Inditex has also announced the launch of nine new online markets. In addition to going live with www.zara.com in Brazil during the first quarter, the group has just inaugurated its online platform in Morocco, Egypt, Lebanon, Israel, Serbia, Indonesia, the United Arab Emirates and Saudi Arabia. During Autumn, Zara is planning to launch online sales in South Africa, Qatar, Kuwait, Bahrain, Oman, Jordan, Colombia, Philippines and Ukraine.
Underpinned by sales growth in all geographies and at every brand, the group’s solid operating performance lifted net profit to €734 million, growth of 10 per cent year-on-year. Profitability continues to grow in tandem, with the gross margin widening 61 basis points to 59.5 per cent. In addition, the company’s net cash position increased by 9 per cent to €6.66 billion
Inditex’s chairman and CEO Pablo Isla said that these figures once again demonstrate “the solidity of the company’s model, whose profitability and cash flow generation continues to grow owing to the group’s commitment to customer-driven quality fashion."
Isla also underscored the “strong momentum in the digital transformation of the integrated store and online sales platform, whose reach was extended this quarter to significant markets such as Brazil, Israel, the United Arab Emirates, Indonesia and Morocco, and in sustainability as a key pillar of the company’s strategy."
In line with its total commitment to sustainability, the group has decided to set up a specific sustainability committee within the board of directors, whose mission is to oversee the sustainability strategy and policies; supervise the supply chain monitoring effort and the relationship with the various stakeholders with a vested interest in sustainability and with the CSR board; verify compliance with the group’s health and safety and human rights standards all along the value chain and with the sustainability information reporting process; and any other issue or initiative that impacts or could impact the company’s sustainability. (RR)
Fibre2Fashion News Desk – India
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