The Spanish fast fashion giant operates in India through a joint venture, Inditex Trent Retail India Private Limited (ITRIPL), between its parent Inditex and local retail conglomerate Tata Group’s Trent Limited. For the year ended March 31 2021, the entity reported a 410 million rupee loss (around $5 million) after sales declined 28 percent, India Retailing reports.
The joint venture reported around one billion rupee in profit ($14 million) its previous fiscal year.
ITRIPL runs 21 Zara stores in 11 cities across India. As well as Zara, it holds rights to Inditex-owned Massimo Dutti’s local business, which reported a 49.3 percent drop in sales for the period.