The 80-year-old owner of Inditex, Amancio Ortega, topped the Forbes billionaire rich list. He is the world’s current richest retailer.
Despite being the richest man in the world, Ortega has won a very normal everyday life. However, after retiring from the CEO in 2011, he visits the Inditex headquarters in La Coruna every day, at the same place he grew up. She still contributes to product ideas from the 60-year retail experience, and she is often seen tucked in lunch at work canteens.
Ortega’s family struggled to overcome poverty, at the age of 14, Amancio was able to quit school and work for a local shirt maker. This is where he had learned to make clothes with his hands before opening his first store in 1975. The Inditex Group now has 6000 stores and more than 92,000 employees worldwide.
In fact, how did he succeed in becoming the richest retailer in the world?
Inditex business model is very different for other retailers.
Inditex focuses on the wishes of the customer rather than pursuing fashion on them. It does not focus on fashion shows for inspiration, but looks at the bloggers and listens to the customer what they want. His business understands how fast the fashion goes forward, especially with the rise in the use of social media platforms such as Instagram.
The company is proud of the speed of getting its latest clothes on the store floor. Inditex is the source of most of its products / products from Spain and Portugal while shortening the supply chain. Customers buy items because they are what they want and therefore it is an idea that there is little unwanted stock in their inventory.
What should all entrepreneurs learn from Amancio Ortega:
Stay focused customer? – Follow your customer’s wishes / requirements instead of your competitors
There is a short supply chain to keep up with our quick and ever changing lifestyle
Do not forget where you came from? – – Be polite through success
Finally, when you are you (I’m joking but patting on the back you will keep working)
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