Zara owner Inditex posts record profit

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Madrid (AFP) – Zara owner Inditex, the world’s biggest fashion retailer, reported record profits for 2022 despite halting operations in Russia and soaring global inflation. Net profit reached 4.1 billion euros ($4.4 billion) last year, a 27 percent jump from 2021, said Inditex, whose eight brands include younger fashion chain Pull&Bear and upmarket label Massimo Dutti. In-store and online sales for the world’s biggest fast fashion retailer also hit a record, surging 17 percent to 32.6 billion euros. “The excellent results of 2022 show the strength of our business model,” said Inditex chief exe…

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