The Indian market partner of fast-fashion retailer Zara has recorded a loss of US$5 million after sales plunged 28 per cent in the year to March.
Trent Retail India Private Ltd, a joint venture between Spanish-headquartered Zara and the giant Indian conglomerate Tata Group, holds the rights to the Zara brand along with its more upscale sibling Massimo Dutti. The company operates 21 Zara stores in 11 cities across the country.
According to India Retailing the loss was a reversal of a profit of $14 million in the prior year.
“The incremental store openings for Zara continue to be calibrated with focus on presence only in very high-quality retail spaces,” Trent said in a statement.