SPANISH fashion giant Inditex says prices will go up by 2% across its domestic stores this spring and summer due to inflation.

Inditex, who are behind brands like Zara, Bershka, Oysho, Stradivarius, and Massimo Dutti, say the hikes will be higher internationally at around 5%.

The global firm reported a net profit of €3.2 billion in 2021- nearly three times higher than in 2020, which was the first year of the Covid-19 pandemic.

Inditex CEO, Oscar García Maceiras. said: “Inditex has a stable pricing policy and in areas with a temporary impact of significant inflation or reduced exchange rates, we will make the necessary adjustments to protect margins.”

Preliminary inflation figures for Spain in February showed an annual rise of 7.4%- the biggest rate since 1989.

That’s before an even greater rise in energy prices prompted by Russia’s invasion of Ukraine.

Inditex said profits and sales in 2021 approached pre-pandemic levels but would not speculate about the financial impact of the closure of stores in Russia and Ukraine.

Company president, Pablo Isla, said; “After two years of the pandemic, these results demonstrate the great solidity of the company, the strength of the business model and the quality of our team,”

Isla retires at the end of the month when Marta Ortega, 38, the youngest daughter of Inditex founder, Amancio Ortega, takes over as president.

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