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During the past decades, fast fashion has emerged significantly in the apparel industry. Originated in the US in the 1980s, fast fashion refers to designs that move swiftly from runway to stores to capture the latest trends. With the emergence of this sector worldwide, an increasing number of researches have emphasized on aspects of management and marketing rather than evaluated the impacts of internal and external factors on general performances. Taking a multidimensional perspective, our research provides an in-depth analysis about performances of major fast fashion retailers. To achieve this goal, we evaluate the Fast Fashion Quadrangle (FFQ), which includes Fast Retailing, Inc Ltd, GAP Inc, Hennes & Maurtiz (H&M) and Inditex Group (ZARA). We use quantitative and qualitative analysis of both primary and secondary resources to investigate the interaction of internal and external factors on the performances of FFQ. Consequently, opportunities and risks for the industry are explored. Our expectation is that FFQ players will continue to grow due to the new market potentials and consumers' dynamism. However, these characteristics are insufficient to secure a sustainable performance due to the particular weaknesses of each player and the increasing threats of competition within fast fashion companies. Therefore, based on Michael Porter's generic strategies, we anticipate that most players within FFQ might experience a shift from their current strategic positions in order to adapt to the changing business environment.