way for upcoming designers to sell their merchandise faster than ever before. Selling clothes has contributed a growth from making it known or selling your clothing brand in your own city to now shipping it to people who don’t live in your city or even the same country you live in. Putting your clothing online or having it advertise is a good start to becoming a successful designer, It may not work for everyone, but with the right vision , dedication and money in your pockets it may just