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LEEDS, U.K. - Wal-Mart-owned Asda is set to triple the amount of space devoted to its George at Asda "fast fashion" ranges as sales continue to grow rapidly at the UK superstore, the company has announced.
The retailer's fast fashion line, which was originally launched in April, cuts the lag time from design to store to only seven weeks.
Andy Bond, managing director of Asda's George clothing division, spoke recently at the prestigious CEO fashion summit in New York, challenging the fashion industry to embrace new rules to give customers a better deal.
"I do wonder what's going on when fabulous designs are hyped to create long waiting lists - which may cause a frisson of excitement for the 'lucky' customers who get the precious product, but quite a deal of frustration for those who don't," he told the conference.
He said it was time for the fashion industry to think about the long-term consequences of pumping up demand and restricting supply to keep prices high. Confirming that George sales continued to track at over 30 percent like-for-like growth, Bond said that being part of Wal-Mart was opening up huge opportunities to improve both quality and price. Fabric purchases were up to 60 percent cheaper and components such as buttons and zips bought for 15 percent less. "This, together with greater efficiencies throughout the supply chain, has allowed us to bring down prices by an average of 20 percent in the last 12 months across all ranges," he said.
New ranges at George at Asda include a men's tuxedo for 63 UK pounds ($99) and a women's velvet version for 62 UK pounds. A women's cashmere jumper is 45 UK pounds ($71) -- half the usual price for similar products elsewhere, according to the company.