Six apparel companies have entered the ‘Fast Company’s’ The World’s 50 Most Innovative Companies list this year. What’s more, four of the six —Amazon, Patagonia, Stitch Fix and Walmart—ranked among the top 20. This year, Amazon, the e-commerce giant grabbed 5th spot. Jeff Bezos, Founder of Amazon says the reason for their victory is the company’s focus on long-term customer loyalty and exponential expansion into new businesses.
Amazon is one of the leading apparel retailers, expanding its already extensive apparel empire last year with the launch of its try-before-you-buy service Prime Wardrobe and its private label activewear lines Rebel Canyon and Peak Velocity. The e-commerce behemoth is forecast to lead the US apparel market by 2020.
Patagonia was in 6th place due to its retail successes by serving as a champion of social causes. Founded in 1973, it has grown into one of the most successful and well respected outdoor brands. The company, which is privately-owned, has used its brand image to enhance awareness on social and environmental issues, investing in grassroots organisation that enables its supply chain more sustainable.
Comparative newbie, born in 2011, Stitch Fix’s 13th position is in recognition of the impact the e-commerce subscription and personal shopping service has had on the apparel industry since it was launched. The reason behind its success is personalised services and keen eye for detail of its over 2 million users.
Walmart, at No. 15, has not only maintained retail dominance in the face of adversity as a brick-and-mortar store — 4,700 locations in the U.S. and over 600 outlets of its members’-only warehouse chain Sam’s Club — but it has also made several very strong moves in digital retail, investing in e-commerce services, fulfilment centres and technology initiatives.