Primark was first established in 1969 in Ireland as Penneys, and is currently operating a total of 154 stores in the UK, Spain and Ireland. Primark has become a leading player in the UK fashion industry, showing huge growth while other players were finding it hard to maintain their income stream, with some even closing the doors of some unprofitable stores. The latest company results showed a increase of 30% in annual profits, with sales 17% up reaching the 1 billion. With great successes with some of its fashions such as its rage of military jackets, with more than 250 thousand sales up to date.
With the UK fashion market becoming stagnant and consumers having less money to spend due to increasing interest rates, high house prizes and rising utility cost. Primark is offering high fashion and low prices to bargain hunting consumers. Yet Primark does not only provide consumers with low cost fashion, it has developed the ability to quickly turning out designs inspired by the catwalk and red carpet. Giving its consumers access to generic fashions developed from high label brands.
This strategy seem ...