Zara owner’s profit fell by 70 percent
The net profit of Inditex, the owner of Zara, fell by 70 percent in 2020, with many stores closed during the coronavirus outbreak
The net profit of the Inditex group, which also owns the clothing brand, decreased by 70% in 2020 1.1 billion euros ($ 1.31 billion). Because of the impact of the isolation practices introduced due to the coronavirus epidemic and the decrease in demand.
Inditex’s net profit fell 53 percent in the fourth quarter to 435 million euros. As shopping restrictions reintroduced during the year-end holiday season in most of Europe.
Inditex announces that around 15 percent of its worldwide stores are still close because of Covid-19 restrictions.