ARTEIXO – Spanish fashion giant Inditex made a profit of €1.1bn in its 2020 financial year and claims it has emerged stronger from the global pandemic. The company, which operates chains such as Zara, Zara Home and Pull & Bear, posted the net profit in the year to January 31. The figure was down from €3.6bn the previous year due to the fact that stores across Europe closed for large parts of 2020. A 77 per cent surge in online sales offset some of its downturn in physical store activity.
Notably, the company hinted at a move towards increased near-shoring, with the number of local, Spanish suppliers it uses having increased to 6,384. Inditex does not list its suppliers but is known to source heavily from Spain, Turkey and Morocco.
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