Banana Republic is a fast fashion brand. The company’s selling rate has grown dramatically.
Since 1978, Banana Republic has been selling quality clothes and accessories for relatively small prices. Banana Republic has marketing operations across 32 countries.
The company operates 682 company-owned or franchised stores.
Besides, Banana Republic ships its products to 21 countries after online ordering. Banana Republic can ship its products to more than 50 countries through a third-party network.
Across the United States, Banana Republic has 379 stores, including three outlets in Puerto Rico.
The number of Banana Republic outlets in Canada is 62.
Every pair of Banana Republic is designed and made using excellent fabrics and solid construction techniques.
Banana Republic fashion brand has obtained:
- Fashion Revolution Transparency Rating: 49/100
- Remake Fashion Accountability Report Rating: 6/150
- Good On You Sustainability Rating: 3/5
Due to its production speed and the number of clothes it sells, Banana Republic is considered a fast fashion brand.
Also Read: Is Matilda Jane Going Out of Business
What does it mean by Fast Fashion?
Fast Fashion in textiles means clothes made and sold cheaply so people can buy new clothes often.
Besides, the Fast-Fashion brand gives you new variations on T-shirts and jeans every week.
In the clothing industry, Fast-Fashion is broadly used to describe business models. The Fast-Fashion brand also replicates catwalk trends and high-fashion designs.
After the invention of the Sewing Machine, fashion brands were able to produce clothes at a faster rate. Consequently, the term “Fast Fashion” became very famous in the fashion industry.
Today, you will find a lot of fast fashion brands in the market, including the big names:
- Zara
- Primark
- H&M
- Topshop
The concept of Fast Fashion has brought revolutionary changes in the fashion industry so far.
What are the parameters of being a Fast Fashion Brand?
In a broad sense, the parameters for becoming a Fast Fashion brand can be categorized as follows:
- Economics
- Manufacturing
- Management
- Marketing
- Quick Response Method
- Delivery
To enroll in the Fast Fashion industry, the company must fulfill the circumstance criteria.
Did Banana Republic Fulfill Fast Fashion Criteria?
The answer is YES. Banana Republic fulfilled the criteria to become a fast fashion brand.
Let’s judge Banana Republic with the corresponding fast fashion criteria:
Economics:
Within the retail industry, Fast Fashion has an ongoing trend of being successful economically. In 2020, the fast fashion market produced $25.1 billion globally.
The fast fashion industry will generate $31 billion by 2030.
In economics, Banana Republic makes $3.37 billion annually, contributing a vast portion of the fast fashion industry.
Manufacturing:
To achieve the economic goals, the key role played by the fast fashion industry is its manufacturing units.
The manufacturers of the Fast Fashion industry intended to manufacture their products at a low cost. As a result, Fast Fashion brands establish their manufacturing facilities in laborious countries where labor cost is comparatively low.
As a result, you will find Fast Fashion brands having factories in Asian countries.
Though Banana Republic has manufacturing facilities throughout the United States, the brand has maintained its production cost strictly.
Banana Republic has manufacturing facilities in Mill Valley and San Francisco in the United States.
Moreover, the Fast Fashion brand invests in cotton and polyester fabrics as both fabrics are relatively cheaper than higher quality fabrics like wool or silk.
Banana Republic makes its clothes using recycled cotton and nylon. The brand has set a goal to use more sustainable fabrics. By 2023, the company will use 100% cotton 2023.
As a result, Banana Republic can lessen the production cost, which is a key criterion for becoming a fash fashion brand.
Management:
The fast fashion industry has updated itself to meet people’s demand for aesthetic wear. Strategic management is efficiently achieved by understanding the target market’s wants.
In this regard, Banana Republic has a heritage of safari-inspired Fashion for offering what’s often referred to as accessible luxury.
The Banana Republic has strong strategic management through which the company maintains a strong supply chain.
Marketing:
Marketing creates the desire for the consumption of new designs. It is the key driver of fast Fashion.
Marketing plays a vital role in closing the gap between creation and consumption. The garments become a highly cost-effective marketing tool with the continuous release of new products.
Banana Republic exclusively launches its new line of clothes every year. The company has strong management and marketing operations.
By operating strong social media and marketing advertisements, Banana Republic sells its products faster.
Quick Response Method:
The Quick Response Method was developed in the textile industry to improve manufacturing processes.
The only aim of the Quick Response Method is to remove time from the production system. Since the 1980s, various US brands have industrially taken the quick response method.
Banana Republic has skilled craftsmen and manufacturing utilities to produce its products much faster than they can.
For more than 45 years, Banana Republic has been operating the Quick Response Method.
Delivery:
Fast Fashion brands must have a quick delivery system. The Fast Fashion brand is promised to deliver its products within a week.
Banana Republic has international trade with 21 countries. Besides, the company can operate in more than 50 countries connecting with a third-party network.
Our research has found that Banana Republic can ship its products to the customer within a week. The brand has a dynamic delivery system.
Considering the circumstances, we can say that Banana Republic fulfilled the criteria of becoming a Fast Fashion Brand.
Recent Growth of Banana Republic
The market cap of Banana Republic has grown rapidly. Today, the company rates more than $10 in the share market.
Banana Republic initiated its journey with a small investment. In 1983, Gap bought the ownership of Banana Republic.
Since then, the brand has experienced a dramatic change in production and marketing. The current market cap of Banana Republic shows the growth of this clothing brand.
Outside clothing, Banana Republic is also manufacturing various accessories for fashion lovers. The brand launches new lines and fashions every season.
Credit goes to the advancement of Banana Republic’s manufacturing facilities. Innovation has been applied in the production unit.
Consequently, Banana Republic can make a billion-dollar fortune every year.
