Zara Has A Killer First Quarter Of The Fiscal Year, Plans On Opening More Than 60 New Stores In 2015
Zara has been hitting headlines the past few days for quite a variety of reasons, and today is no exception. Inditex, Zara's parent company, announced Zara was responsible for two-thirds of its $4.9 billion in sales the first quarter of the fiscal year. As a result, if there's not a Zara near you, there's bound to be soon.
Between Feb. 1 and April 30 of this year, Zara opened stores in twenty-seven markets, expanded its flagships in cities like Beijing and Copenhagen, and reported profits of $589 million (for some perspective, H&M reported $423 million in profits for the quarter running from December through February). Inditex shows zero signs of slowing down with the clothing brand, and announced its plans to open stores in 50 to 60 new markets this year alone. With over 2,000 stores in 88 countries, the new additions mean Zara is basically taking over the world. No wonder its founder is the second-richest man in the world.
The news of expansion and impressive sales comes just days after a former employee sued Zara for alleged discrimination. Only time will tell how much the allegations will affect the company's growth, but if current numbers are any indicators, the $40 million lawsuit probably wouldn't stop the mega-brand's rapid expansion.
Image Credit: Zara Worldwide/Instagram