Photo Credit: Chris Via on flickr.com
Zara has announced profits that make it the world's largest clothing retailer, a title formerly held by Gap. The Spanish store has just recorded a 9% increase in sales, to a huge €2.22billion (£1.7bn).
Gap's sum was €2.17bn and I must say I am surprised the store does so well. My opinion of Gap has always been that it is full of bland, basics. There is obviously a place for this, but it surprises me to find that this strategy has enabled Gap to be such a profitable retailer. Perhaps it is the case that they charge luxury prices for basic items and so the mark up is high. Zara offers a much more exciting range encompassing wardrobe staples and fashion must haves.
Marie Claire reports 'Zara comes up trumps time and time again. While Gap is still seen as a great place for basics, it fails to respond to catwalk trends in quite the same way and doesn't appear to move at the break-neck fashion speed which Zara does so expertly'.
Here are my favourite retailers for affordable trend following.