Evolution of fashion is a key indication of the continuous progress of our civilisation. Fashion is never constant, with passing time, styling trends and consumer preference continue to change. Therefore, fashion brands are at a constant pressure to match up the pace to ensure their designs do not become a thing of the past.
Europe has always been at the forefront of the fashion world, which is why the textile industry in the region has been flourishing over the past few decades. However, factors such as global economic stagnancy and poor performance of the Eurozone have recently depleted the textile business in the region to an extent. Moreover, fierce competition from Asian brands who are flooding the international market with products at much lower prices remains a major concern for the European Brands. Incidentally, some the fashion brands in Spain have essentially realised the need to adopt new business models, converting industrial ideologies into entrepreneurial concepts. In this regard, Inditex the Spanish “fast fashion” brands has been setting examples in all areas. Imbibing the concept of “fast fashion” Inditex (Industria de Diseño Textil, S.A.) has successfully established itself as leading clothing company having operations in various parts of the world. Meanwhile, country’s other two major street clothing retailers Desigual and Mango are also witnessing successful runs due to a similar market approach.
So, what is “fast fashion”? It is a new-age term used by brands to define the quick adaptation of latest designs in retailer store collections, making them available at affordable rates. Fast fashion clothing collections usually reflect the recent fashion trends as well as focus on optimising certain aspects such as supply chain, quick manufacturing, and low pricing for mainstream customers. Some of Inditex subsidiaries such Massimo Dutti, Zara and Bershka have performed exponentially in recent times, despite the growing popularity of other players such as H&M and Forever 21 in the international market. Reportedly, Spain is the fifth-largest textile producer of textile in Europe after Italy, Britain, Germany and France. Moreover, the country’s fabric, fibres and accessories supply has surged over the last ten years.
AS the competition continue to grow, Spanish textile firms are compelled to adapt and innovate to meet the increasingly fast-changing expectation of the fashion industry. Many of the older companies in the sector are adopting innovative solutions to survive and grow at steady pace. Currently, near about 3,500 textile companies are operating in Spain, the rebound of Spain’s economic has helped the industry to return to a stability. Further, withdrawal of less competitive firms also benefited the industry.
Those companies who were export-orientated were amongst the ones that survived. Going by the current situation, it is important for companies to make a quick response to customer requirement and offer a wide range of option. In addition, the textile industry in Spain appears to gain back the some of the customer trust, which it lost in recent years.