1. GENERAL CHARACTERISTICS………………………………………………………………3
2. BUSINESS STRATEGY……………………………………………………………………….5
3. INTERNATIONAL OPERATIONS……………………………………………………………9
4. STRUCTURE AND ORGANIZATIONAL CULTURE……………………………………..10
5. ETHICS AND SOCIAL RESPONSIBILITY………………………………………………….12
1. GENERAL CHARACTERISTICS
Zara is a Spanish clothing and accessories retailer based in Arteixo,
Amancio Ortega and Rosalía Mera. It is the flagship chain store of
the Inditex group; the fashion group also owns brands such as Pull
and Bear, Massimo Dutti, Bershka, Stradivarius, Oysho, Zara Home
Galicia, and founded in 1975 by
1989 United States
Origins & History:
The fist store was opened in 1975 in A Coruña, Spain by the
founder of Zara, Amancio Ortega. The name of the store was
1994 Belgium and Sweden
called Zorba, like the 1964 film “Zorba the Greek”. But he has to
rename it, because there had been already a bar called “Zorba”.
Since they had already made the molds for the letters in the sign,
1997 Norway and Israel
they just rearranged and they found Zara.
1998 Argentina, United Kingdom,
Zara got very popular the following years, so the retailer extends
Venezuela, Turkey, Lebanon, U.A.E.,
its networks of stores to major cities in Spain. During the 1980s,
Kuwait and Japan
Ortega started changing the design, manufacturing, and
1999 The Netherlands, Germany, Poland,
distribution process to reduce lead times and react to new trends
Saudi Arabia, Bahrain, Canada, Brazil,
Chile and Uruguay
in a quicker way, in what he called "instant fashions". The
2000 Andorra, Qatar, Austria and
company based its improvements in the use of information
technologies and using groups of designers instead of individuals.
2001 Puerto Rico, Jordan, Ireland,
In 1985 the holding company Inditex was created. Three years
Iceland, Luxembourg, Czech Republic and
later, Inditex opened the fist Zara store outside Spain in Oporto,
Portugal. In 1989 they opened the first store in the United States
2002 El Salvador, Finland, Dominican
and in 1990 the first store in France. In the following years they
Republic, Singapore and Switzerland
opened every year new stores. Inditex begins trading on the stock
2003 Russia, Malaysia, Slovenia and
market on 23 May 2001.
In 2003 the Group opens Zara’s second distribution hub,
2004 China, Morocco, Estonia, Latvia,
Lithuania, Hungary, Romania and Panama
Plataforma Europa, in Zaragoza, Spain, to complement the
2005 Philippines, Thailand, Monaco,
distribution centre in Arteixo (A Coruña, Spain). Three years later
Costa Rica and Indonesia
they opened further two new Spanish distribution hubs begin
2006 Serbia and Tunisia
operating in Meco (Madrid) and Onzonilla (León). Zara celebrates
2007 Guatemala, Croatia, Colombia and
the launch in Florence (Italy) of Zara shop number 1,000.
They also opened a a new distribution centre, which begins
2008 South Korea, Ukraine, Egypt,
operating in Palafolls (Barcelona) in 2009, next to the existing
Honduras and Montenegro
logistics platform in Tordera.
In September 2010, Zara began selling its products online and by
2010 Bulgaria, Kazakhstan, India
year’s end the online store was available in 16 European
2011 Australia, Taiwan, Azerbaijan, South
Africa and Peru
In 2011 stores opened for the first time in Taiwan, Azerbaijan,
Australia, South Africa and Peru, Inditex has now stores in every continent.
Location & Size:
The campus (located in the industrial area of Arteixo, next door to La Coruña) consists of corporate
headquarters for the entire company, as well as headquarters for Zara and Zara Home, two of
Inditex’s eight brands. There are also factories and a distribution center where clothes are loaded
onto trucks to be sent around the world. The factories are directly across from the corporate offices.
More than half of Inditex’s manufacturing takes place either in the factories it owns or within
proximity to company headquarters, which is to say in Europe or Northern Africa. Inditex owns
factories in Spain and outsources production to factories in Portugal, Morocco and Turkey —
considered costly labor markets, typically. The rest of its clothes are produced in China, Bangladesh,
Vietnam and Brazil, among other countries. The trendiest items are made closest to home, however,
so that the production process, from start to finish, takes only two to three weeks. Inditex’s higher
labor costs are offset by greater flexibility — no extra inventory lying around — and on faster
Zara has got 1,671 stores in 85 countries. Divided by continents: 1,280 stores in 39 European
countries, 207 stores in 17 American countries and 243 stores in 26 countries in Asia and the Rest of
the world. The whole Inditex group has 109,512 employees.
Their sales grew in 2011 by 10% up to 8,938 million euro. That makes a contribution of 64.8% on the
whole Inditex sales. Their earnings before interest and taxes (EBIT) amounts to 1,725 million euro in
Sales by geographical area 2010
Sector of activity:
Inditex belongs to the clothing industry. They are operating in textile design, manufacturing and
distribution. Although the company is also involved in the design and the manufacturing of its
products, its main activity is the retail by means of its own stores present in Europe, North and South
America, Asia, and Oceania.
2. BUSINESS STRATEGY
Each of Zara’s three product lines (women, men, and children) had a creative team consisting of
designers, sourcing specialists, and product development personnel.
The creative teams simultaneously worked on products for the current season by creating constant
variation, expanding on successful product items and continuing in-season development, and on the
following season and year by selecting the fabrics and product mix that would be the basis for an
initial collection. Top management stressed that instead of being run by maestros, the design
organization was very flat and focused on careful interpretation of catwalk trends suitable for the
Zara created two basic collections each year that were phased in through the fall/winter and
spring/summer seasons, starting in July and January, respectively. Zara’s designers attended trade
fairs and ready-to-wear fashion shows in Paris, New York, London, and Milan, referred to catalogs of
luxury brand collections, and worked with store managers to begin to develop the initial sketches for
a collection close to nine months before the start of a season. Designers then selected fabrics and
other complements. Simultaneously, the relative price at which a product would be sold was
determined,guiding further development of samples.
Samples were prepared and presented to the sourcing and product development personnel, and the
selection process began. As the collection came together, the sourcing personnel identified
production requirements, decided whether an item would be insourced or outsourced, and set a
timeline to ensure that the initial collection arrived in stores at the start of the selling season.
The process of adapting to trends and differences across markets was more evolutionary, ran
through most of the selling season, and placed greater reliance on high-frequency information.
Frequent conversations with store managers were as important in this regard as the sales data
captured by Zara’s IT system. Other sources of information included industry publications, TV,
Internet, and film content; trend spotters who focused on venues such as university campuses and
discotheques; and even Zara’s young, fashion-conscious staff.
Product development personnel played a key role in linking the designers and the stores, and were
often from the country in which the stores they dealt with were located. On average, several dozen
items were designed each day, but only slightly more than one-third of them actually went into
production. Time permitting, very limited volumes of new items were prepared and presented in
certain key stores and produced on a larger scale only if consumer reactions were unambiguously
positive. As a result, failure rates on new products were supposed to be only 1%, compared with an
average of 10% for the sector. Learning by doing was considered very important in achieving such
favorable outcomes. Overall, then, the responsibilities of Zara’s design teams transcended design,
The teams also continuously tracked customer preferences and used information about sales
potential based, among other things, on a consumption information system that supported detailed
analysis of product life cycles, to transmit repeat orders and new designs to internal and external
suppliers. The design teams thereby bridged merchandising and the back end of the production
process. These functions were generally organized under separate management teams at other
Zara sourced fabric, other inputs, and finished products from external suppliers with the help of
purchasing offices in Barcelona and Hong Kong, as well as the sourcing personnel at headquarters.
While Europe had historically dominated Zara’s sourcing patterns, the recent establishment of three
companies in Hong Kong for purposes of purchasing as well as trend-spotting suggested that sourcing
from the Far East, particularly China, might expand substantially.
About one-half of the fabric purchased was “gray” (undyed) to facilitate in-season updating with
maximum flexibility. Much of this volume was funneled through Comditel, a 100%-owned subsidiary
of Inditex, that dealt with more than 200 external suppliers of fabric and other raw materials.
Comditel managed the dyeing, patterning, and finishing of gray fabric for all of Inditex’s chains, not
just Zara, and supplied finished fabric to external as well as in-house manufacturers.
This process, reminiscent of Benetton’s, meant that it took only one week to finish fabric. Further
down the value chain, about 40% of finished garments were manufactured internally, and of the
remainder, approximately two-thirds of the items were sourced from Europe and North Africa and
one-third from Asia.
The most fashionable items tended to be the riskiest and therefore were the ones that were
produced in small lots internally or under contract by suppliers who were located close by, and
reordered if they sold well. More basic items that were more price-sensitive than time sensitive were
particularly likely to be outsourced to Asia, since production in Europe was typically 15%–20% more
expensive for Zara. About 20 suppliers accounted for 70% of all external purchases.
While Zara had long-term ties with many of these suppliers, it minimized formal contractual
commitments to them. Internal manufacture was the primary responsibility of 20 fully owned
factories, 18 of them located in and around Zara’s headquarters in Arteixo. Room for growth was
provided by vacant lots around the principal manufacturing complex and also north of La Coruña and
Zara’s factories were heavily automated, specialized by garment type, and focused on the capitalintensive parts of the production process (pattern design and cutting) as well as on final finishing and
inspection. Vertical integration into manufacturing had begun in 1980, and starting in 1990,
significant investments had been made in installing a just-in-time system in these factories in
cooperation with Toyota—one of the first experiments of its kind in Europe. As a result, employees
had had to learn how to use new machines and work in multifunctional teams.
Even for the garments that were manufactured in-house, cut garments were sent out to about 450
workshops, located primarily in Galicia and across the border in northern Portugal, that performed
the labor-intensive, scale-insensitive activity of sewing. These workshops were generally small
operations, averaging about 20–30 employees (although a few employed more than 100 people
apiece), which specialized by product type. As subcontractors, they generally had long-term relations
Zara accounted for most if not all of their production; provided them with technology, logistics, and
financial support; paid them prearranged rates per finished garment; carried out inspections onsite;
and insisted that they comply with local tax and labor legislation. The sewn garments were sent back
from the workshops to Zara’s manufacturing complex, where they were inspected, ironed, folded,
bagged, and ticketed before being sent on to the adjoining
In the world of fashion, logistics takes a very important and distinctive approach between
manufacturers. Even well-targeted designs could go out of favor in the months it takes to get plans
to contract manufacturers, tool up production, then ship items to warehouses and eventually to
retail locations. But getting locally targeted designs quickly onto store shelves is where Zara really
excels. The average time for a Zara concept to go from idea to appearance in store is 15 days vs.
rivals who receive new styles once or twice a season. Smaller fashion products arrive even faster. If
enough customers come in and ask for a new version of a model that is no currently at the store, it
can be in stores with in just 10-16 days. To put that in perspective, Zara is twelve times faster than
Gap, despite offering roughly ten times more unique products! Contrast this with H&M, where it
takes three to five months to go from creation to delivery –and they're considered one of the best.
Other retailers need an average of six months to design a new collection and then another three
months to manufacture it. VF Corp (Lee, Wrangler) can take 9 months just to design a pair of jeans,
while J. Jill needs a year to go from concept to shelves.
At Zara, most of the products you see in stores didn't exist three weeks earlier, not even as
prototypes. The firm is able to be so responsive through a competitor-crushing combination of
vertical integration and technology-orchestrated coordination of suppliers, just-in-time
manufacturing, and finely-tuned logistics. While H&M has 900 suppliers and no factories, nearly 60%
of Zara’s merchandise is produced in-house, with an eye on leveraging technology in those areas that
speed up complex tasks, lower cycle time, and reduce error.
Inventory optimization models help the firm determine how many of which items in which sizes
should be delivered to stores during twice-a-week shipments, ensuring stores are stocked with just
what they need. Outside the distribution center in La Coruña, fabric is cut and dyed by robots in 23
highly automated factories. Zara is so vertically integrated, the firm makes 40 percent of its own
fabric and purchases most of its dyes from its own subsidiary. Roughly half of the cloth arrives
undyed so the firm can respond as any mid-season fashion shifts occur. After cutting and dying,
many items are stitched together through a network of local cooperatives that have worked with
Inditex so long they don’t even operate with written contracts.
The firm does leverage contract manufacturers (mostly in Turkey and Asia) to produce staple items
with longer shelf lives, such as t-shirts and jeans, but this volume accounts for only about 1/8th of
dollar volume. All of the items the firm sells end up in a 5 million square foot distribution center in La
Coruña, or a similar facility in Zaragoza in Spain’s northeast. Just to make a comparison, The La
Coruña facility is some nine times the size of Amazon's warehouse in Fernley, Nevada, or about the
size of 90 football fields. The facilities move about 2.5 million items a week, with no item staying inhouse for more than 72 hours. Ceiling-mounted racks and customized sorting machines patterned
on equipment used by overnight parcel services whisk items from factories to staging areas for each
store. Clothes are ironed in advanced, packed on hangers, with security and price tags affixed. This
means that instead of wrestling with inventory during busy periods, employees in Zara stores simply
move items from shipping box to store racks, spending most of their time on value-added functions
like helping customers find what they want.
Efforts like this help store staff regain as much as three hours in prime selling time.Trucks serve
destinations that can be reached overnight, while chartered cargo flights serve farther destinations.
The firm recently tweaked its shipping models through Air France-KLM Cargo and Emirates Air, so
flights can coordinate outbound shipment of all Inditex brands with return legs loaded with raw
materials and half-finished clothes items from locations outside of Spain.
Like each of Inditex’s chains, Zara had its own centralized distribution system. Zara’s system consists
of an approximately 400,000-square-meter facility located in Arteixo and much smaller satellite
centers in Argentina, Brazil, and Mexico that consolidated shipments from Arteixo. All of Zara’s
merchandise, from internal and external suppliers, passed through the distribution center in Arteixo,
which operated on a dual-shift basis and featured a mobile tracking system that docked hanging
garments in the appropriate barcoded area on carts capable of handling 45,000 folded garments per
As orders were received from hand-held computers in the stores (twice a week during regular
periods, and thrice weekly during the sales season), they were checked in the distribution center and,
if a particular item was in short supply, allocation decisions were made on the basis of historical sales
levels and other considerations. Once an order had been approved, the warehouse issued the lists
that were used to organize deliveries. Lorena Alba, Inditex’s director of logistics, regarded the
warehouse as a place to move merchandise rather than to store it. According to her, “The vast
majority of clothes are in here only a few hours,” and none ever stayed at the distribution center for
more than three days. Of course, the rapidly expanding store network demanded constant
adjustmentt to the sequencing and size of deliveries as well as their routing.
The distribution center generally ran at half its rated capacity, but surges in demand, particularly
during the start of the two selling seasons in January and July, boosted utilization rates and required
the hiring of several hundred temporary workers to complement close to 1,000 permanent
employees. Shipments from the warehouse were made twice a week to each store via third-party
delivery services, with shipments two days a week to one part of the store network and two days a
week to the other.
Approximately 75% of Zara’s merchandise by weight was shipped by truck by a third party delivery
service to stores in Spain, Portugal, France, Belgium, the United Kingdom, and parts of Germany. The
remaining 25% was shipped mainly by air via KLM and DHL from airports in Santiago de Compostela
(a major pilgrimage center in Galicia) and Porto in Portugal. Products were typically delivered within
24–36 hours to stores located in Europe and within 24–48 hours to stores located outside Europe.
3. INTERNATIONAL OPERATIONS
Zara is a globally known company, with many of its operations taking place worldwide trough an
international work scheme. When we take a look at its outsourcing, we can observe that 80% of
production is carried in Europe, much of it in Spain, which gives control and high quality but is 10
times more costly than it would be if undertaken in Asia. This means that its offshore production is
very limited and concentrated to ensure that control can be exercised immediately and that the final
product maintains the quality associated to the brand. Stitching is the only part of production it
doesn’t own, but it is controlled through a network of workshops through Spain and Portugal. These
workshops don’t follow an industrial production system, but a more traditional and modest
When analysing Zara’s multinational operations, we can differ between four different techniques or
1. Whenever building a manufacturing facility in a new country wouldn’t be profitable, Zara
goes for exporting its products to that country instead.
2. In order to avoid the development costs inherent in opening a new store, sometimes it
chooses to make its openings through franchising.
3. Whenever entering a new country Zara usually takes full ownership of all the necessary
subsidiaries. This way it can take the advantage of total control.
4. When it enters a new country it aims to establish joint ventures with national firms, in
order to take advantage of the partner’s knowledge of the foreign country.
To complete its international operations analysis, we have to look at how it sells its products
overseas. When entering a new country market, it starts by making only one opening. The reason for
this is the necessity to gather information and make a deep analysis about the local culture,
customer likes, trends, etc. It needs to acquire cultural sensitivity to be aware of local and national
customs, and how they affect interpersonal relationships. Once it has the certainty of obtaining
success, it expands in the new market multiplying its stores, resulting in the colonization of a new
country. To ensure worker’s sensitivity to cultural differences, it mainly contracts national workers of
the country of destiny and international workers with multicultural factors when going abroad. This
system allows for the absence of culture shock problems and differences in negotiating style, or for
them to be dealt with in an effective and timely manner.
About Zara’s 2011 main international operations, it entered the markets of Taiwan, Azerbaijan,
Australia, South Africa and Peru. With the entrance in these last 3 countries of the Southern
Hemisphere it enforces its strategy of global offer as well as well as acquiring presence throughout
the 5 continents. In total, Zara opened 107 stores during 2011, 30 of them in China, where the firm
owns now more than 100 establishments. For new stores the firm always chooses emblematic shops
in distinguished buildings, such as Pitt Street, in Sydney; Burke Street, in Melbourne; Sandton City, in
Johannesburg; or the Taipei 101 of the capital of Taiwan. By the end of 2011 Zara was already
present in a total of 82 markets.
To conclude it must be highlighted the extraordinary presence of Zara’s international operations
through the Internet. In 2011 it launched its online shop in America and Japan, under the campaigns
of “Dear America” and “Dear Japan”. At the end of 2011 the online shop was present in 18 countries,
with more than a million visits per day.
4. STRUCTURE AND ORGANIZATIONAL CULTURE
Zara is under the management of Inditex and the Structure is mixed as some functions are shared
with the different brands , not only for ZARA.
Under the top management of Inditex there is an international staff with over 70,000 professionals,
with 82.8% of these professionals being young women, with an average employee age of 26 years.
Inditex’s corporate culture is focused on teamwork, open communication, and a high level of
demand, and it offers employees a dynamic and international environment to work in. Inditex and
Zara values job stability, training, and internal promotion.
This is an organizational chart for the organization Temple , it Works the same way for Zara but this
chart was the best one I found to explain the functional departmentalization that takes place in the
organization and how the different brands share the same functional departments.
Zara is divided in MEN , WOMEN and KIDS with different designers and products but the logistics ,
distribution and the rest of the departments are common .the keys that difference Zara and Inditex
organizations structure are : Horizontal differentiation where communication flows easily and an
International Organization ,focus on local demands and trends and which i sable to perfectly adapt
to each market where it operates .
The communicative flow is simple and, even though there are adequate channels to organize
communication, it is possible to exchange information with high and mid-level management and
intermediate leaders quite easily a hierarchy exists, such as the one in the pyramid model, but the
communication circuit is bi-directional and communication between departments is fluid.
If we go down to a store level: every store manager is responsible for a business unit similar to a
small to medium sized business of about 100 employees. The focus on the client and the product
requires that the group is constantly re-inventing itself to avoid falling into obsolescence. Because of
this, it is necessary to facilitate communication as much as possible, maintaining a direct line of
communication between the store manager and other points of contact such as the design team, a
sales person responsible for the zone and the window designers.
The traditional model is turned upside down and the store becomes the heart of the process, the one
that collects all the information received by its clients and that inturn communicates it to
headquarters. The information is passed on to the commercial teams which will be the ones that
determine what might be, or won’t be, liked. New patterns are designed and are sent to the factory,
over and over again: the commercial teams are the ones that determine tastes for each country or
region. This process is designed to ensure that the merchandise takes 24hours to get to the stores
from the distribution center and 48 hours for those in America or Asia.
5. ETHICS AND SOCIAL RESPONSIBILITY
Zara views social and environmental variables as a strategic vector for its management system.
Sustainable growth, which customers and society in general increasingly demand, is a value the
company share and applies to all the relationship, both with customers and suppliers.
All of Inditex’s and Zara’s activities are conducted:
Ethically and responsibly
Respecting the environment
Including actions regarding product health and safety
Ethics – CSR
Zara believes that it is vital to maintain honest and stable relationships with its network of external
For this reason, in 2001, the company decided to enforce its social guarantee on all suppliers through
the Code of Conduct for External Manufacturers and Suppliers.
In order to have the possibility of embarking on a business relationship with Inditex the suppliers
must comply with the code, demonstrating to follow its rules and provisions.
To confirm compliance with the code, independent external companies regularly audit all the
Inditex follows up with improvement programs for suppliers and social projects aimed at promoting
education and a better quality of life in the regions in which it does business.
Vidya Project is an initiative supported by Inditex and Zara in India, which accounts for around 5% of
its total sourcing. Inditex’s CSR policies aim to improve conditions working in collaboration with trade
unions, independent organizations and entrepreneurs. This project, launched in 2009, targeted the
24 lowest rated suppliers and applied a series of procedures that sought to ensure their compliance
with Inditex’s Code of Conduct and increase control over the supply chain.
The final results ensured that of the original 24 suppliers, 17 reached improved ratings. Three
suppliers were rejected because they failed to provide sufficient guarantees of agreement with the
Code of Conduct, while relations with the remaining four were finished for commercial motives.
Environmental issues have always played an important role in Zara’s activities.
This policy was implemented in recent years in the form of an environmental management system
that Inditex planned and adapted to the requirements of its business model. It regularly evaluates
the potential impact of the company’s activities on biodiversity and the environment. Apart from
encouraging compliance with environmental protocols, the system increases efficiency in resource
consumption and reduces environmental impacts.
We can distinguish four points that Zara follows in order to promote environmental protection:
Taking environmental issues into account and encouraging environmental awareness
Having compliance with the environmental laws that govern activities, prevent pollution and
reduce the environmental impact of the business
Achieving constant improvements to the Management System, to enhance its usefulness and
improve efficient use of resources
Establishing open lines of communication with government authorities, local communities
and other stakeholders
Product Health and Safety
Zara's responsibility to ensuring that the merchandise it sells complies with health and safety
requirements is founded on its Clear to Wear (health) and Safe to Wear (safety) standards, which set
obligatory criteria for each of the clothes Zara offers to its customers. These in-house standards,
developed by the company with the advice of scientific experts, draw on the world’s most
CLEAR TO WEAR
Clear to Wear is a product health standard and it has been developed by Zara in conformity with the
most rigorous regulation on product health and safety.
Zara will validate “Clear to Wear” correct application at any phase of the manufacturing process of
those products that are manufactured, commercialized and distributed by it, by carrying out analyses
at any point of their production cycle and regulate those substances whose use is legally limited.
SAFE TO WEAR
The Safe to Wear standard is a product safety standard and it has been developed by Zara in
accordance with the most demanding safety regulations worldwide. Zara will verify “Safe to Wear”
correct implementation at any phase of the manufacturing process by carrying out controls at any
point of their production cycle.
In order to promise compliance with these specifications, Inditex and Zara conduct analyses of the
garments it sells before, during and after their manufacture. These examines, 30000 of them
conducted weekly, are carried out by independent teams from 28 laboratories run by the leading
companies in the field. In addition, Zara works closely with government bodies in numerous
countries with major clothing manufacturing industries.
Zara's perseverance in guaranteeing the health and safety of its products is not limited to monitoring,
however. Indeed, the company is directly involved in improving its suppliers’ manufacturing
processes. For this reason, the group conducts technical assistance visits to manufacturing facilities
and publishes customized handbooks instructing suppliers on how to implement Clear to Wear and
Safe to Wear standards. A team of 40 independent experts are at work full time on this task, which in
2012 alone resulted in more than 600 technical assistance visits to suppliers worldwide.
The New York Times, November 9th, 2012: How Zara Grew Into the World’s Largest Fashion
Inditex annual report
Luciano Catoni, Nora F. Larssen, James Naylor, and Andrea Zocchi, “Travel Tips for Retailers,”
The McKinsey Quarterly 3 (2002): 126-133.
“Crossing the Pond: European Growth Strategies” (Apparel/Footwear/Textiles), October 23,
2001. 11 Peter N. Child, Suzanne Heywood, and Michael Kliger, “Do Retail Brands Travel?”
The McKinsey Quarterly 1 (2002): 11-13.
12 “Euro Consumers: Survey,” Trends International (English edition), November 19, 2001.
13 Denise Incandela, Kathleen L. McLaughlin, and Christina Smith Shi, “Retailers to the
World,” The McKinsey Quarterly 3 (1999): 84-97.
14 The template for applying the Du Pont formula to Inditex‘s and key competitors‘ financials
was suggested by Professor Guillermo D‘Andrea of I.A.E., Universidad Austral, Argentina.
15 Ananth Raman and Marshall Fisher, “Supply Chain Management at World Co. Ltd.,” HBS
No. 601-072 (Boston: Harvard Business School Publishing, 2001).
16 Leslie Crawford, “allzarage,” Report on Business Magazine, March 30, 2001, available
from Factiva, http://www.primark.com, accessed September 23, 2002.
Dspace.com- Coordination of inventory distribution & price markdowns for clearance sales at