“Success is not final, failure is not fatal” – What can we learn from the fashion industry?

Abstract

The fashion industry has become an unavoidable factor in people's everyday lives by the 21st century; even affecting the lives of consumers who do not consider themselves "fashionable". During the 2008 crisis, one of the largest fashion companies, Inditex Group, has not only lost revenue but has shown one of the biggest developments. Due to the short lifetime of products, companies need to quickly and efficiently deliver the latest trends to users, so besides successful marketing activity the supply chains in the fashion industry have to prominently effective and highly organised comparing with other industries. In this empirical paper we analyse the latest trends and challenges of fashion industry. We found that fashion indutry involves many current hot topics from other sectors, such as failure of earlier starts or the debate about the future functions and roles of on-line business or how to behave like a start-up or the rising demand for fashion both in the Near and Far East.