Inditex Looks To Open 20-25 Stores In India By 2013 - CEO
Spanish fashion retailer Inditex SA is planning to open between 20 and 25 Zara stores in India over the next three years, as it gets to know Asia s second-biggest market better, its chief executive said Wednesday.
While this pace of growth is slower than Inditex s recent expansion into China, CEO Pablo Isla said the move to India has huge potential. It s a strategic move that we believe will be very important in the medium and long term, Isla told Dow Jones Newswires after the company reported its 2009 earnings in Madrid.
Inditex is teaming up with a local partner, the Tata Group, and is set to open the first few stores in Delhi and Mumbai in May, before moving to other cities.
Inditex, the largest fashion retailer in the world by sales, turned its focus to Asia a few years ago, focusing most openings on China, Korea and Japan. The region accounted for just over 12% of group sales last year, and the company said earlier Wednesday it expects that weighting to increase to 20% by 2013.
In China alone, it opened 41 stores last year.
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