Zara owner Inditex’s record-breaking year rakes in more than €23 billion

Owner Amancio Ortega raked in more than €1 billion

LAST UPDATED: 24 Mar, 2017 @ 15:46
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ZaraFASHION giant Inditex broke its own record in 2016 as sales surpassed €23.31 billion.

The 12% increase on 2015 saw the Galicia-based company’s profits climb to €3.1 billion.

More than 50% of the sales came from Zara, just one of the giant’s many clothing brands, which include Pull&Bear, Massimo Dutti and Stradivarius.

Reporting on the annual results in March, the company’s chairman and CEO Pablo Isla thanked the group’s 160,000 employees based across 93 countries.

It was also revealed that Inditex founder Amancio Ortega, the second richest man in the world, made off with a €1.3 billion dividend thanks to the booster year.

The group’s most popular outlet – Zara – is now preparing to open its biggest store in the world.

Based in Madrid, the huge 6,000 square metre shop will open to the public on April 7.

Inditex opened 279 stores around the world in 2016, bringing its total to 7,292.

It is thought to be the most successful fashion retail company on the planet, with many praising its business model, which sees it refresh its stock with the latest runway fashions every few weeks.

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