✒ Primark stuck with the stack-it-high-sell-it-cheap approach, key takeaways:
- Contrary to other fast fashion giants which grow by embracing speed, Primark stays in the slower lane. The premise is that shoppers will accept being a little less cutting-edge in return for big savings.
- Unlike fancier rivals who boast about unique assortment of regularly updated goods, Primark’s designs are simple to keep stitching costs down, and are manufactured in lower-cost countries.
- A slower approach allows Primark to place orders in off-peak period, clothes are shipped to end markets by slow boats.
- While H&M spends 4% of total sales on marketing, Primark runs almost no ads.
The cost savings are passed on to consumers, with some left over for shareholders. In the world of fast fashion, slow, steady and cheap can be a winning strategy.