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Spain’s Inditex upbeat on China despite sluggish economy

Zara in China, Chinese market

Spain's Inditex, owner of the Zara chain and the world's biggest fashion retailer, is optimistic about long-term growth in China despite the slowing economy, as demand for its affordable fashion stays robust.


Inditex, whose Zara brand has lured shoppers this season with a minimalist straight-cut look, teaming muted colors with ankle boots and trousers, makes about 7 percent of its sales in China, analysts estimate.


Western luxury brands like Burberry and Hugo Boss are suffering from cooling Chinese demand, but mid-market names like Adidas and Zara are faring better.

中国需求降温对博柏利和Hugo Boss等西方奢侈品牌产生了不利影响,阿迪达斯和Zara等中档品牌的表现则较好。

"We have no doubt that in China the fashion appetite is large, our brands are better and better known and…we are still feeling very optimistic (over a five-year view)," Chief Executive Pablo Isla told analysts on Thursday.


The group made a sprightly start to the Christmas season as its on-trend offerings allowed it to adapt better than rivals.


Sales from Nov. 1 to Dec. 3 rose 15% in local currencies, suggesting a slight slowdown in same-store sales from the previous three months. But analysts said it was still a strong performance given rivals like Top Shop have had a slow start to Christmas trading due to mild weather.

按当地货币计算,11月1日-12月3日Inditex的销售额上升了15%,也就是说同店销售额比此前三个月略有下降。但分析师指出,受温暖天气影响,Top Shop等竞争对手在圣诞季均起步缓慢,因此Inditex的表现依然强劲。

"We can say that Inditex is trading just as strongly in the fourth quarter to date as it did in the third," Societe Generale analyst Anne Critchlow said. Isla said newer brands like Zara Home, Bershka and Stradivarius had performed particularly well.

法国兴业银行分析师安妮•克利奇罗认为:"可以说进入第四季度后Inditex的表现和三季度一样好。"伊斯拉透露,Zara Home、Bershka和Stradivarius等较新品牌表现得特别好。

Gross margin, a closely-watched measure of profitability, slipped slightly to 58.8%, as the strong dollar pushed up prices of garments sourced in Asia, though this affects Inditex less than its peers.


Inditex sources more goods in or near Europe, helping it adapt more quickly to fashion tastes and speedily deliver new ranges.



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