Global fashion brand ZARA has flat growth in its India sales as its revenue from operations was at ₹2,782.06 crore for FY'25, while its profit was up nearly 23 per cent to ₹299.47 crore, according to the latest annual report of Trent Ltd.

Inditex Trent Retail India Private Ltd (ITRIPL), a JV which is engaged in the operation of ZARA stores in India, in FY'24 had reported a revenue from operations at ₹2,768.90 crore and a profit of ₹243.84 crore.

ITRIPL is a JV between Spain's Inditex, which owns luxury fashion brand ZARA and Tata Group's retail arm Trent Ltd.

Its total income, which includes other income, was up 2.26 per cent to ₹2,839.50 crore for the financial year ended on March 31, 2025.

ZARA, which competes with the likes of other foreign brands such as H&M and UNIQLO in India, currently operates 22 stores across 13 cities.

A year before, the entity for ZARA was operating 23 stores across 12 cities.

In FY'25, Trent offloaded its stake in ITRIPL in the buyback offer made by ITRIPL.

"Consequent to the acceptance of the offer by ITRIPL, the Company holds 34.94 per cent of the equity shareholding (earlier 49 per cent) in ITRIPL w.e.f. 30th August 2024," it said.

The Inditex group of Spain has another similar JV association with Trent, which operates Massimo Dutti stores in India. Massimo Dutti India Pvt Ltd (MDIPL) operates three stores in India.

Its revenue was also marginally down 0.7 per cent to ₹100.37 crore in FY'25, as against ₹101.09 Crore in FY'24.

Like ITRIPL, Trent had sold 29 per cent of its shareholding in MDIPL in March 2025, reducing the Tata group firm's shareholding in MDIPL to 20 per cent.

"The entities essentially facilitate distribution of ZARA and Massimo Dutti products in India through their respective stores," it said.

The business of both entities is essentially limited to the distribution of ZARA and Massimo Dutti products in India.

Both entities are required to source merchandise only from the Inditex Group.

"Also, the choice of product and related specifications are at the latter’s discretion. Further, the entities are dependent on the Inditex group for permissions to use the said brands in India, subject to its terms and specifications.

Published on June 12, 2025