If a clothing retailer looks around its offices and realizes that even its own employees aren’t wearing the brand, then it may mean that it's time to change things up. Taking a shot at more casual wear, Spanish retailer Mango has done just that with a fresh line of apparel at a 20 percent price cut. “We had gone way too far with our focus on clothes for parties and events,” said Enric Casi, general manager of the Barcelona-based retailer.
In executing the change, Mango took cues from Spanish rival Inditex SA which, is home to Zara, a brand that has heavily influenced Mango's new venture. With more emphasis on "fast-fashion" like its competitor, Mango is leaving behind the glitz and glamour of its old party ways. The 60 percent decline in profits from 2011 to 2013 has now been replaced by doubling profits, which has outpaced Inditex in Spain’s $21 billion clothing market.
Party wear is out, casual fashion is in. Who will you root for? Team Mango or Team Zara?
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Marc Jacobs
Born: 1963, New York City
Best Known As: The co-founder/designer of Marc Jacobs and the creative director for Louis Vuitton
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