Inditex saw clothing sales increase in the first nine months of this year. This means that the Spanish parent company of Zara, among others, seems to be able to withstand the fierce competition from the Chinese newcomer Shein, which sells clothing at bargain prices.
Inditex’s turnover increased by more than 11 percent, to 25.6 billion euros. According to the company, growth occurred in all regions. Net profit increased by a third, to 4.1 billion euros. A year earlier, the net profit was 3.1 billion.
Inditex speaks of “very robust operational performance”. The store hopes to continue its upward trend with, among other things, the opening of the largest Zara store in the world in Rotterdam.
Inditex and H&M are facing fierce competition from the new online store Shein. The Chinese company wins customers worldwide by offering clothing at bargain prices.
Zara was in the spotlight this week because of a controversial advertising campaign in which mannequins were wrapped in white sheets. On social media, people made comparisons with victims of the war between Israel and Hamas. There were calls for a boycott of Zara. The campaign has been withdrawn.
2023-12-13 08:29:41
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