CEO of Inditex Pablo Isla announced the Spanish apparel giant's major objectives for 2020 in Milan on Tuesday, highlighting sustainability, RFID development and the global expansion of the company's online services.
The pioneer of fast fashion isn't looking so fast anymore. Inditex , the world's largest clothing retailer and owner of the Zara chain, faces growing competition from younger, online-only players like Boohoo.
Inditex sales may have risen only 2% in Q1 but it was still a record quarter and without currency exchange effects it would have powered ahead by 7% as both online and stores expansion again proved a winning formula.
Known for its export potential, the Portuguese textile industry is currently seeking to balance its historical manufacturing models and raw materials with a young, sustainable fashion scene and its commercial ambitions.
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%.