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Velvet dress sales put Zara owner firmly in fashion

Velvet dresses, military blazers and mini-skirts helped Inditex, the owner of chains including Zara and Massimo Dutti, post a strong rise in sales for the nine months to October.

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The world’s largest clothing retailer posted an 11% rise in net sales to €16.4bn compared with the same period last year.

Net profit was 9% higher at €2.2bn (£1.8bn).

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Sales have also risen since November despite unseasonably warm weather.

The increase comes as rival fashion groups struggled with tough trading conditions in many markets.

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Inditex, which also owns Bershka and Pull & Bear, said sales had risen both in store and online.

Zara accounts for two thirds of its sales.

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The retailer also opened 227 new outlets and created 9,000 jobs – a fifth of which were in Spain, where unemployment remains about 20%.

It follows disappointing fourth-quarter results from chains including Abercrombie & Fitch and Gap, which are struggling to adapt to changing consumer tastes and habits.

Inditex, in contrast, has continued to grow by quickly reacting to changing trends and weather, said analysts. Its items are designed, made and shipped to stores often in less than a month, which boosts its profitability.

Source : Internet   

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