Inditex, the first red since it has been on the stock exchange

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In the first quarter of 2020 the group that owns the Zara brand recorded a loss of 409 million against a drop in revenues of 44%

by Monica D’Ascenzo

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In the first quarter of 2020 the group that owns the Zara brand recorded a loss of 409 million against a drop in revenues of 44%

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The pandemic did not spare even a fast faschion giant like Inditex. The Spanish group, which owns brands such as Zara, Oysho, Pull & Bear and Massimo Dutti, closed a quarter in the red for the first time since its listing on the stock exchange. There net loss, in the first three months of the year, was equal to 409 million, due to the sales stop due to the pandemic. In the same period, turnover fell by 44% to 3.3 billion against 5.9 in the first quarter of 2019.

The group has however decided to react to the changed market change. During the lockdown period, it recorded a 50% increase in online sales. Therefore, digital will be the sector in which Inditex will concentrate its investments between now and 2022. In detail, the fashion group has announced investments of 900 million a year, for a total of 2.7 billion euros in 3 years. , to develop the online sales platform, with the aim of reaching a quarter of the turnover generated digitally by 2022, and to push for integration with physical stores. The latter are expected to grow by 2.5% as spaces in the three-year period.



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