HomeFashionSpain's fashion giant Inditex- owners of Zara- reports record profits in 2023...

Spain’s fashion giant Inditex- owners of Zara- reports record profits in 2023 – Olive Press News Spain

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FASHION chain Inditex- owners of branded stores like Zara- reported record profits last year.

The Spanish company achieved a net profit of €5.3 billion- up 30% on 2022- while revenues reached a new high of €35.9 billion.

Shares on the stock market rose by 7.74% after the news was announced with dividend holders getting an extra 28% payout per share.

Inditex has been able ‘to take advantage of the opportunities to keep growing profitably’, said CEO Oscar Garcia Maceiras.

Inditex, whose eight brands also include Pull&Bear and upmarket label Massimo Dutti, notably benefited from consumers’ taste for shopping online which rose by 16% to reach €9.1 billion.

INDITEX BRANDS

The firm also expressed optimism about 2024, given that sales have continued to grow in recent weeks, up 11% year-on-year for the period from February 1 to March 11.

Inditex’s results are at odds with the difficulties experienced by many other fast fashion retailers, some of which have been forced to close or lay off staff in recent months, notably in France.

The fashion giant — which launched its ‘Pre-Owned’ second-hand clothes platform in around 15 countries in December – has seen its share value grow by more than 40% percent to reach €40 over the past year.

The company has widened its lead over Sweden’s H&M thanks to its ability to deliver trends faster from nearby suppliers and sell more clothes at higher prices.

That has also helped it counter fast-growing Chinese rival Shein.

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