Inditex, the parent company of clothing giant Zara, has said that it plans to hike prices again amidst fast-growing inflation, media reported.
And this is not the first time! Earlier in spring and summer, the fast fashion bigwig had hiked prices and now it’s going to happen again this autumn.
What’s notable is that Zara does it despite reporting a 41% surge in profit in the 6 months to July 2022.
More on the same, Ignacio Fernandez, CFO of Inditex, told the media that the level of newness, quality and design of its collections is driving its sales, adding “but obviously we are always thinking about a stable pricing policy.”
Meanwhile, Oscar Garcia Maceiras, CEO of Inditex, expressed confidence in company’s long-term potential growth despite concerns raised by investors about weakening demand for fashion amidst the rising cost of living.
Zara specializes in fast fashion, and products like apparels, accessories, shoes, swimwear, beauty and perfumes. It is the largest company in the Inditex Group.