Retail giant Inditex isn’t immune to fashion’s negative trends, but the company is certainly doing better than many, saying Wednesday that net sales in the first nine months of the year were up 10% and profit was up 6%.
Inditex had another good first half and sales so far in H2 look to be strong. While much of the growth was driven by its ongoing expansion programme, a comparable sales rise of 6% is encouraging in the tough environment.
The president of the Spanish clothing company spoke before shareholders this morning, where he addressed the company’s evolution during the 2016 period and cited “sustainable growth” as essential to its survival.
Amancio Ortega, founder of the world's biggest clothing retailer Inditex, has put a majority stake in the firm that owns the Zara fashion chain into a holding company to ensure family control after he dies.