NEW DELHI: Global fashion brand Zara, has posted a growth of 40.42 per cent in its India revenue at Rs 2,562.50 crore for FY23, according to the latest annual report of Trent Ltd.
Its profit was also up 77.66 per cent to Rs 264.30 crore for the financial year ended on March 31, 2023.
Inditex Trent Retail India Private Ltd (ITRIPL), a JV which is engaged in the operation of Zara stores in India, in FY22 reported a total income of Rs 1,824.82 crore and a profit of Rs 148.69 crore.
"The incremental store openings for Zara continue to be calibrated with focus on presence only in very high-quality retail spaces," it said.
ITRIPL is a 51:49 JV between Spain's Inditex, which owns luxury fashion brand Zara and Tata Group's retail arm Trent Ltd.
Zara, which competes with the likes of other foreign brands such as H&M and UNIQLO in India, operates 20 stores across 11 cities.
However, in FY22 the entity was operating 21 stores.
Inditex group of Spain has another similar 51:49 JV association with Trent, which operates Massimo Dutti stores in India.
It has also reported revenue growth of 45.54 per cent during FY23.
"The entity for Massimo Dutti operates 3 stores and recorded revenue of Rs 89 crore in FY23," it said.
Massimo Dutti India Pvt Ltd had reported a profit of Rs 11.14 crore in FY23.
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.
"The business of these entities is essentially limited to distribution of Zara and Massimo Dutti products in India," said Trent.
Moreover, as per the JV agreement choice of product & related specifications are at Inditex's discretion.
"Further, the entities are dependent on the Inditex group for permissions to use the said brands in India subject to its terms & specifications," it said.