Zara owner Inditex posts record net profit for 2023

Zara owner Inditex, the world’s biggest fashion retailer, on Wednesday reported its highest-ever profits in 2023 thanks to buoyant sales and its policy of raising prices.

Its net profit reached 5.4 billion euros ($5.9 billion) last year, up 30 percent from 4.1 billion euros in 2022, which also was a record for the fashion giant whose eight brands include younger chain Pull&Bear and upmarket label Massimo Dutti. (BSS/AFP)