Inditex to offload its business in Russia
Spanish retail group Inditex continues to see “strong growth opportunities” as the group’s Spring/Summer collection sales increased 16% (between May 1 and 4 June, 2023) versus the same period in 2022. Sales, online and offline, grew over 13% over the first quarter of 2022 to reach €7.6 billion. Overall, sales were positive in all geographical areas across all concepts.
“Our key priorities are to continually improve the fashion proposition to enhance the customer experience, to increase our focus on sustainability and to preserve the talent and commitment of our people. Prioritising these areas will drive long-term growth,” the company stated.
With Inditex operating in 213 markets, the growth of gross space in 2023 will be around 3% and the Group expects space contribution to sales to be positive in 2023. The company also expects a “satisfactory evolution of online sales.”
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