Following today’s release of Inditex’s figures for the twelve months ending 31 January 2026; Louise Deglise-Favre, lead apparel Analyst at GlobalData, comments: “Inditex continued its growth trajectory in FY2025, albeit at a slower pace than last year, with group net sales rising 3.2% to €39.9bn, or 7.0% in constant currency, with growth accelerating in the second half. This performance reflects positive demand across both physical and online channels for its fashionable collections. Inditex also grew its operating profit by 5.9% to €8.0bn, supported by operational efficiencies and disciplined cost management. Early trading in the current financial year also indicates continued momentum, with store and online sales rising 9% in constant currency between 1 February and 8 March 2026, as the Spring/Summer 2026 collections have been well received by customers. This suggests that Inditex remains well positioned to continue outperforming the global apparel market despite ongoing macroeconomic uncertainty in several key markets.
“Inditex’s main brand Zara reported slower growth compared with the rest of the group of 1.0% to €28.1bn, reflecting its already large scale and maturity in many major markets, leaving less scope for the brand to grow despite its superior fashion credentials. The fastest-growing brand was Oysho, which rose 15.5%, thanks to its athleisure-led assortments resonating well with consumers. Stradivarius and Bershka followed closely, rising 12.7% and 12.2% respectively, continuing to benefit from strong traction among younger consumers thanks to their relatively low price points and their highly trend-driven product assortments. Pull&Bear and Massimo Dutti recorded more moderate growth of 3.1% and 3.0% respectively, reflecting a steadier trajectory as they refine their market positioning and product propositions.
“Inditex saw the most growth in its home market of Spain, with sales mix rising 0.8ppts to 15.9% of its total sales. This was closely followed by Europe (excl. Spain) which remained Inditex’s largest region with a sales mix of 51.3% after year-on-year mix growth of 0.7ppts. This highlights Inditex’s strong desirability and consumer awareness across Europe, despite the challenging economic climate across the region. Conversely, the Americas, and Asia & Rest of World regions, saw their sales mixes contract 0.8ppts and 0.7ppts, respectively. North America continued to experience subdued consumer demand amid ongoing economic and political fragilities, while Asia’s biggest economy of China continued to face stalling economic growth. Inditex should also consider implementing more regionally specific ranges and marketing, especially in Asia, if it wants to continue attracting shoppers long term.
“Store optimisation and technological innovation remained key pillars of Inditex’s strategy. During FY2025, the group completed 190 store openings, 217 refurbishments (including 96 enlargements) and 293 absorptions, while continuing to invest in larger flagship locations in prime shopping areas. Inditex is also enhancing the in-store and digital customer experience through technology initiatives, including the rollout of soft tag alarm technology across all physical stores and the launch of Zara Try-On, an AI-powered virtual fitting tool now available in 43 markets. The online channel rose 4.8% to €10.7bn, supported by ongoing platform improvements and the integration of store and digital operations, reinforcing Inditex’s seamless omnichannel model.”
