Inditex founder, Amancio Ortega, is still the person with the largest fortune in Spain, with 70 billion euros, followed by his daughter Sandra Ortega and and Mercadona chairman, Juan Roig. The three business people top the list of the 100 biggest national fortunes drawn up by Forbes.
Spanish retailer Inditex is the largest in Europe, more than twice the size of the number 2. Kering. With over 7,000 stores and 150,000 employees globally, it continues to outpace its rivals mainly due to its flexible business model.
This week Inditex approved the appointment of Baroness Denise Kingsmill to its board of directors, as well as a long-term incentive plan, in cash and shares, for up to 600 company executives, including chairman Pablo Isla. The company also said it will not alter any plans it has for the UK despite Brexit.
MADRID | The Corner | The world’s largest clothing retailer Inditex posted a net benefit of €928 million in the first fiscal semester (February 1 to July 31), 2.4% less than a year before due a strong euro, new store openings and renovation costs. And yet, it managed to incresase sales at its more than 6,400 stores rose 5.6 percent to €8.1 billion. The firm, which has outperformed many of its rivals during the economic crisis, will share a dividend of €0.242 euros on Nov 3.
MADRID | By Jaime Santisteban | Spanish Ibex 35 welcomes the week over 10,500 points. “Ukraine showdown and macro numbers will hatch investors’ attention,” Link experts point out. Bankia analysts “see the positive influence of Chinese government statement about share, bond and raw material markets supporting measures. Markets also await remaining corporate results and European countries inflation.” Last week’s Mr Draghi’s words were crucial to stop euro appreciation- the currency is likely to keep going down.
MADRID | By Jaime Santisteban | Inditex is pushing Spanish Ibex 35 upwards today as its growth reaches maturity stage. The owner of Zara is working to reduce operative costs. However, its shareholders will get a 10% higher dividend. Bankinter considers the Spanish firm results to be somewhat weak. Euro’s strengh, slow domestic recovery, emerging countries slowdown could explain such underperformance.
MADRID | By Tania Suárez | Spanish company Inditex –Zara’s group and the world’s largest clothes retailer- published its first semester fiscal year results on Wednesday. After years of amazing performance, the firm seems to be losing market – it posted a 6% rise in sales to €7.7 billion, compared with a 17% rise in the same period last year.
MADRID | The textile giant from Galicia has increased its stock capitalisation from $35 million in March of 2008 to $83 million in five years. Regarding Santander, its market value grew from $71 million against $125 million, according to a report by PwC.
MADRID | By Julia Pastor | The Spanish company’s net profit in 1Q13 came to €438 M, which means a growth of 2% compared to last year same period , when Inditex exceded all expectations. Net sales rose by 5% to €3,59 Bn. Its financial position remains solid with € 3,66 Bn.
BERLIN | Pull&Bear is joining Zara, Massimo Dutti, Zara Home and Bershka which already operate in this market, where Inditex Group has presence from 1999.