You don’t hear much about the brand and even less of its owner, but Zara, with 304 stores, is Mexico’s biggest clothing retailer. And its Spanish owner overtook Carlos Slim and Warren Buffet recently to become the world’s second richest man after Bill Gates, according to a ranking by Bloomberg, published by Mexico’s “El Financiero”.
Amancio Ortega opened his first store at the age of 27 in La Coruña, Spain, in 1963. Twelve years later he opened the first Zara store and 10 years after that created Inditex, now a multinational clothing company engaged in textile design, production and distribution.
It is the world’s biggest fashion group and operates over 6,600 stores.
In Mexico, as in other countries, the middle class wants to buy Hugo Boss, Ermenegildo Zegna and Burberry at accessible prices, and that’s what Zara delivers, generating revenues in this country alone of more than 21 billion pesos, or US $1.36 billion, last year.
In Mexico, Zara is bigger than its chief competitors, Carlos Slim’s Sears — with 83 stores and 20 billion pesos in sales — and Walmart’s Suburbia, which has 116 stores and revenues last year of 13 billion. And both those stores sell more than just clothing.
The company’s success could be attributed to its owner’s philosophy: “Give the customers what they want and do it faster than anyone else.”
– Source: http://mexiconewsdaily.com/
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