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Business

Zara owner Inditex posts 20% profit rise

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By Euronews
Zara owner Inditex posts 20% profit rise

The owner of the Zara chain and the world’s biggest fashion retailer, Inditex, has posted a 20 percent rise in profits.

The Spanish group says in the nine months to the end of October net profit rose to 2.02 billion euros, while sales rose by 16 percent.

It’s optimistic about long-term growth in China, where it makes about seven percent of its sales, despite the slowing economy there.

Western luxury brands are suffering from cooling demand in China but mid-market names like Zara are faring better.

Inditex sources more goods in or near Europe, helping it to adapt to changes in fashion and deliver new ranges more quickly.