Inditex, the parent company of Zara, exceeded expectations with a 13.5 percent increase in sales and a 40 percent rise in profits during the first half of 2023. The company’s sales reached €16.9 billion ($18.1 billion), while profits climbed to €2.5 billion ($2.7 billion), as revealed in its recent earnings report. Despite this strong performance, Inditex maintains its outlook for the remainder of the year. Notably, this achievement comes despite the company slowing down its price increases in response to rising inflation, a strategy it had initially implemented last year.
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“Zara-Owner Inditex Says It Will Stop Buying Clothes From Myanmar.”
Since a military junta seized control in 2021, labor rights in the country have steadily deteriorated. Consequently, brands face mounting pressure to sever their ties, although their withdrawal could potentially lead to economic hardships for workers.
