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Inditex Continues to Slim Down its Store Portfolio Closing 350 Shops in the Last Year

The fashion giant has closed the first nine months of its fiscal year with a total of 6,307 establishments and has announced that it will open a mega Zara in Paris like the one in Madrid's Plaza de España.

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Inditex’s financial results are continuing to break records. The retail group has closed the best third quarter in its history achieving a net profit of 3.1 billion euros during the first nine months of its fiscal year 2022-2023 (which runs from 1 February to 31 October). That figure represents an increase of 24% YoY. But, once again, the number of stores owned by the group has continued to decrease ending October with 350 fewer stores than a year ago. Right now, Inditex has 6,307 establishments across all its formats.

However, the firm has also announced that it is going to open a new 6,000-square-metre Zara ‘megastore’ on the Champs-Élysées (Paris) during the first half of next year. The establishment will be similar to those in Plaza de España (Madrid) and Battersea (London). “This is the type of project we are focused on now,” said Óscar García Maceiras, the company’s CEO, in his intervention at the press conference held to unveil the company’s results.

Read the full article in Spanish.


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