Online sales of Spanish clothing group Inditex are exceeding expectations: in 2011, the first complete fiscal year the group sold products online, Inditex had an online turnover of 143 million euro, while analysts had only predicted sales of about 1% of total sales for the company (106 million euro).
Over 300 million in 2013?
Inditex started selling online in september 2010, at first offering only products of its clothing chain Zara - other brands followed a year later. These few months already accounted for online sales of 43 million euro and a net profit of 4.8 million euro, writes Modaes.es quoting L’Expansión. ITX Fashion, the Irish subsidiary of Inditex that controls online sales in countries outside Spain, made a profit of 16.4 million euro on those total sales of 143 million euro in 2011.
Inditex will only announce its results for 2012 next week, but analysts are predicting online sales for the entire group of over 300 million euro in 2013. This would entail that online sales will be one of the largest growth factors for the company. At the moment Zara has an webshop in 21 countries, with Canada soon to follow.