DIRS.INFO The most relevant business & tech news

☆ Zara owner Inditex climbs to all-time high as 2023 sales jump 10%
▼ + stars: | 2024-03-13 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +2 min

Shopper carrying two large shopping bags from the clothing retailer Zara on Oxford Street on 5th February 2024 in London, United Kingdom. Oxford Street is a major retail centre in the West End of the capital and is Europes busiest shopping street with around half a million daily visitors to its approximately 300 shops, the majority of which are fashion and high street clothing stores. Sales increased by 10.4% to 35.9 billion euros for the year, the company said, signaling this was a record high. Net income also reached a fresh high, after soaring by 30.3% from 2022 to reach 5.4 billion euros last year. Zara, including the Zara Home range, was the biggest contributor to sales in 2023, followed by Pull & Bear and Massimo Dutti, Inditex said on Wednesday.

Persons: Zara, Mike Kemp, Inditex, Oscar García Maceiras, Bershka, Massimo Dutti Organizations: United Kingdom ., Getty, Las Locations: London, United Kingdom, Zara, Los Angeles, Las Vegas, Spanish

REUTERS/Arriana McLymore/File Photo Acquire Licensing RightsMADRID/LONDON, Oct 25 (Reuters) - Zara owner Inditex (ITX.MC), the world's biggest clothing retailer, has agreed to buy recycled polyester from U.S. start-up Ambercycle, the companies said on Wednesday. As fast-fashion retailers face pressure to reduce waste and use recycled fabrics, Inditex is spending more than 70 million euros ($74 million) to secure supply of Ambercycle's recycled polyester made from textile waste. Under the offtake deal, Inditex will buy a "significant" portion of Ambercycle's production of recycled polyester, which is sold under the brand cycora, over three years. Textile-to-textile polyester recycling is in its infancy, though, and will take time to reach the scale required by global fashion brands. The Ambercycle deal marks the latest in a series of investments made by Inditex into textile recycling start-ups.

Persons: Arriana, Inditex, Zara Athleticz, Javier Losada, Corina Pons, Helen Reid, Cynthia Osterman, David Holmes Organizations: REUTERS, Infinited, Thomson Locations: Zara's Soho, New York City, U.S, MADRID, LONDON, Zara, Los Angeles, Circ, Spain

☆ What are global firms with presence in Israel doing after Hamas attack
▼ + stars: | 2023-10-09 | by ( ) www.reuters.com time to read: +4 min

Following are the steps taken by the companies ranging from airlines to banks:TRAVELSeveral Asian, European and U.S. airlines have suspended direct flights to Tel Aviv. Delta Air Lines (DAL.N):The airline said it continues to monitor events in the region and has made the decision to cancel Delta-operated Tel Aviv flights through Oct. 31. Goldman Sachs (GS.N):The bank's employees at its office in Tel Aviv have been asked to work from home, a spokesperson said. TECHNvidia (NVDA.O):The world's largest maker of chips used for artificial intelligence and computer graphics said it had canceled an AI summit scheduled for Tel Aviv next week. CONSUMER AND RETAILH&M (HMb.ST):The clothing company said its local franchise partner has temporarily closed all stores in Israel.

Persons: Amir Cohen, El, Goldman Sachs, Morgan Stanley, Gautam Adani's, Jensen Huang, PHARMA Eli Lilly, Lilly, Priyamvada C, Mehr Bedi, Ananya Mariam Rajesh, Khushi, Jaiveer Singh, Samrhitha, Helen Reid, Sriraj Kalluvila, Shounak Dasgupta, Shinjini Organizations: Gaza, REUTERS, Palestinian, Hamas, Tel Aviv . Delta Air Lines, Royal, Chevron, JPMorgan Chase, Reuters, Bank of America, Bloomberg News, FedEx, TECH Nvidia, Tel, Inditex SA, PHARMA, Thomson Locations: Sderot, Israel, U.S, Tel Aviv, Royal Caribbean, Haifa Port, Zara, Bengaluru, London

☆ Zara owner Inditex profit jumps 40% as price rises slow
▼ + stars: | 2023-09-13 | by ( ) www.cnbc.com time to read: +3 min

Zara owner Inditex on Wednesday beat expectations with a 40% jump in half-year net profit despite the world's biggest fast fashion company slowing the pace of its price increases. The company posted a net profit of 2.5 billion euros ($2.7 billion) for the six months to July 31, outpacing a 2.38 billion euro market forecast according to data from LSEG. Inditex sales rose 13.5% to 16.9 billion euros and a gross margin of 58.2%. With a big share of its costs in euros, Inditex said it expects currencies to have a -3.5% impact on sales this year, worse than the -2.5% impact it expected previously. Inditex was among the first fashion retailers to raise prices in response to surging inflation early last year.

Persons: Inditex, Bernstein, William Woods, Richard Chamberlain, Steven Meisel, Linda Evangelista Organizations: Zara, Bank of America, Royal Bank of Canada, Reuters Locations: Zara, New York, LSEG, Madrid, United States, Spain

"Increasingly we are going to turn used clothes into raw material from Europe for fashion companies." Also in Spain, rivals including H&M, Mango and Inditex have created a non-profit association to manage clothing waste, responding to an EU law requiring member states to separate textiles from other waste from January 2025. OBSTACLESThe obstacles to significantly reducing clothing waste are formidable, despite the EU crackdown, industry sustainability commitments and initiatives like the Moda Re expansion. Adidas (ADSGn.DE), Bestseller, and H&M (HMb.ST) have invested in Finnish start-up Infinited Fiber Company, which manufactures fibre out of textile waste, cardboard and paper. As in Spain, textile waste associations would be set up in each country.

Persons: Albert Alberich, Inditex, Dijana Lind, Hugo Boss, Lind, Moda, Aissatou Boukoum, Mauro Scalia, Corina Pons, Helen Reid, Horaci Garcia, Nacho, Frank Jack Daniel Our Organizations: BARCELONA, Moda, Caritas, Union, European Commission, Union Investment, Adidas, McKinsey, Reuters, EU, ReHubs, Moda Re, United Nations, Inditex, Puma, Infinited Fiber Company, Thomson Locations: Spain, Barcelona, Spanish, Europe, Zara, Bilbao, Valencia, EU, Frankfurt, ReHubs Europe, Mali, Sant, AFRICA, Cameroon, Ghana, Senegal, Africa, Senegalese, Germany, Texaid, Switzerland, Vestisolidale, Italy, France, EURATEX, Madrid, London, Nacho Doce

In-store and online sales rose 13% to 7.6 billion euros in the first quarter, in line with the 13.5% seen in the first six weeks of the financial year. The company said it plans to invest 1.6 billion euros to increase gross store space in 2023 by about 3%. Inditex closed its over 500 stores in Russia in March 2022 following Moscow's invasion of Ukraine in February and subsequent Western sanctions. Inditex has begun to charge for online returns in more countries with no impact on sales, the company said. Inditex is also invested in more self-scanning checkouts and is replacing hard anti-theft tags with chips sewn into garments to avoid checkout queues.

Persons: Inditex, Massimo Dutti, Anne Critchlow, Jelena Sokolova, Zara, Corina Pons, Helen Reid, Charlie Devereux, Matt Scuffham, Josephine Mason, Elaine Hardcastle Organizations: Spain Company, Societe Generale, Inditex, Group, Morningstar, Thomson Locations: Spain, MADRID, LONDON, Zara, United States, Mexico, Saudi Arabia, U.S, Europe, Russia, Ukraine, UAE, France, Germany

Amancio Ortega set up the first Zara store in A Coruna in the north west of Spain in 1975. Marta Ortega started from the bottom at Inditex, stacking shelves at a Bershka store when she was 23. Ortega, whose father owns 59.3% of Inditex, has mainly worked in the background, leaving the spotlight to the CEO. "We feel that Marta Ortega has repositioned Zara slightly upwards," said Patricia Cifuentes, analyst at the investment banking arm of Spanish investment firm Bestinver. "Reinforcing that Zara sells fashion, not just clothes, has allowed Inditex to increase prices and protect the margins amidst the inflationary storm."

☆ Investors punish Zara owner Inditex over spending plans
▼ + stars: | 2023-03-15 | by ( Corina Pons | ) www.reuters.com time to read: +4 min

As the cost of making garments increased, H&M took a profit hit while Inditex was able to pass on costs to shoppers. But higher expected capital expenditure for 2023, of 1.6 billion euros, surprised investors, sending Inditex shares down more than 5% by 1140 GMT. An Inditex logo is seen at the entrance of a Zara factory, the headquarters of Inditex group, in Arteixo, northern Spain, March 9, 2016. Inditex closed stores in mainland China at double its average rate, shutting a fifth of its shops there in 2022. Meanwhile Inditex plans to continue expanding in the United States, with at least 30 new projects planned from 2023 to 2025.

☆ Zara Extends Lead Over H&M, Faces Down Threat From Shein
▼ + stars: | 2023-03-15 | by ( Trefor Moss | ) www.wsj.com time to read: 1 min

Zara’s business model enables new designs to reach its stores relatively quickly. For years, Zara owner Inditex SA vied with H&M Hennes & Mauritz AB for global fast-fashion supremacy. Now, the Spanish retailer is pulling ahead of its rival, partly as its pricier offering has set it farther apart from new low-price, online competitors such as Shein. The perception among shoppers that Zara is more upmarket than H&M has also given the brand more leeway to increase prices at a time of cost inflation, analysts say.

☆ Zara Tightens Grip on Fast-Fashion Crown, Pulling Further Ahead of H&M
▼ + stars: | 2023-03-15 | by ( Trefor Moss | ) www.wsj.com time to read: 1 min

☆ Zara owner Inditex sees 2023 sales keep pace, but capex plans disappoint
▼ + stars: | 2023-03-15 | by ( Corina Pons | ) www.reuters.com time to read: +2 min

In-store and online sales for the world's biggest fashion retailer rose 18% to 32.6 billion euros ($34.99 billion) from 2021 and were 15% higher than in 2019, before the pandemic hit. The pace of sales continued in the first six weeks of Inditex's current fiscal year to Jan. 31, 2024. Between Feb. 1 and March 13, Inditex said sales jumped by 13.5% from the same period a year earlier. Excluding Russia, where Inditex stores have been closed since the Ukraine conflict started just over a year ago, sales in that period increased by 17.5% in constant currency terms. But Inditex surprised investors with a hike in capital expenditure to 1.6 billion euros from 1.1 billion euros in the previous year, a higher level than expected by the market.

☆ Zara owner Inditex's profit jumps in Marta Ortega's first year in charge
▼ + stars: | 2023-03-15 | by ( Corina Pons | ) www.reuters.com time to read: +2 min

MADRID, March 15 (Reuters) - Zara owner Inditex (ITX.MC) on Wednesday posted a 27% increase in net profits in 2022 as sales exceeded pre-pandemic levels in the first full year since Marta Ortega, daughter of founder Amancio Ortega, took over as company chair. Between Feb. 1 and March 13, Inditex said its sales jumped by 13.5% from the same period a year earlier. The 2022 revenues were in line with analysts' expectations as the company benefited from shoppers' appetite for fashion as COVID-19 lockdowns ended. The results may also lessen investor doubts about Marta Ortega succeeding the veteran Pablo Isla as non-executive chair in April, in a generational handover that began a decade ago when her father retired. Also on Wednesday, rival H&M (HMb.ST) reported a 12% increase in net sales for its December-February period.

☆ Zara shoppers are crowding back to the brand's stores, and it's sending sales skyrocketing
▼ + stars: | 2023-03-15 | by ( Avery Hartmans | ) www.businessinsider.com time to read: +3 min

Zara shoppers flocked to stores in 2022, giving a major sales boost to parent company Inditex. Inditex reported a 23% increase in store sales last year despite closing 10% of its stores. Zara shoppers have long complained that stores are crowded and checkout lines are unusually long. "A key factor of the year has been that traffic and store sales increased markedly," García Maceiras said. The US is a key market for Inditex, García Maceiras said, and has potential to provide a "significant" boost to the retailer's business long-term.

☆ Top brands pull out of Russia, but their goods remain easy to find
▼ + stars: | 2023-02-22 | by ( Alexander Marrow | ) www.reuters.com time to read: +8 min

Brands' continued availability shows the challenge companies face in controlling supply chains when exiting a market. Market leader Wildberries sells old stock from Inditex brands and has almost 17,000 goods in its Zara catalogue. Informal supply routes could lead to more poor-quality goods entering Russia, however, as regulators lose oversight, Ben Tzion said. IKEA brand owner Inter IKEA Group said it sold remaining stock for an undisclosed amount to Yandex as it down-scaled IKEA Retail Russia. IKEA said it was looking into goods being advertised as similar to IKEA online.

☆ Zara Lets U.K. Customers Resell Used Clothes to Help Soothe Environmental Concerns
▼ + stars: | 2022-11-03 | by ( Dieter Holger | ) www.wsj.com time to read: 1 min

Zara is now helping U.K. customers resell clothes on its online store, adding a new service to aid the fast-fashion retailer’s efforts to achieve its sustainability goals. The Spanish clothing retailer, part of European fashion giant Inditex SA, said Thursday its new secondhand service has launched, starting in the U.K. The platform has...

☆ Inditex sells Russian business to Middle Eastern Daher Group
▼ + stars: | 2022-10-25 | by ( ) www.reuters.com time to read: +1 min

MADRID, Oct 25 (Reuters) - Zara owner Inditex (ITX.MC) has agreed to sell its stores in Russia to UAE-based Daher Group, though it did not rule out returning to the country if circumstances change, the Spanish clothing company said on Tuesday. Inditex closed its over 500 stores in Russia in March following Moscow's invasion of Ukraine on Feb. 24 and subsequent Western sanctions. Provided landlords approve the change in ownership, the Spanish firm said its premises could be adapted to accommodate Daher's operations. A company source told Reuters that Daher Group is Emirati. Reporting by David Latona and Corina Pons; Editing by Andrei Khalip and Josie KaoOur Standards: The Thomson Reuters Trust Principles.

☆ Analysis: Price hikes test Inditex's ability to stay in fashion
▼ + stars: | 2022-09-15 | by ( Corina Pons | ) www.reuters.com time to read: +3 min

Instead, it should consider incremental, targeted increases to test customers' willingness to pay more, rather than automatic and across-the-board price rises, they said. The world's biggest fashion retailer said on Wednesday it would raise prices again in the second half of the year after spring and summer increases. Fashion manufacturers in Europe and North America continue to feel pressure from rising energy, labour, transport and raw material costs and so are likely to have to raise prices more. "While first price increases were accepted in the first half of the year ... we expect Inditex and most peers to post double-digit price increases in Europe in the second semester. The cumulative price increases of 15-20% in Europe are likely to lead to consumers trading down," Credit Suisse said in a research note.

☆ Miliardarul spaniol a devenit cel mai mare investitor din real-estate-ul european
▼ + stars: | 2020-07-07 | by ( On | In | ) omniapres.md time to read: +2 min

După ce a făcut o avere în industria modei, miliardarul spaniol Amancio Ortega şi-a îndreptat atenţia către imobiliare, devenind cel mai mare investitor din domeniu dintre super-bogaţii Europei, anunţă Bloomberg. Proprietăţile miliardarului spaniol au crescut până la 15,2 miliarde de euro, a anunţat compania sa marţi, pentru prima dată. Fiul unui lucrător feroviar, Ortega are o avere netă de 58,5 miliarde de dolari, potrivit indicelui Bloomberg Billionaires Index, cea mai mare parte provenind din pachetul său majoritar din Inditex. Averea sa a scăzut cu mai mult de o cincime în acest an, ca urmare a pandemiei, care a obligat Inditex să închidă magazine. În afară de bunurile imobiliare, Ortega a investit şi în energie şi telecomunicaţii, achiziţionând un pachet de 5% în Enagas anul trecut.

Persons: Amancio, ., Achiziţiile, Pontegadea, Inditex Organizations: Amancio Ortega, Ortega, Zara Inditex SA, Facebook Locations: Europei, Zara, Spania, SUA, Building, Manhattan, Miami, Chicago, Washington, Seattle, Amazon.com, The

Search resuls for: "Inditex SA"

18 mentions found