A Study on Financial Competitiveness of "Fast fashion"

Yang Guang

A Study on Financial Competitiveness of "Fast fashion"

Yang Guang
Glorious Sun School of Business and Management Donghua University, China,
2008yguang@163.com

Abstract
"Fast fashion" companies enter a new stage of rapid development, and improving the
competitiveness of corporate finance for enterprise development is a significant task. This paper starts
from the meaning and content of financial competition, using factor analysis from the solvency,
profitability ability to grow capacity and operational capability, selecting nine financial indicators and
establishing a comprehensive evaluation system of financial competitiveness. Some advices are
proposed to enhance Fast fashion companys financial competitiveness, including raising product
development marketing, improving production management, efficient using funds, which is believed to
provide a new perspective and vision.

Keywords: Financial Competence, Financial Management, Enterprise Value, Enterprise

1. Introduction
Market economy brings competition, and modern competition has the basic characteristics of the
broad, long-term fairness and cooperation and so on. Competitive diversification of competitors
changing economic environment, the management must built a sense of competition. As a modern
enterprise, capabilities of cutting-edge theory of competitive strategy theory have experienced three
evolution stages of development: development stage of internal growth theory; an advanced stage
enterprise resource based on the competitiveness; innovation stage enterprises [1]. Corresponding to
the school structure, the ability to learn to send school resources presents a sequential evolution of the
progressive trend. Financial competitiveness is built on a concept in the theory on the basis of the
capacity-school resources. Financial competitiveness, fundamentally speaking, is a collection of unique
business knowledge and skills. It is the role of business, the dynamic integration of resources, and the
ability to adapt with the changes in an enterprise environment. This special ability is the basis of the
enterprise began to produce the power of the winning competitors. Financial competitiveness is not
only the root of competitive advantage, but also the source of competitiveness. Currently in the top 500
companies of the world, almost without exception, the technical know-how, innovation, management
models, market network, brand image, customer service have a unique expertise. It is said that the
growth process of these companies is a process of fostering and developing the competitiveness. In
order to enable enterprises with long-term competitive advantages, we must continue to protect and
develop their own financial competitiveness. In addition to the existing competitive concerns and the
cultivation of the new financial competitiveness, corporate finance is an independent and integrated the
complete system. Form of value throughout the enterprise operation and management of all aspects of
the entire enterprise building management. In the rapid development of knowledge-based economy
today, financial management, value management and integrated management features become more
prominent, and master the basic lifeline of the enterprise [2, 3]. Corporate financial products
increasingly show their unique importance in the competitiveness of enterprises, which also have a
significant impact on the formulation and implementation of corporate strategy. Financial
competitiveness is the product of the combination of financial management and the competitiveness of
enterprises. Its formation and development of sustainable competitive advantage are essential to
mention the overall competitiveness of enterprises.
As for financial competitiveness, not many scholars have put forward their own views from a
different perspective on the financial competitiveness, but they generally agreed that the financial
competitiveness is the ability to obtain a competitive advantage and an important aspect of
competitiveness. Haocheng Lin and Ye Zhifen report that the financial competitiveness is the ability to
obtain reasonable assurance about whether the financial competitive advantage, and it must focus on
not only lower costs but also paying attention to the improvement of the core competitiveness from the

International Journal of Advancements in Computing Technology(IJACT)

Volume4, Number17,September. 2012
doi:10.4156/ijact.vol4.issue17.30

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A Study on Financial Competitiveness of "Fast fashion"

Yang Guang

industry as a whole angle, so that the maximum income can be obtained with the minimum activities
[4]. Sun and Hu believe that the financial competitiveness, on the basis of firm-specific knowledge
systems, to the greatest extent, include the optimal allocation of financial resources, development of
financial strategy for the sustainable competitiveness of enterprises, and the ability to provide
competitive advantage[4]. Liu and Wei now construct a more mainstream view them from the financial
evaluation of the competitive system that the financial competitiveness of the financial capability (such
as debt service, operations, profitability, etc.) and efficient integration of competitiveness of the
formation of condensation, run through the corporate finance capabilities, and comprehensive ability to
enhance the core competitiveness of enterprises and maintaining long-term and stable development of
the financial.

2. Analysis of the financial competitiveness of "fast fashion"

2.1. Profitability analysis
The fundamental business is supported by profit, and financial competitiveness reflects the
continued and strong profitability. Strong profitability mainly sales profit margin, return on assets, cost,
profit margin and other financial indicators. Sustained profitability performance in the enterprise not
only has the current strong profitability but also has the potential profitability, which is the guarantee of
the sustainable development of enterprises. Overall profitability of the fast fashion on the rise, the
cost margin, the profit margin, return on assets showed a similar trend of changes in recent years, the
fast fashion fashion retail brand is developing very rapidly, from 2001 to 2005, and global apparel
sales increased 3 percent, while the fast fashion clothing brand sales grew by 45%. Among them,
four internationally renowned fast fashion clothing retail brand performance is the most prominent,
namely Spain, ZARA, Sweden's H&M, Japan, the Netherlands. C&A Spanish clothing retail brand
ZARA, has now become the world's most successful apparel brands, which finished 64th in the 2007
global top 100 brands, with annual sales of 6.264 billion in the world by the end of 2010, and its 1516
stores opened in 77 country. Development speed of several other fast fashion clothing brand is very
alarming: the number of H&M stores in 2008 is close to 2000, and annual sales of SEK reach104,041
million. Only from Asia's fast-fashion brand to the end of 2009 the global number of stores more than
2000. In addition, the Chinese market has gradually become the focus of fast fashion clothing retail
brand development. To the end of 2010, ZARA brand has been established 75 stores in China, ranked
first in its Asian markets, stores covering up to 30 the number of Chinese cities. Similar to Japan's
Uniqlo, stores of the brand in the Chinese market reach up to 6648, and exhibit an expanding trend.

2.2. Solvency analysis

Financial competitiveness reflects in solvency surplus solvency and it is related to the sustainable
management of capacity and the size of the risk prevention capability, the surplus solvency enterprises
bigger and stronger essential guarantee. Solvency of the steel industry and the debt ratio of the industry,
the production performance of 2008, the fast fashion solvency overall increase, there is almost no
debt risk, and the little stressful debt service. The garment industry is a small-scale industries and
enterprises in the capital to expand, does not require significant capital investment. The fast fashion
clothing brand's product strategy: a variety but a small amount of clothing brand product range, and
very rich production performance; business efficiency is very good.

2.3. Operating capacity

Operational capacity refers to the financial ability to operate in the enterprise management.
Financial competitiveness is reflected in the operating capacity and its specific features are: First,
determine the appropriate finished product turnover rate according to the actual production, to balance
the efficiency of the flow of funds; second, the ability to manage accounts receivable and current assets,
the timely recovery of receivables, liquidity of funds, to enhance the companys short-term solvency; to
take full advantage of modern network technology, combined with market dynamic information and
their own financial position make a reasonable and orderly operations of the funds allocation scheme.

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Operational capabilities embodied in the steel industry are the main industry in production
management level, which have an important role in the management level of the response of the
industry financial crisis. In the beginning of 2005, the overall upward trend of fast fashion has been
relatively stable, and the fast fashion business is ever increasing. An increase of 44.5% in 2008, after
three years, is to maintain the trend of increasing year by year, last years growth rate reached 65.70%,
(as shown in Figure 2). Although this years statistical data has not come out, but preliminary estimates
of the results is still relatively optimistic.

Figure 1. Profitability analysis of Fast fashion

Figure 2. Operating capacity analysis of fast fashion

2.4. Ability to grow

The ability to grow is the potential ability of companies continuing to expand in size, strength.
Financial competitiveness reflects mainly on the basis of survival, the stability of the enterprise
development capacity enhanced and sustainable development capacity. Rapid pace of development of
the apparel industry in recent years become an important force in economic development. In 2007, the
fast fashion industry development capacity index performed better, and presented a strong
momentum of development. Since the second half of 2008, due to the slowdown in economic growth at

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home and abroad, fast fashion industry development capacity declined in 2008 from January to
November 2009, and the development of fast fashion industry indicators dropped in recent years,
then a rebound in 2010. Fast fashion industry, accounts receivable growth in recent years, changes
from 2009, there were two troughs in 2007, the growth rate of accounts receivable decreased by 5.37%
in 2009, at a low level state, a slight rebound in January, 2010. In the past five years, the total assets
growth rate was volatile, affected by the impact of macro-control in 2006, and the industry growth rate
dropped to 18.82%. It reaches the highest point in 2007, and growth has slowed with the arrival of the
economic crisis in 2008; the expansion speed of the negative impact of the economic environment
highlights. In 2009, due to the industrial production less than ideal operating conditions, asset growth
rate fell to 11.44%; as the worlds fast fashion market rebound in 2010, asset growth rate rose to
20.79%. Changes in sales revenue growth also reflect the development of fast fashion industry for
the past few years, and the overall downward trend. In 2008 the production and operation of
environmental changes, and sales growth began to decline; From January to November of 2009, the
operating difficulties of industrial production, sales revenue growth rate of -5.57%; industry improved
in 2010, the growth rate in recent years, the highest point of 42.69%. From the analysis of these
indicators, China's fast fashion industry overall financial capacity is not strong: the fast fashion
compared to foreign enterprises, profitability and solvency is far below the developed enterprise level,
2004 2005 urgent reach the lowest point under the transfer in 2009 as the economic crisis; operating
capacity, the current assets (including products and accounts receivable) turnover overall slower to fall
into the lowest point in 2010; the ability to grow, " The fashion industry has maintained high growth
rates, but volatile. Poor performance in the 2009 financial position, which is in a difficult period due to
the fast fashion industry, the overall operation by the negative impact of the economic environment,
the production and operation of the industry is facing greater difficulties and challenges, the industry
declines, development slow down. 2010, with the picking up of the global steel market prices and
national policy stimulus driven, fast fashion industry production steady and rapid growth in demand,
prices are a recovery trend, a gradual improvement in economic benefits, from the development trend
of late, at the national policy measures continued to stimulate the fast fashion companies are taking
steps through mergers and acquisitions, the adjustment of product structure, improve technology, to
strengthen management measures such as fast fashion industry, there is a gradual recovery trend is
expected to fast fashion industry financial the development of the situation in 2010 was better than
2009. From Figure 2, we can observe the growth ability of fast fashion.

Figure 3. Ability to grow of Fast fashion

3. Index system design, financial competitiveness

The correct evaluation of the competitiveness of enterprises must establish a scientific evaluation
system. We will be an integral part to break down this complex issue of the competitiveness of
enterprises in accordance with the idea of the system. These components (called elements) organized
into a hierarchical order. An integral part of the competitive evaluation is the evaluation of the

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Yang Guang

competitive system. Specific construct evaluation index system in accordance with the following
principles:

3.1. Purpose principle

Design enterprise competitiveness evaluation index system is designed to measure the status of the
competitiveness of enterprises. Identify the competitiveness of enterprises the reason why. The
methods to improve the competitiveness of enterprises ultimately enhance the competitiveness of
enterprises. Enterprise competitiveness index system should accurately reflect the actual situation of
the competitiveness of enterprises, comparison with domestic and foreign competitors, and tap the
potential to compete. In the index system, we should distinguish between the driving factor of the
competitiveness and influence factors.

3.2. The principle of comprehensiveness

Competitiveness of the index system should be complete, multi-faceted to reflect the
competitiveness of enterprises. The evaluation of the competitiveness of enterprises should take full
account of the enterprise in a competitive and potentially competitive. In addition, it reflects not only
the hard indicators of the competitiveness of enterprises; at the same time, it should also be
considered as soft indicators of the competitiveness of enterprises should also be considered, as well
as qualitative and quantitative binding principle. The level of competitiveness of enterprises is an
abstract concept. Comprehensive evaluation of the competitiveness of enterprises should consider
qualitative and quantitative indicators of the competitiveness of enterprises. Qualitative indicators
clarify its meaning, and according to some standard of their assignment, we are able to appropriately
find the nature of the indicators. Qualitative and quantitative indicators must have a clear idea of the
exact calculation. As for the establishment of the evaluation, we follow the relative value of the index,
which is better than the absolute value of the index. Objective indicators are better than the priority of
the subjective evaluation, versatility and the principle of combining. The index system must be
established with a wide range of adaptability. The establishment of indicators reflects the different
categories, the commonality of the competitiveness of enterprises in different industries. In addition,
the establishment of competitiveness index must have a development. The appropriate adjustments can
be made, depending on the industries and enterprises, thus flexible application. It reflects not only the
results of the evaluation of the competitive situation and development trend of the competitiveness of
enterprises, but also reveals the essence of the problem. The elements of the competitiveness of
enterprises are needed to constitute. Contrast with competitors to identify gaps, we analyze the reasons,
in order to have a comprehensive understanding of all aspects of the competitiveness of enterprises.
Some big vision begins through a variety of ways to consolidate the advantage. Remedy the defect, to
adapt to the requirements of the competition due to international markets. Among competitive
evaluation, we selected a representative and operable elements as evaluation, which reflect only one
side of the competitiveness of enterprises, or a particular aspect, but the evaluation index system was
able to carefully reflect the complete picture of the company's future competitiveness. KMO and
Bartlett sphere tests are done, and the results are shown in the following table (Table 1)
Table 1. KMO and Bartlett sphere test
Kaiser-Meyer-Olkin Measure of Sampling Adequacy
0.530
Bartlett's Test of Sphericity

Approx.Chi-Square
df
Sig.

454.705
153.000
0.000

KMO test results showed that the amount of a KMO statistics for 0.530, larger than 0.5, the basic
requirements appropriate to do factor analysis; to the Bartlett sphere test, The statistical value of 2 is
454.705, a significant probability of 0.000, less than the significance level to reject the null hypothesis
of the Bartlett test. We can consider the factor analysis. KMO test and Bartlett sphericity test showed
that the study is suitable for factor analysis.
The evaluation is the carrier of the competitive evaluation of corporate financial, but also the
content of external manifestations of corporate financial competitiveness evaluation. Financial
competitiveness evaluation index must fully reflect the financial competitiveness. The overall objective

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of the system must first be established to clarify the scope of decision-making objects and to achieve
the criteria for target, the target level for the highest level, to achieve the overall goal of the evaluation
for the middle layer, as revealed in Table 2 and Table 3.
Table 2. Analysis of variance table
Factor
Initial eigenvalues
Total variance
Variance contributes
Accumulative variance
F1
F2
F3
F4

4.467
3.324
2.908
2.834

1
F1
F2
F3
F4

-0.081
0.067
0.642
-0.258

2
-0.154
0.096
-0.214
-0.013

34.007
22.290
20.582
15.939

34.007
59.297
76.879
92.817

Table 3. Factor-loadings matrix

Component
3
4
5
6
-0.496
0.566
-0.073
-0.214

0.230
0.370
0.389
0.088

0.059
0.119
0.642
0.726

0.072
0.067
0.274
0.030

0.154
0.096
-0.215
-0.191

0.081
0.566
0.110
0.194

-0.004
0.370
0.076
0.183

Nine original index is defined as X1 = rate of return on total assets, X2 = rate of return on net assets,
X3 = quick ratio, X4 = balance rate, X5 = liquidity asset turnover, X6 = total asset turnover, X7 =
accounts receivable turnover ratio, X8 = total assets growth rate, X9 = net profit growth. Moderate
index handling, formula processing Xi=1/(Xi-Xavg), and then all of the original data to be standardized
with SPSS. Using SPSS software, the data processing system, to standardize conversion does not
change the relationship between the data in the standardized conversion. Standardized indicators
selected in this article are as follows [5]:

xij
E( x j )

1 n
Sxjij
xij

n i1 and

xij E ( x j )

(1)

Sj
n

[ x

ij

E ( x j )]2 /(n 1)

i 1
Where
. E(xj) is the average of the j-th
variableSj is standard deviation of the variable jxij is indicator values before the standardization,
is indicator values after the standardization.

L1 j xij

1 max(L x
min( j ) , xmax( j ) L2 j )
1j

yij 1

xij L2 j
1
max(L1 j xmin( j ) , xmax( j ) L2 j )
Index
X1
X2
X3
X4
X5
X6
X7
X8
X9

(2)

Table 4. Factor-loading matrix after rotating

Factor
F1
F2
F3
0.915
0.890
0.810
0.945
0.168
0.001
0.076
0.003
-0.076

-0.213
0.012
0.132
-0.342
0.768
0.829
0.211
0.193
0.027

0.102
0.105
0.164
0.215
-0.034
0.181
-0.103
0.018
0.035

F4
0.121
-0.136
-0.034
0.093
0.169
-0.148
0.865
0.876
0.923

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It can be seen from the rotation of the factor loading matrix in Table 4, a common factor reflects the
company's profitability, sales profit margin, earnings per share, net profit growth, return on assets,
return on net assets, operating profit growth in the load on the first primary factor 0.915, 0.890, 0.810,
0.945, 0.768; second common factor reflects the company's solvency, including current ratio, quick
ratio, and regularization of the asset-liability ratio in the factor load, respectively are 0.983,0.987, 0.973;
third common factor reflects the companys asset management capabilities, including inventory
turnover, total asset turnover, liquidity, asset turnover, the main factor in a larger load are respectively,
0.936,0.870,0.899; common factors reflect the ability of the company's development, including capital
maintenance and increment ratio, total assets growth rate on the main factor of the load, respectively,
are 0.956, 0.739. Four factors were defined according to the factor score coefficient matrix to write the
function of the factor scores of four factors, accounted for four of variance contribution rate and the
proportion of weighted to obtain the variance contribution by each factor. It can be calculated from the
data in the factor score coefficients and original variable standardized score of each factor with Eq. (3):

Fi i1 X 1 i 2 X 2 ij X j

(1) (3)

Substitute the above data in the matrix and we can obtain the four factor scores of functions in the
following:
F1=0.915X1+0.890 X2+0.810 X3+0.945 X4+0.168 X5+0.001 X6+0.076 X7+0.003 X8-0.076 X9
F2=-0.213X1+0.012 X2+0.132 X3-0.342 X4+0.768 X5+0.829 X6+0.211 X7+0.193 X8+0.027 X9
F3=0.102X1+0.105 X2+0.164 X3+0.215 X4-0.034 X5+0.181 X6-0.103 X7+0.018 X8+0.035 X9
F4=0.121X1-0.136 X2-0.034 X3+0.093 X4+0.169 X5-0.148 X6+0.865 X7+0.876 X8+0.923 X9

4. How to improve the financial competitiveness of fast fashion

It can be seen from the previous financial analysis, the profitability of fast fashion and always
maintain the leading position in large and small clients among the first in the world, is still enormous
potential for future development, but to become a powerful world-class leading enterprises, fast
fashion there is not a small gap. In other countries, the fast fashion is not top-class enterprise.
Financial management tools are needed to support.

4.1. Strengthen the overall budget management

The overall budget management as a strategy-oriented management tools and methods to enhance
the competitiveness of enterprises and maximize the value of the target plays a vital role in fast
fashion. In practice, tried thinking of the overall budget management, practiced in full, the whole
process involved in market research as a starting point, set operational budget, financial budget, the
investment budget as one budget. The overall budget management, including the three main aspects:
First, the financial department of the fast fashion to the preparation of a comprehensive budget
management, which requires a fast fashion to establish a series of budget management evaluation
index system. The finance department of the fast fashion places more emphasis on financial
indicators, such as revenue, costs and expenses in the information technology development. Financial
indicators have been increasingly unable to reflect the goal of maximizing value. Establishing a sound
monitoring mechanism is the budget for the effective implementation of protection. Fast fashion
must be established beforehand, during and after triple-monitor system, prior forecasting and planning,
to a matter of timely detection of problems, and afterwards to take remedial measures. Third, we can
budget for the completion of reward and punishment, so that the overall budget management system to
form a virtuous circle.

4.2. Optimize the capital structure

Capital structure not only refers to the elements and the ratio between corporate capitals, but also
refers to the proportional relationship between the owners' equity and liabilities. If the disproportionate
capital structure will not only seriously affect the efficiency of enterprises and increase the risk, even
render bankruptcy. The reason why the capital structure of business-critical, mainly due to capital
structure not only reflects the cost of capital, but also reflects the company's overall financial risk. The

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capital structure is reasonable direct impact on the solvency of the enterprise and re-financing capacity.
Thereby affecting the enterprise value maximization goal, therefore, any company should pay attention
to the composition of the capital structure.
Fast fashion is committed to maximize enterprise value and must therefore be to achieve the
optimal allocation of capital structure in financial management. The optimal capital structure: the
lowest corporate cost of capital can maximize enterprise value as well as to mobilize the enthusiasm of
the capital structure of the various stakeholders. In general, the increase in debt ratios will reduce the
cost of capital, but when the liabilities to a certain extent, is bound to lead to increased financial risk,
thereby causing a rise in the overall cost of capital. Therefore, the lowest cost of capital is used to
compare different combinations of the cost of capital to determine the optimal solution. In actual
operation, the finance department of the fast fashion usually is used the earnings per share of no
difference in point, it can examine the financing plan in the levels of various interest profit before tax
(EBIT) earnings per share (EPS) impact. EBIT in excess of its non-discriminatory level, the stronger
the plan of financial leverage will result in a higher EPS. Namely the use of debt financing is more
favorable; the contrary, when the amount is lower than the level of undifferentiated points EBIT weak
plan of financial leverage will have a lower EPS[6]. At this time should be reduced liabilities. For fast
fashion, by the end of 2006, total debt to total capital ratio was 10.9%, the capital structure is
relatively stable, the overall level of finance to maintain a relatively stable state. Fast fashion
determines an optimal capital structure. Other factors that should also be considered to affect enterprise
value maximization objectives, is about the future growth and stability in the business, commercial risk
management control of the authorities and financial institutions together on the attitude of enterprises
into account[7,8].

4.3. Efficient use of funds

Corporate funds and assets are not infinite, and in order to get the most profit, its not only to
increase revenue, reduce costs and asset consumption, but also must understand how to improve the
efficiency of the assets, the use of funds. Effective management of funds of the fast fashion is to
proceed from two lines of income and expenditure, around the city, the county agency funds focused on
the management of provincial corporate management, the funds of the provincial company focused on
the group level. However, this system will no doubt give the scheduling of the funds of trouble.
Appeared such a situation a few years ago: Shanxi moving book on the surplus funds of 15 million, and
the Inner Mongolia Branch 500 million funding gap still exists, which requires that the finance
department of the fast fashion to think about how can we do funds for the unified control at the
Group level. Idle funds used in place of real need [10, 11, 12]. In practice, Fast fashion funds the
operation of highly concentrated, using network resources to establish an efficient, smooth flow of
funds and operating mechanism. Excess idle funds are helpful to expand the operation of channels.
Obviously idle assets, you should change the use of the assets, increasing the assets of the business
output, is not only a cost-profit strategy. Due to the rapid development of these fast fashion, but also
face the confusion, on the one hand, there are a lot of precipitation funds, which is to external financing,
and contradicting. Therefore, the fast fashion financial sector should continue to improve the Group's
cash management system. Save financial costs and maximize enterprise value.

4.4. The right to conduct financial analysis

In order to improve the internal management of enterprises, financial management is often to
corporate profitability, finance structure, and analyze the distribution of profits. To evaluate the
company's financial position, we operate results as well as cash flows, and forecast future development
trends. In this process, financial data of the true, accurate, will have a direct impact on the overall
decision-making. Therefore, the finance department of the fast fashion must also regulate the
financial management process, and do a good job of financial accounting, to ensure that the statistics of
real and accurate. In order to strengthen financial management of Fast fashion, you must first do a
financial analysis, pay close attention to the basic work. Through information collection, audit,
accounting, and collection, analysis, a series of work need to be done to improve the financial quality
of the work. There is no doubt an enterprise that must first do this the direction of the financial
management of engineering work, and identify key issues, weak links, and implementation of

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comprehensive improvement measures across the enterprise to make effective, high-speed operation. I
believe, with the effective financial management, which is putting down roots in the fast fashion, a
powerful world-class garment enterprises is bound to appear before the world.

5. Conclusion
This paper selects a comprehensive evaluation of the nine financial indicators in the fast fashion
business data on the company's financial competitiveness; despite many factors influence the
companys development of fast fashion, but due to the company's unique marketing promotion
strategy, fast fashion has higher financial competitiveness. However, this does not mean fast
fashion and the enterprise can remain invincible in domestic and international markets, but instead, it
is still very necessary and urgent to further enhance the company's financial competitiveness. Solvency
and profitability are important manifestation of the financial competitiveness, but the competitiveness
of enterprises, reflected in the financial competitiveness is an indicator of profitability class, to
strengthen the profitability and operational capacity of the growing class of indicators and operational
indicators of company, which will be reflected in the ability to grow, mainly from two aspects to
strengthen the profitability and operational capabilities, and enhance financial competitiveness to
improve profitability and operational capabilities needed to upgrade the main business gross margin to
improve the cost margin and accelerates turnover, improve gross profit margin of the main business of
new product development, increase the cost margin elements of management must be done to
accelerate the turnover of assets, we must strengthen market management and materials management.
Therefore, from product development, marketing, and strengthening and improving production
management to enhance financial competitiveness are still the main task of the fast fashion
companies

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