Dolce and Gabana are officially billionaires. This news comes on the heels of Amancio Ortega, the owner of Zara, becoming richer than Warren Buffett and thus the third richest person in the world. The Milan based billionaires now join the elite list of 10 figure net worth individuals.
Their fortunes seem to rise, just like Zara, as the economy improves and more and more people are becoming increasingly fashion conscious. May be the internet is partly responsible for making fashion trends and therefore select fashion retailers more trendy or desirable. It seems that in the years ahead, we’ll see a lot of winners and a few losers. As the market expands, companies can get increasingly competitive.
Fashion retailers that will survive would be the ones who can quickly adapt to the new competitive scenarios and make sure their trends and statements are heard by the world. Marketing, for example, needs to take on a completely new and different direction (Zara rarely advertises even now). They also need to understand the changing needs of the fashion consumers.
What are your thoughts on this news?