Zara+Roundtable+Discussion Transcript Essay

Zara Roundtable Discussion |00:00:03. 0 >> |PANKAJ GHEMAWAT: What are the core features of the ZARA business model and when were they | | |established? | | |JOSE MARIA CASTELLANO: The original idea of combining distribution with manufacturing began with the | | |founder. | | |This model, which was intuitively seen to have some advantages, was perfected by introducing | | |technology and especially human resources. | |It’s not the same to have ten stores as 1,300 stores or one country vs.

40 countries. | | |But the model has been the same since the beginning. | | |It improved over time, through the incorporation of technology and the fact that the company is | | |larger and more complex than it had been. | |00:00:43. 0 ;gt;;gt; |JUAN CARLOS R. CEBRIAN: I would add only one key word, which is: innovation. | | |This company is in a state of constant innovation.What Jose Maria said is true, and the last thing | | |is: when they [the competition] get to where we are, we will have invented something new.

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| | |What we cannot do is stop. This is the key [to this company], to not stop, to be constantly | | |introducing new things. | | |DIEGO COPADO: If we draw a diagram of our marketing mix from the standpoint of public relations, we | | |have the best creative agency in the world, which is our real estate department. | |They choose windows in the best sites in the best and largest cities in the world. | | |We have some designers and sales people who create designs and the most attractive products for our | | |customers. | | |And we have store designers and people who design the window displays who put together the layouts or| | |the most fantastic creations that an advertising department could imagine. | | |All this combined allows us to project a very powerful message.

| |Which is that, based on the customer’s experience, and [the subsequent] word-of-mouth, every time you| | |open a store, the trajectory of your growth is improved and the awareness of the product increases. | |00:02:10. 0 >> |JESUS VEGA: When you grow from a small thing into something bigger, the tendency is for a relaxation | | |of the very values that existed with the start of the company. | | |JOSE LUIS NUENO: What are those values? | |JESUS VEGA : Freedom, perfectionism, responsibility, to respond quickly, to be flexible, and above | | |all, respect for others and the need to be consistent when acting with this freedom.

| | |Whenever there is a part of the equation that is unresolved—where freedom is failing or where | | |responsibility is lacking—the company will stop working. | | |Until now this equation has worked perfectly because the chairman demands that we adhere to these | | |values.He is the first one to practice what he preaches, which is another of the fundamental values. | | |Here deeds are more important than words; one must lead by example. | |00:03:10. 0 >> |JACQUES SALLUN: It is a company where you work hard. Someone who comes from the outside might have | | |the impression that we don’t work very hard, but this is not true. It’s a good environment, but you | | |work hard.

| | |That’s why if there is a problem, you can contact anyone 24 hours a day. This is very important. | |The other thing that’s very important is open communication. In a normal company there is a strong | | |hierarchy, but not in this company. | | |I think this manner of working is key to why this company is growing so fast.

| |00:04:01. 0 >> |JOSE MARIA CASTELLANO: Our whole organization is used to responding quickly to the changes in demand. | | |We have a flat organization; we have responsible people, dedicated people, and people who have | | |understood this type of work from the outset. | |For those who want to adapt to our business model, they will have to do all of this as well as change| | |their method of applying human resources, which is the most costly. This is where Inditex’s | | |competitive advantage lies. | |00:04:28. 0 ;gt;;gt; |PANKAJ GHEMAWAT: How have you implemented your business model so quickly and effectively in so many | | |different countries, given the difficulties that many retailers have experienced in globalizing their| | |store networks? | |JUAN CARLOS R. CEBRIAN: There used to be a greater difference in fashion.

.. when media communication | | |was not as immediate as it is today the variation in fashion between countries was quite large. | | |Where was fashion previously? In France. And when it crossed into Spain, it started in the north and | | |it took a few months for it to get to the south of Spain. | | |Today, this has changed. Not only in Spain, but all over the world.

And so there are no great | | |differences in fashion now. | |00:05:04. 0 ;gt;;gt; |JOSE MARIA CASTELLANO: When we started in France, around the year 1989, we opened two stores in | | |Paris. The French market was very different from what it is today, [in that] it was a designer market| | |with very high prices. Later there was a market for cheaper clothing, which [in our jargon] was | | |called ‘rags. | | |That is, the industry had relocated; it was now manufacturing goods in Vietnam or China or Japan and | | |sold them at very low prices.

But in the middle segment of the market, where someone might offer good| | |quality fashion at a reasonable price, this was a segment of the market that no one served. | | |We took advantage of the situation and inserted ourselves in this market niche, and it worked.It | | |took a while to adapt; we spent three years in France with two stores – without opening any others – | | |preparing our organization, and getting oriented. | | |From there, we began to expand. Here we have the director of the French operation.

France is today a | | |very important market for us; it’s the second largest market for Zara after Spain. It’s a very | | |profitable market, one in which we’ve had great success.And that is what we have developed in | | |France. | | |At first, we were centered in Paris, which is still the most important city in France for us. | | |Afterwards we spread out to other cities such as Marseilles, Lyon, Bordeaux, etc. By the end of last | | |year we had 67 Zara stores in France.

| |00:06:22. 0 ;gt;;gt; |JACQUES SALLUN: The example of France is not so different from the Spanish example.Because there is | | |no difference in culture, the clients are the same. I agree with Juan Carlos; there is not a lot of | | |difference between European countries. Yes, France is different with regards to legal problems with | | |the 35-hour labor agreement; there was a very big change in the mindset of the staff resulting in the| | |fact that we don’t have as many sales clerks as we would like. | | |But I don’t think there is a big difference in the clients, they are the same as in Spain.What the | | |client expects is the same for both France and Spain. | | |As mentioned before, on the day the truck arrives, there are many people lining up to buy the latest | | |styles.

This is true. I think it’s the same in all the countries in the world. | | |It’s for this reason that France is different regarding the sizes and numbers of stores, but all the | | |other factors are the same. | |00:07:37. ;gt;;gt; |DIEGO COPADO: I think there are two keys regarding your question about globalization, focusing on the| | |company standpoint. The first is that when Inditex positions its chains, or in the case of Zara, | | |[looking more at the past] we were looking for a target without analyzing ages or lifestyles, which | | |simplifies things a lot. | | |And this is part of the culture of the company. We want to target buyers who like fashion and who are| | |receptive to it.

It’s true that in the ’80’s and ’90’s this target or consumer was bigger or smaller | | |depending on the country. But at the time, media and various new technologies began to instill new | | |habits in society, and the number of consumers whom we are targeting today is growing. | | |What occurs is that various tastes in fashion that were different in different countries become more | | |similar, such as France and Spain, or Portugal and England.But nowadays, it’s not that clients are | | |becoming more uniform in taste but just that while other companies aim to sell casual clothing and a | | |huge number of garments, we are looking for a target which is uniform and that is not limited by | | |international borders, that is, people who appreciate fashion. | |00:09:12. 0 ;gt;;gt; |RAMON RENON: We sell fashion; 60% of our products are intended for women. And to sell fashion, well, | | |fashion is common in different capitals of the world.

When a very popular product is sold in Mexico | | |or New York, it is also sold in Paris and in a Barcelona store or in a Lebanese or Kuwaiti store. | | |That is, there is a uniformity of demand on the part of the fashion-conscious public. | | |I remember when I started in this company, there was a unique concept that went: “that girl is a Zara| | |girl,” which coincides with our market surveys of the types of consumers in each country.That is, | | |finding a ‘Zara girl’ in a market is one of the things that influences our decision whether or not to| | |go to a particular country. Evidently, this is the type of customer we’re looking for. | |00:10:25.

0 >> |BORJA DE LA CIERVA: Investors often ask us, “Why are you in so many countries rather than being more | | |concentrated in fewer countries? “Why have you broken the traditional barriers to being in so many | | |countries? ” We explain that there are two basic barriers or costs that we don’t incur when entering a| | |new market. One is advertising, since we don’t advertise, when we open a new store in Poland for | | |example, we don’t have this extraordinary advertising expense to create brand recognition. | | |And the second thing is local logistics. We don’t have to do this.When other chains enter a new | | |country, or come to Spain, the first thing they undertake is an ad campaign and [the building of] | | |logistical facilities.

For us it’s the same whether we open a new store in Spain or the Czech | | |Republic. Because we aren’t going to advertise or set-up logistics in that country. This is what | | |allows us to take better advantage of the real estate opportunities regardless of the market we’re | | |in. |00:11:29. 0 ;gt;;gt; |JOSE MARIA CASTELLANO: Because we organize production here in Spain we compete effectively in terms | | |of response time. Our competition, in terms of costs, corresponds to the products we don’t produce | | |internally.

Our presence in other countries consists of stores, but to compete in manufacturing, we | | |have to reduce our response times, which is done by producing mostly in Spain, about 50% of our | | |volume.Europe [including Spain] accounts for 80%. | | |Therefore, all we have in France are stores; in Germany we have stores, in Austria we have stores; we| | |don’t have the rest of the organization. So we see the differences in terms of stores in each | | |country. But the business model is the same everywhere. | |00:12:12.

0 ;gt;;gt; |PANKAJ GHEMAWAT: What are the differences between the stores, if any, from one country to the next? | | |JUAN CARLOS R.CEBRIAN | | |The culture of each country. But this decreases over time and in the end you’re left with a single | | |culture, which is Inditex.

In principle, if you go to Japan you’ll find a serious cultural | | |difference. The rhythm of work, productivity, in one store you might need five people, whereas in | | |another maybe seven or three.The customs: in certain stores they’d need to have a cup of coffee, but| | |not in a different country. Basically it’s customs, and these converge little by little into a single| | |set of customs, which is Inditex. | |00:12:57. 0 ;gt;;gt; |JESUS VEGA: The philosophy is fundamentally the same. The values that are valid here in Arteixo are | | |also valid in the stores.

It’s clear the type of work is different and many business dynamics are | | |different.But this is precisely one of the things that has made this company big: that it has been | | |able to impart these values, not only to the people working here in Arteixo where it’s easier because| | |of proximity, but also to the stores. And not just the stores in Spain, but also the stores in | | |various countries and of various chains.

| | |One of the things that Juan Carlos and Casti [Castellano] ask of us constantly is to be close to | | |people.To truly see what is happening in order to identify two things: one, to convey these values, | | |and two, to be quick and effective at resolving problems precisely because those are where the values| | |are not being practiced. And this means having international teams, store management teams, human | | |resource teams that are in the stores, window display teams that constantly travel to various | | |countries, specifically to remain aware of the dynamics inside the stores. | |We are not a company that manages from here; we are a company that operates from Arteixo but has a | | |mission to be more reality-based and for us the reality is in the stores? they are the center of the | | |company. | |00:14:33. 0 ;gt;;gt; |PANKAJ GHEMAWAT: Can you summarize your future growth plans and the challenges that they entail? | | |JOSE MARIA CASTELLANO: We have a plan for the next five years, more specifically until the year 2006. | | |But this plan is only assured until a certain point.We project the company will grow at an annual | | |rate of 20%, of which 15% will be new floor space and 5% ‘like for like’ growth from existing floor | | |space.

| | |Of this 15% growth, 80% is committed for 2002; 40% for the year 2003; 10% for the year 2004, and the | | |rest is still theoretical. | | |What happens is that our yearly experience shows that on average we are capable of opening between | | |200 and 250 stores [per year]. | |Now, that’s for the year 2002, 2003, and 2004.

.. if you ask us where these stores are going to be in | | |2006 we couldn’t say. But we think that this will be our growth rate unless something exceptional | | |happens. So there is a degree of certainty in planning that decreases over time. | |00:15:51. 0 ;gt;;gt; |LORENA ALBA: Logistics, in the end, involves three or four very important variables. Without going | | |into the details too far, because for logistics, five years is not a lot of time.

We always have to | | |be ahead of the curve. We always have to think about volume and how much product we’re going to move | | |over the next five years. The SKUs (stock keeping units) also influence the variety we’re going to | | |handle in existing and future chains, and the delivery points—clearly it’s different to expand into a| | |country where you already have stores than to grow continuously each year in different countries | | |where you ave to establish the entire distribution system from the start. Taking all this into | | |account, if we think of the future and also the day-to-day, we can accomplish our short-term | | |planning. | |00:16:39. 0 >> |JOSE MARIA CASTELLANO: The future is so uncertain that I, for one, am unable to predict it.

But for | | |the next five-year period we don’t anticipate any great changes.Production here is more expensive | | |than in Morocco, but in the fashion industry, while it is always fundamental to control costs, the | | |most important thing is not to attain the lowest costs, but the shortest response times. Why? Because| | |if a customer wants a flowered outfit, and we have to get it from Asia, it’ll take four months. By | | |then they’ll want a black outfit. | |00:17:08. ;gt;;gt; |JOSE LUIS NUENO: What degree of coordination exists between chains in the same group and different | | |countries within the same chain? | | |JUAN CARLOS R. CEBRIAN: I see more growth throughout the entire company within the same chains, and | | |with future chains..

. and with other segments of the market, maybe other types of products… the | | |company cannot stop. | |00:17:29. ;gt;;gt; |JOSE MARIA CASTELLANO: The company has a five-year plan, and aside from any acquisition—which is not | | |in the plans, nor anticipated—the growth will be through existing chains and new chains developed | | |internally, organically. | | |Zara dominates the six in the group we now have.

Over the next five years Zara may lose market share | | |at two points per year because the other chains are growing faster, as they are newer and younger, | | |among other reasons. | |We will continue being an essentially European company; we will have 80% of our volume in Europe. We | | |don’t have very big plans for growth in the Americas or Asia, although that is where the rest of the | | |volume will come from. | | |And as for the development of new chains, we are thinking about developing a line of children’s | | |clothing and this would be all.But essentially, we’ll grow the lines we have and add one other | | |chain. | |00:18:33.

0 >> |BORJA DE LA CIERVA: Last year the company had 3,200 million Euros in sales. Any new concept or chain,| | |no matter how aggressive its growth plan is, will have difficulty generating more than 2 or 3% of the| | |sales of the company in the limited time of four or five years. So future growth can’t be based on | | |this.The new chains contribute a bit more growth, but it is only a marginal growth, above what is | | |already being produced.

| |00:19:04. 0 ;gt;;gt; |JOSE LUIS NUENO: When one opens a store in a country other than Spain, or opens a new chain, what | | |degree of autonomy do they have? What systems exist for control, centralization or decentralization | | |of services, strategy coordination, store opening decisions, coordination of expansion with respect | | |to the landlords?What variables are behind these actions? | |00:19:19. 0 ;gt;;gt; |JOSE MARIA CASTELLANO: The company has a five-year plan for all its businesses arranged by chains and| | |by countries for every product line you can imagine. We don’t have six chains, rather we have six | | |companies that act independently in certain respects. In these six companies, we prepare plans with | | |all the departments for the next five years.

| |Inditex, as the holding company, decides centrally where to invest, not based solely on financial | | |criteria, but also on commercial criteria. For example, when we open a new store in a country it’s | | |not always based on financial profit; this might be a ‘flagship’ store. We are seeking company | | |’presence’ in the country. The first store we opened in Hamburg didn’t have to be profitable at | | |first. We wanted a flagship store in Germany. | |From there we decide how to expand each of the chains over the next few years. Zara, which has the | | |most international exposure of the group, serves as an important example for the others. | | |In Germany, there are now 18 Zara stores.

We also have Massimo Dutti and Oysho. So Zara’s experience | | |regarding real estate, personnel costs, hiring or other contract negotiating, is valid for Massimo | | |Dutti, or if we go with Pull ; Bear or Bershka subsequently. | |Because Zara is the most international of all the companies, its experience is shared with the | | |others. This doesn’t mean the information is shared on a day-to-day basis.

[For example] Massimo | | |Dutti in Germany doesn’t know what a Zara store is selling per square meter (which we keep track of | | |here at Inditex centrally), but yes, they do know if street “X” is a good street for Massimo Dutti | | |because of Zara’s experience. | |00:21:17. >> |JOSE LUIS NUENO: How does Inditex function in Germany, for example? | | |JOSE MARIA CASTELLANO: There is a Zara office that shares resources with Massimo Dutti and Oysho.

In | | |Mexico, all six chains are present but one of them is franchised, so the central office monitors the | | |other five chains. Venezuela is the same. France has a Stradivarius store, but the central Zara | | |office monitors all the information for Stradivarius in France and so on. |00:21:47. 0 >> |JUAN CARLOS R.

CEBRIAN: The resources that are shared are not the only resources. Zara has its | | |commercial part, as does Massimo Dutti; they are independent. Zara’s financial part is shared with | | |other chains. [That is] the business portion is independent; it is not shared with the other | | |companies. None of them has authority over any of the rest of them; this is specific to the chain.

| |00:22:11. ;gt;;gt; |JOSE LUIS NUENO: Ramon is negotiating with the malls for five chains [for example], correct? | | |JOSE MARIA CASTELLANO : Yes, but it’s not the same for Oysho to go and negotiate 250 square meters at| | |a mall, as it is for Ramon Renon to negotiate 3,500 square meters for six chains [where a per square | | |meter volume advantage can be gained at the mall]. But in reference to placement, every chain has a | | |team that finds the locations in the cities. | |JUAN CARLOS R. CEBRIAN: Regarding what is shared; since the smaller chains can’t contribute as much | | |and the chain that contributes the most is Zara, the rest of them have to take advantage of this | | |’engine’ which is Zara.

| | |In the mall, the engine is Zara, not Massimo Dutti. Therefore, even though Ramon negotiates on behalf| | |of all of them, he negotiates for Massimo Dutti, Oysho… et the director of each chain has the | | |final say [can say yes or no].

| | |LORENA ALBA: On the theme of transport, they can also take advantage of routes that are shared. | | |Without obligation, of course, they can make use of the volume [of goods] that Zara moves. | |00:23:34. 0 ;gt;;gt; |RAMON RENON: There is a very important issue at the international level. There are a number of | | |players common to each country.For them it is necessary to have a single policy and strategy, | | |otherwise they would end up doing things differently [in each country] and creating inefficiencies. | | |So these are the operations we are managing at a global level; for the others, what we have is a | | |business template, which we follow because the actions of one country can impact the other countries. | |00:24:07.

;gt;;gt; |JESUS VEGA: In the area of human resources, each chain has its own structure which both serves as the| | |executive and operations department. In the corporate human resources department we’re trying to | | |provide the tools, like we discussed with transport and locations that can be used so as to avoid | | |duplicating the efforts with respect to employment, hiring, public relations tools. The chains use | | |the designs that are produced here so that we don’t have to repeat the same process multiple times. | |But it is each department of each chain that has the initiative and autonomy to handle the day-to-day| | |tasks with respect to human resources. | |00:24:59.

0 ;gt;;gt; |JOSE LUIS NUENO: Companies tell you that the capital markets themselves limit the innovation you | | |discussed, because it requires you to improve performance each quarter. So will a capital market | | |allow you to continue to be so innovative, given that it demands cash flow and ometimes ‘milking’ of| | |the business rather than laying the foundation for future business profits? | | |JOSE MARIA CASTELLANO: In our case, this limitation doesn’t apply for several reasons. First, we’re | | |in contact with our investors; we pay attention to the additional information they give us, which is | | |important to analyze, just as is the information we get from our customers, from analysts, mass | | |media, the professionals and universities, etc.But what was said at the start is that this company | | |does what it believes it must do.

In light of all this, we are not limited by the capital markets. | | |What’s more, another important difference is that we continue to have a controlling shareholder. That| | |is to say, in the capital markets we have 30% of ‘free float’ but not the 70%. And the rest is | | |dispersed. We still have a controlling shareholder who, fortunately, continues to make the company’s | | |strategic decisions. | |So what the investors tell us is another source of information to consider but it doesn’t mean that | | |we have to do what they say.

This doesn’t mean we have to think exclusively short-term over the next | | |quarter. The company has to continue to think long-term and to think about what it must do. | |00:26:38. 0 ;gt;;gt; |JUAN CARLOS R. CEBRIAN: When we were about to go public, that was the question we asked ourselves. | |But we also knew we couldn’t divert the company from its successes or failures up to that point.

| | |Neither the stock market nor the capital markets can change us. If they change us, we would become a | | |different company, and who knows where we’d end up? We continue thinking the same, buying the same | | |things, making the same mistakes and achieving the same successes, without thinking about being | | |publicly traded. | |I think this is another of the reasons why many other companies are more concerned about being | | |publicly traded. We have changed practically nothing [since going public] except maybe for these two | | |people here who have to meet with the investors and analysts every so often, but the rest of the | | |company functions the same as before. | |00:27:39. ;gt;;gt; |BORJA DE LA CIERVA: We’ve only been traded publicly a short time; this week will mark one year. The | | |investors are free to say whether or not they like the things we do, and to buy or sell the stock | | |when they want. In this sense, there is sufficient liquidity.

I don’t think investors show a lot of | | |emotion about what they do or do not do. If they don’t like something, they sell the stock. Time will| | |tell.We think the company has never been run according to financial parameters, nor has it been | | |governed by financiers, and therefore it should never be governed by financial investors such as | | |stock market investors. | |00:28:11. 0 >> |PANKAJ GHEMAWAT: Continuing on the subject of sustainability and barriers to imitation, what are the | | |barriers for a new company in China for instance to set up the same business model as Zara to serve a| | |market like Japan? | |JUAN CARLOS R. CEBRIAN: The main barrier is cultural.

We have to put ourselves in the position of the| | |Japanese, or the Chinese when we go to China, and bit by bit introduce our philosophy. We can’t go as| | |colonizers, as if, here we are, the Spaniards from Inditex arriving to transform everything; not | | |that. We have to adapt to the market that exists in that country, changing our ideas as we o. Many | | |barriers do exist: the language, culture, [clothing] sizes, etc.

, but our task is to overcome these | | |so that we can expand. If we are in 40 countries, getting into 40 more is a question of getting | | |organized. We haven’t yet encountered serious problems.

Problems, yes, but not serious ones. | |00:29:14. 0 >> |RAMON RENON: There is a fundamental barrier, which is location.Actually, there are two basic | | |barriers beyond what Juan Carlos brought up. On the one hand, the [fashion] products that come out of| | |Asia: these aren’t looked upon very favorably in Europe, so that would be considered a handicap. | | |Next, it’s very difficult to establish stores in the best sites of the biggest capital cities. | | |Because it’s not a question of money; the markets are very tight.Right now, there are three or four | | |companies in the markets fighting over every square inch of real estate in the major capitals, so a | | |new company would have a hard time coming in.

| |00:29:55. 0 ;gt;;gt; |JOSE MARIA CASTELLANO: I understood the question as having to do with whether a company in Japan | | |could replicate the Zara model in Japan, and expand as we have done. | | |JOSE LUIS NUENO: Such as Uniqlo [a fast-cycle Japanese competitor]? | |JOSE MARIA CASTELLANO: Uniqlo is a different company; it has nothing in common with us.

In any case, | | |first, a company would have a team of people that would have a learning curve and an experience | | |curve. Like Lorena Alba said, there are many logistics and computer software packages available on | | |the market, but since our company is unusual, most of the available software or hardware doesn’t suit| | |us. We ourselves have developed about 95% of the software we use, because the standard in the arket | | |is not the standard for us. So there are the matters of teams, of learning, of experience, of real | | |estate opportunities, of capital, etc. I think the main thing is related to teams, philosophy, | | |operating methods. | |00:30:56.

0 >> |JOSE LUIS NUENO: This week, the CEO of The Gap stepped down from that company, a company that had | | |presented horrible results, but that was admired by everyone for the last ten years?How might a | | |company like Inditex – which is perhaps at its golden moment or maybe this moment is still to come – | | |how can you prevent this from happening to you? | | |JOSE MARIA CASTELLANO : I don’t think there is an infallible formula in business economics. Everyone | | |thinks you can add two and two to get four, but I don’t think that’s possible. There is no certainty | | |that what happened to others won’t happen to us.I think we have to go back to the beginning; all of | | |us firmly believe that as long as the company continues to maintain the philosophy of adapting to the| | |market, having motivated personnel, having people who think about the company 24 hours a day, every | | |day of the week, every week of the year, as long as the company responds to the needs of the public, | | |and is capable of adapting to the demands and changes of the market, I don’t think this will happen. | |If the company becomes rigid, if it operates from the top down rather than the bottom up, if it | | |changes its structure, or chooses not to pay attention to the changes in the market, then this | | |breakdown could happen. | |00:32:15. 0 ;gt;;gt; |JUAN CARLOS R. CEBRIAN: To find the most critical issues, I wouldn’t look to the product.

I would | | |look to the people, as we said at the beginning of the conversation. The job of the Chairman was to | | |put together a great team.When this company was founded, it didn’t have this team and all the people| | |behind it. The most important thing now is to maintain this team and to renew it constantly. The | | |challenge that’s on the table for the next 15 years is to be able to duplicate important job | | |assignments, to promote those within the company to fill future positions, and to keep the company | | |moving forward, with the current philosophy or whatever philosophy is needed at the time.

| |00:32:58. >> |BORJA DE LA CIERVA: One of the few things that could sink this company is self-complacency. I imagine| | |that someone watching this edited program might think that everything’s going fine in this company, | | |that it’s a business model for many things. I think that each of us knows of many things that aren’t | | |going so well and that even tomorrow, might have to change.

The day that this company thinks that it | | |is doing everything just right will probably be the beginning of the end. |


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