Inditex accelerates and surprises: Zara picks up speed despite headwinds

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UCapital Media

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The Spanish group is regaining momentum with strongly recovering sales in November, beating expectations and restoring confidence after difficult months. But the global slowdown and currency pressures remain unresolved challenges.


Inditex – the Spanish apparel giant and parent company of Zara – recorded a 10.6% acceleration in sales over the four weeks up to December 1, confirming a resilience that many competitors today struggle to match. This result comes after an 8.4% increase at constant currencies in the third quarter, marking a reversal of the trend compared to the weaker months earlier this year. The strength of the Inditex model, built on accessibility, forward planning, and a highly responsive supply chain, continues to make a difference in a market where other major fashion players are faltering.


Challenges, however, remain: the global consumer slowdown and trade tensions have cooled expansion. Adding complexity is the weakness of the dollar and other currencies, which Inditex says will weigh on annual revenues by -4%, wiping out weeks of growth. And yet, in the third quarter, the group still posted sales of €9.8 billion (+4.9%) and an EBITDA up 9%. The stock market remains cautious and vigilant, even though analysts foresee a brighter 2026.


On the retail front, the “fewer stores, more square meters” strategy continues: today the company has 5,527 stores, almost two thousand fewer than in 2019, but increasingly larger and located in premium locations. This is a choice aligned with the goal of boosting profitability, especially in the third quarter, traditionally the most profitable thanks to full-price sales.


Inditex is not racing ahead as it once did, but it shows an agility that many competitors can only envy. And November seems to confirm that the Zara machine is still capable of setting the pace of global fast fashion. At the moment, the stock is rallying, posting a +8.18% increase.


Andrea Pelucchi