Zara

Picture this: you are a 14 year old, growing up in a remote village in northwest of Spain. You are the bellhop at a local tailor, and every day you ride your bike around your town, delivering small packs of hand-sewn clothes. One day, you realize something: people enjoy buying new clothes, and would do so more often if they could spend less. But how do you do cut the costs? You come up with two simple strategies: cut out the middlemen and throw out all price-based cost structures; First decide on the final price, then develop the production process. So, now what? Are you willing to risk everything to follow your intuition? To make hand-made clothes in a garage, reach out to all your relatives and friends, and dedicate entire nights to plan the organization required to deliver the goods in 2 weeks instead of 6 months? If you have decided to put everything on the line to pursue your ideas, then you might follow in the footsteps of Amancio Ortega, founder of Zara S.r.l.—the world’s largest fast-fashion retailer—and the fourth richest man in the world. #StoryoftheDay