Good news for Inditex shareholders
Inditex, the world's largest clothes chain, has posted a 32% jump in annual net profit to 1.73bn euros.
The Spanish company, which has 5,044 stores in 77 countries, targeted Asia's fast-growing economies in 2010.
Inditex in 2010 opened stores in 45 countries and entered into three new markets (India, Kazakhstan and Bulgaria). The company expanded its store network in all areas of the world.
Asia saw one of the most rapid rates of expansion. Openings there totalled 160, bringing the Group's retail presence in Asia to 645 stores, which now account for 15% of sales.
Inditex in 2010 opened stores in 45 countries and entered into three new markets (India, Kazakhstan and Bulgaria). The company expanded its store network in all areas of the world.
Asia saw one of the most rapid rates of expansion. Openings there totalled 160, bringing the Group's retail presence in Asia to 645 stores, which now account for 15% of sales.
Inditex plans to add as many as 500 outlets this year, up from 437 last year, boosting investment even as consumer spending slows in Europe and the U.S. At least half of the Zara stores it opens will be in Asia, where rising incomes are boosting spending. The clothing retailer plans to start online sales for brands other than Zara in the second half of 2011.
The retailer said it will introduce online shopping for its Pull & Bear, Massimo Dutti, Bershka, Stradivarius, Oysho and Uterque brands during the fall/winter season.
“This is a key piece of strategic new news in these results, suggesting e-commerce at Zara is going well,” Critchlow said.
Source: Bloomberg businessweek, March 25, 2011 / inditex press release March 23, 2011
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