13 June 2022, Mumbai:
Inditex Trent Retail India (ITRIPL), a JV which is engaged in the operation of Zara stores in India, reported a net loss of Rs 41 crore in 2021 while its revenue fell by 28.3 per cent to Rs 1,126 crore in the pandemic impacted year.
The Inditex group of Spain owns 51 per cent while Trent has 49 per cent in ITRIPL.
The entity for Zara currently operates 21 stores across 11 cities. There has been no increase in the number of stores in the last two years.
Inditex group of Spain has another similar association with Trent, which operates Massimo Dutti stores in India. It has also reported revenue growth of 43.9 per cent during FY22. The entity operates three stores and recorded revenues of Rs 59 crore in FY22. Its profit grew to 1.48 crore in FY22.
The business of both entities is essentially limited to the distribution of Zara and Massimo Dutti products in India.
Both entities are required to source merchandise only from the Inditex Group.
