Intidex, the parent company of fast fashion chain Zara, has revealed a sales increase of 16% year-on-year to 14.74bn (£10.6bn) over the first nine months of its financial year. Despite a dip in the economy, the Spanish group has said that it remains optimistic about its China prospects.
The group‘s profits, which include a 20% increase to £2.02bn, come not long after founder Armanocio Ortega surpassed Bill Gates as the world‘s wealthiest man.
Though luxury fashion retailers such as Burberry and Hugo Boss have experienced difficulties in the Chinese market, Inditex is positive about its expansion overseas.
“We have no doubt that the fashion appetite in China is large, our brands are better and better known. We are still feeling very optimistic,” said Chief Executive Pablo Isla.
During its first three fiscal quarters, the group added 136 new stores to its estate making a total of 230, the same amount as the same time last year.
Zara had the most openings with 60 new stores, as well as 44 Zara home sites and 26 new branches for lingerie brand Oysho.
In addition, Zara‘s e-commerce platform is being extended to all of the European Union, Taiwan and Hong Kong, while a website for Zara Home has debuted in Australia.