A SPANISH fashion tycoon has defied the recession with record breaking annual profits for 2012.
Amancio Ortega, owner of retail giant Inditex, has been named the third richest man in the world after expanding globally despite the current crisis.
A 22% boost in profits is largely down to the opening of 482 new stores -120 of which were Zara outlets – in countries outside of its usual market.
The huge expansion included 121 new stores in China and the opening of its first outlets in Armenia, Bosnia, Ecuador, Georgia and Macedonia.
The group now have more than 6,000 stores across 86 countries, with plans to open a further 440 by the end of this year.
Ortega, who formed the company 40 years ago in the town of Arteixo, is now estimated to be worth a staggering €44 billion.
Zara have great PR, but tat clothing. They may be opening 121 stores in China, but what their PR may not have mentioned is that in recent quality control tests conducted on garments by the Beijing Consumer Association, Zara were declared “substandard”. No wonder he’s rich lol.
If Zara manufactured all its clothing in Spain then the unemployment rate would fall. Great profit results for Zara. Should Zara be paying a super tax to compensation for offshoring of Spanish jobs? Yes Government should be trying to convince Zara to manufacture in Spain or pay super tax.
Zara was exposed by The Guardian of using Brazilian sweatshops just last year. Lovely company.