'Fast fashion' helps Zara clothing retailer owner Inditex outpace many of its rivals - the Spanish group reporting a 9 per cent jump in profits from February to October, with a nearly 15 per cent jump in sales. Hayley Platt reports.
Even the unusually warm Autumn weather hasn't stopped revenues at Inditex from rising. The world's largest clothing retailer and owner of Zara reported a 9 percent rise in the nine months to October. Sales were up too - by nearly 15 per cent. (SOUNDBITE) (English) HEAD OF CORPORATE DEVELOPMENT, 7IM, JUSTIN URQUHART STEWART, SAYING: "The key here is the speed at which they can take a very good fashion and turn it out and get it out into the shops or get it online and they're outselling a lot of their rivals." Zara makes its clothes close to its distribution centers in Spain. Allowing it to make changes in fashion, fast. Clothing can often be designed, made and in stores in less than a month. Something many of its fashion peers can't compete with. Abercrombie & Fitch and Gap both reported dismal fourth quarter sales last month. But currency fluctuations is something even Inditex isn't immune to. Margins reported in euros have been hit by negative foreign currency swings in Britain, Mexico and China. Still that was off-set by stronger sales in its online business and its strategy to open more stores. ///