Inditex Group first-half revenue hits US$13 billion
Zara parent Inditex Group’s growth in sales and profit increased in the first half of this year as the Spanish company reaped the benefits of opening a new store nearly every day.
First-half revenue rose by 11.5 per cent to €11.7 billion (US$13.8 billion) for the multinational fashion retailer.
Like-for-like sales growth was 6 per cent, with positive figures across all geographies
Net profit for the group was €1.37 billion, up 9 per cent.
Inditex opened stores in 35 markets during the six months to reach a total of 7405 – 113 more than at the start of the year.
Notably, Zara opened a flagship store in Mumbai during the second quarter with a sales floor of 4800sqm. For the inauguration of its first street-level store in India, Zara refurbished and restored the Ismail Building in Hutatma Chowk Square, in the heart of the city’s shopping and historic districts.
Zara Home opened a flagship store on West Nanjing Road in Shanghai in May, and last month the Zara flagship store in Nagoya was renovated and expanded. It now covers 2300sqm over three floors and is known for its glass façade.
Other landmark stores reopened this month, including Bershka’s biggest store in Japan, covering 690sqm over four floors in Tokyo’s Shibuya district. It offers the complete collections from its three lines: Bershka, BSK and Man.
Rolling out its seamlessly integrated model, Inditex entered four markets in the first quarter of the year with its flagship Zara brand initially: Malaysia, Singapore, Thailand and Vietnam. An online store will launch in India on October 4.
Meanwhile, lingerie brand Oysho inaugurated its online platform in South Korea, with Bershka also going live in Japan.
The group has a presence now in 94 markets, 46 of which also have an online presence.