Inditex plans to invest nearly €3 billion over the next two years to beef up its digital platforms and integrate store and online stock, as it culls smaller stores and focuses on larger, spruced-up flagships.
The Zara owner reported €241 million in net profit over the second quarter, forging a path toward recovery amid ongoing disruption from the coronavirus crisis.
The Spanish fast-fashion retailer, which also owns labels Massimo Dutti, Bershka and Stradivarius, marked an improvement in its sales, which declined by 31 percent in the second quarter as 44 percent decline in the first quarter, amounting to €8 billion for the first half of the year. Its online sales continued to grow robustly, up 74 percent for the first half.
The retailer recently hit the 1 million order mark in a single day for the first time and noted that since the beginning of the year, its brands reached nearly 3 billion online visits and now count 190 million followers on social networks.
