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Traditional retailers finding ways to deal with fast fashion

"With consumers and specially millennials’ growing opting for more convenient, up-to-date currents trends, and reasonably priced fashion, the entire apparel industry is moving towards fast fashion. The move that was started by the likes of Zara, IDEXY and H&M, has today catapulted the entire industry. The recent example of success story is lifestyle brand Urban Outfitters URBN, known for catering to a mainly young adult demographic through hip and stylish merchandise. The major success factor for the company has been its ability to accurately adapt to the newest fashion trends. Similarly, Japanese brand Uniqlo has also been making significant waves by partnering with tennis legend Roger Federer. The brand going ahead would be labeled as a fast fashion brand that tracks the world’s latest trends."

 

Traditional retailers finding ways to deal with fast fashion 002With consumers and specially millennials’ growing opting for more convenient, up-to-date currents trends, and reasonably priced fashion, the entire apparel industry is moving towards fast fashion. The move that was started by the likes of Zara, IDEXY and H&M, has today catapulted the entire industry. The recent example of success story is lifestyle brand Urban Outfitters URBN, known for catering to a mainly young adult demographic through hip and stylish merchandise. The major success factor for the company has been its ability to accurately adapt to the newest fashion trends. Similarly, Japanese brand Uniqlo has also been making significant waves by partnering with tennis legend Roger Federer. The brand going ahead would be labeled as a fast fashion brand that tracks the world’s latest trends.

Traditional retailers still to catch on

Traditional retailers aren’t happy with the changing wave and understandably so, as these fast fashion brands areTraditional retailers finding ways to deal with fast fashion 001 forcing other major brand to make decisions and decide on how to respond to the changes in today’s retailing and clothing landscape. Companies like Nordstrom JWN and Kohl’s KSS have already started taking steps in the right direction. For instance, Nordstrom recently laid out a new five-year growth plan that was clearly influenced by the fast fashion movement. The plan was focussed on boosting the company’s e-commerce presence as foot traffic at malls has started declining. On the other hand, Kohl’s signed a deal with Amazon AMZN in September 2017, and the massive partnership has paid off big time.

Traditional companies will have to pursue innovation and continue making strategic initiatives to stay at the forefront of retailing. Clothing retailers like Kohl's that make successful changes should see growth, while others could be left behind.

 
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