Pablo Isla, chief executive officer of Inditex, Spain’s largest clothing retailer, said on December 10 that he will open the first five stores of the company’s flagship brand Zara next year in India.
Inditex announced the news by Chief Executive Pablo Isla at the time of the announcement that profit fell 1.5% to 831 million euros ($1.22 billion) in the first nine months ended October 31.
The company's turnover rose 6% to 7.6 billion euros.
Pablo Isla stated that Zara, which opened its first store in China in 2007, plans to open five new stores in India in 2010. The first one will open in New Delhi at the beginning of the year, followed by Mumbai and then expand to other cities.
He said that Zara will be located in Asia in half of the new stores in the next few years.
Analysts said that this move is part of Inditex’s strategy to get rid of Western European markets.
Goldman Sachs, the investment bank, expects India, the world’s second-largest population country after China, will have an economic growth rate of around 6.2% between 2011 and 2050.
India’s middle class is rising. Many of them are comparable to fashion brands in designing famous Italian brands, but Zara, whose price is moderate, is not unfamiliar.
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