Zara is one of the largest fashion retailers in the world; is a Spanish clothing and accessories retailer. It is the flagship company of Inditex, a holding company that includes seven other brands, and was founded in Artexio, Spain, in 1975 by Amanico Ortega and Rosalia Mera. Just this year Forbes named Ortega the third richest man in the world. "Zara contributes approximately 80% of Inditex's revenues, which have grown on average 27% per year since 1998" (Zara). As of 2012, the retailer has a whopping 1,925 stores and only 120 opened in 2012. These stores are also present in 86 markets and entered 5 new markets in 2012. They employ 120,314 people. Annual revenues amounted to 10,541,000 euros in 2012. Zara has been around since 1975 but has shown no signs of slowing down. They are expanding globally into new markets every year and have found success in adapting their business to these new markets. Zara does extensive research before entering a new market and decides the method best suited to each region. The reason for Zara's global expansion was the desire to reach more fashion-conscious consumers and become known for its fast fashion. When Zara first entered markets, it entered markets that were culturally or geographically close. They also looked at consumer behavior; the French are more fashionable and quality-oriented while the Germans are price sensitive, the Americans are less trendy, the Japanese consumers are more trendy and the English shop in stores based on social affinity. The fact that, like Germany, some countries are price sensitive is why they have different prices for different regions. Zara keeps about 80% of its inventory the same for all regions, with 20% changed for each market. They adapt their strategies to different cultural, administrative, geographical and economic factors. Zara uses two different strategies: adaptation by variation and adaptation