Business Strategy Report for H&M Essay Example | Topics and Well Written Essays - 2000 words

Business Strategy Report for H&M - Essay Example the UK fashion market in 1976, and eventually became one of the leaders in the UK fashion-apparel retailing market, with 234 stores across the country, and the second-biggest apparel retailer in the world. (H&M’s Annual Report, 2013) The fashion industry is one of the most vibrant and creative business sectors in the UK. It directly contributes nearly  £21 billion to the UK economy. (British Fashion Council, 2014) H&M is currently ranked as the second-biggest apparel retailer in the world, following the Inditex, the parent company of Zara. H&M states that it vision is that all its operations are run in a way that is economically, socially and environmentally sustainable. (H&M, 2014) The company is helping to meet the needs of both present and future generations by supporting fundraising program, ensuring the working condition in its supply chain and continuously developing new and green materials in production. The main mission of H&M is to offer quality fashion at the best price. In its company report, H&M states numerous of times that quality is more than making sure that products meet or exceed consumers’ expectation. H&M is constantly working towards its vision and mission. And this is the key for its profit and growth. It is not rare to find high quality clothing or clothes at a low price within the fashionindustry. Therefore, by utilizingresources and depending on strong design team, H&M is combing the core competencies of quality, fashiondesign with a best price strategy, to ensure its competitiveness. The idea of the fashion industry is to spot the right trends on catwalks and have the items on shelves before your competitors do. This makes the rivalry level is high since there are a large number of similar retailers including both large and small firms. The rapid change in the industry leads firms constantly renewing their product to appeal to fickle customer bases as well. In addition, the loss of consuming interest on apparel caused by