Fashion retailer sees huge online sales surge
By Sarah Wood | 10th June 2020
Online sales at fashion retailer Zara were up 95 per cent in April, as stores across Europe were closed during the coronavirus lockdown.
The retailer's owner, Inditex, said it expected a permanent shift in buying habits, with a quarter of sales predicted to be online in 2022, up from 14 per cent in 2019, as reported by the BBC.
But online sales weren't enough to off-set the impact of closed stores, with the company seeing its first ever quarterly loss.
Sales across Inditex, which also owns the Pull & Bear brand, fell to £2.9bn (€3.3bn) for the first three months of the year, down from £5.26 bn (€5.9bn) a year earlier.
Inditex plans to spend €900m a year for the next three years on big, centralised stores and its online platform. It will close more than 1,000 smaller stores worldwide as part of the process.
It expects most of its around the world to reopen by the end of the month.
Picture credit: Google Maps (April 2017)
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