Retail in Asia

In Shops

Zara owner Inditex defies eurozone crisis to post 30pc profit rise

Spain’s Inditex, the world’s largest clothes retailer, showed on Wednesday it can sell to both fashion-hungry shoppers in emerging Asia as well as cash-strapped consumers in Europe, posting a sharp rise in first-quarter earnings.

The owner of Zara and a clutch of other brands including upmarket Massimo Dutti beat forecasts with a 30 percent rise in net profit to EUR432 million (USD543.85m) and sales of EUR3.4b.

Inditex said it would start selling flagship Zara brands online in China in September.

(Source: guardian.co.uk)