The Spanish group Inditex, known for the ready-to-wear brand Zara, has been flush with sales and cash in the first half of the year, which was reported on a delayed basis. Its sales reached €11.94bn, up 49% for the year, and its net profit was €1.27bn, after a loss of €195m a year earlier.
As for its cash position, it reached an all-time high of €8bn euros on 31 July.
The performance "is the result of the commitment of all the members of the company and their constant concern to provide creative and quality fashion. Thanks to all of them, we are reaping the benefits of the strategic and sustainable transformation of our unique business model," the group's executive chairman, Pablo Isla, stated in a press release on Wednesday.
Target: more than a quarter of online sales
It is clear that the covid-19 pandemic has given a boost to the group's online sales: they are up by 36% annually and even 137% compared to 2019. For the whole of the 2021 financial year, Zara's parent company aims to achieve more than a quarter of its turnover on the web.
Another development highlighted is the integration of the Uterqüe brand into Massimo Dutti, which has two outlets in Luxembourg, from 2022.
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Between February and July, the Spanish-based company opened 92 new shops in 27 different markets, bringing its shop base to 6,654 units.
In the grand duchy, Inditex recently reduced its presence with the closure of the Zara shop on the Grand-Rue on 30 June. Currently, the group has a total of ten locations, including three Zara stores, two Massimo Dutti stores and a series of stores in the Cloche d'Or shopping centre, including Pull & Bear, Bershka, Stradivarius, Oysho and Zara Home.
This story was first published in French on . It has been translated and edited for Delano.