Editing Inditex (section)

==History==

===1960s and 1970s===
In the early 1960s Amancio Ortega started his own business in the [[clothing industry]] while working for a local shirtmaker in [[A Coruña]], Spain.<ref>{{Cite news|url=https://www.businessoffashion.com/community/people/amancio-ortega-gaona|title=Amancio Ortega Gaona is One of the 500 People Shaping the Global Fashion Industry in 2018|work=The Business of Fashion|access-date=2018-08-17|language=en-GB}}</ref> Ortega began developing his designs and he and his wife [[Rosalia Mera]] started making clothes in their home.<ref name= fund /><ref>{{cite magazine|url=https://www.bloomberg.com/news/articles/2013-08-16/rosalia-mera-retailer-who-was-spain-s-richest-woman-dies-at-69|title=Rosalia Mera, Who Was Spain's Richest Woman, Dies at 69|magazine=Bloomberg Business|date=15 August 2013|first=Manuel |last=Baigorri|access-date=20 April 2016}}</ref> Amancio had saved up enough money to open a small factory and sold garments to his former employer, among others.<ref name= fund/>

In 1975, the couple opened their first store, Zara, which produced popular fashion at low prices.<ref name=fund /><ref name= npr /> The following year, Zara was incorporated and began opening more stores and factories in Spain.<ref name=fund /> Later that year, after noticing the growing importance of computers, Ortega hired a local professor, [[José María Castellano]], to develop the company's computing power.<ref name=fund/><ref name=abb>{{cite web |url=http://www.ft.com/intl/cms/s/2/a7008958-f2f3-11e3-a3f8-00144feabdc0.html#slide0 |archive-url=https://ghostarchive.org/archive/20221210191208/https://www.ft.com/content/a7008958-f2f3-11e3-a3f8-00144feabdc0#slide0 |archive-date=10 December 2022 |url-access=subscription |url-status=live |title=Fashion:A Better Business Model |work=Financial Times |first=Tobias |last=Buck |date=18 June 2014 |access-date=20 April 2016 }}</ref>

===1980–2000===
In the 1980s, the company implemented a new design and distribution method that drastically reduced the time between design, production, and arrival at retail sites.<ref name= oz>{{cite book|title=The Last Retail Evolution|first=Tolga|last=Ozkurt|publisher=Editrice Le Fonti|isbn=978-88-6109-075-0|url=https://books.google.com/books?id=cZreKquj8iQC|pages=47–49|year=2010}}{{Dead link|date=June 2024 |bot=InternetArchiveBot |fix-attempted=yes }}</ref> The system was designed by Castellano, who became the company's CEO in 1984. In 1985, Industria de Diseño Textil S.A. or Inditex was created as a holding company for Zara and its manufacturing plants.<ref>{{cite magazine|url=https://www.nytimes.com/2012/11/11/magazine/how-zara-grew-into-the-worlds-largest-fashion-retailer.html?_r=0|title=How Zara Grew Into the World's Largest Fashion Retailer|magazine=New York Times Magazine |date= 9 November 2012|first=Suzy |last=Hansen |access-date=8 April 2016}}</ref> In 1988, the company began expanding internationally with the opening of a Zara store in [[Porto]], [[Portugal]].<ref>{{cite news|url=http://news.bbc.co.uk/2/hi/business/1346473.stm|title=Spain's Retail Success Story|work=BBC News |first=Orla |last=Ryan |date=23 May 2001 |access-date=8 April 2016}}</ref> In 1990, the company-owned footwear collection, Tempe, populated in the children's section of Zara stores.<ref>{{cite web|url=https://www.tempe.es/en/trayectoria-tempe|title=Company History|publisher=Tempe Groupo Inditex|access-date=8 April 2016|archive-date=9 April 2016|archive-url=https://web.archive.org/web/20160409154531/http://www.tempe.es/en/trayectoria-tempe|url-status=dead}}</ref> In 1991, Inditex created the company Pull and Bear, a casual menswear company.<ref>{{cite web|url=http://www.pullandbear.com/mk/en/company-c57003.html?subsectionId=company_01_01|title=Company History|publisher=Pull and Bear|access-date=8 April 2016}}</ref><ref>{{cite web|url=https://www.fashionunited.co.uk/news/columns/pull-and-bear-first-uk-store-200806095691|title=Pull and Bear First UK Store|publisher=Fashion United|access-date=8 April 2016}}</ref> Later that year, the company also acquired a 65 percent share in the upscale Massimo Dutti brand. Inditex created Lefties in 1993; the name is taken from the term leftovers, and it was created to sell old Zara clothing.<ref>{{cite news|url=http://fashion.telegraph.co.uk/columns/bibby-sowray/TMG10707831/Lefties-the-Zara-outlet-you-never-knew-about.html|archive-url=https://web.archive.org/web/20150628161242/http://fashion.telegraph.co.uk/columns/bibby-sowray/TMG10707831/Lefties-the-Zara-outlet-you-never-knew-about.html|archive-date=2015-06-28|title=Lefties:The Zara Outlet You Never Knew About|newspaper=The Telegraph|date=19 March 2014|first=Bibby |last=Sowray|access-date=4 November 2015}}</ref> In 1995, Inditex purchased the remaining Massimo Dutti shares and began expanding the brand to include a women's line.<ref>{{cite web|url=https://www.inditex.com/documents/10279/18789/Grupo_INDITEX_evo_eng98.pdf/21dee54f-e098-4065-bc51-2544321a558d|title=Annual Report Massimo Dutti|publisher=Inditex|date=1998|access-date=8 April 2016}}</ref> In 1998, Inditex launched the Bershka brand that was aimed at urban hip fashion.<ref>{{cite web|url=https://www.inditex.com/brands/bershka|title=Bershka About|publisher=Inditex|access-date=8 April 2016}}</ref> The company bought Stradivarius in 1999, a youthful female fashion brand.<ref name = fund>{{cite web|url=http://www.fundinguniverse.com/company-histories/industria-de-dise%C3%B1o-textil-s-a-history/|title=Industria de Diseno Textil S.A. History |publisher=Funding Universe|access-date=8 April 2016}}</ref>

===2001–present===
Inditex had its [[initial public offering]] (IPO) in 2001, on the [[Bolsa de Madrid]].<ref>{{cite news|url=https://www.wsj.com/articles/SB988496129402059841|title=Inditex Sets IPO Price Range Amid Strong Market Demand|newspaper=The Wall Street Journal |first1=Carlta |last1=Vitzthum |first2=Silvia |last2=Ascarelli |date=29 April 2015| access-date=8 April 2016}}</ref> The IPO sold 26 percent of the company to public investors, the company was valued at €9 billion.<ref>{{cite magazine|url=https://www.forbes.com/global/2001/0528/024.html|title=Inside Zara|magazine=Forbes|first=Richard|last=Heller|date=28 May 2001|access-date=8 April 2016}}</ref> The same year, the company launched the [[lingerie]] and women's clothing store Oysho.<ref>{{cite web|url=https://fashionbi.com/brands/oysho/info|title=About Oysho|publisher=FashionBi|access-date=8 April 2016|archive-date=29 September 2018|archive-url=https://web.archive.org/web/20180929114717/https://fashionbi.com/brands/oysho/info|url-status=dead}}</ref><ref>{{cite magazine|url=https://www.forbes.com/sites/walterloeb/2015/03/30/zara-leads-in-fast-fashion/2/|title=Zara Leads in Fast Fashion|magazine=Forbes|first=Walter|last=Loeb|date=30 March 2015|access-date=8 April 2016}}</ref>

In 2003, Inditex launched the Zara Home brand, which offers bedding, cutlery, glassware and other home decoration accessories.<ref>{{cite journal|url=http://www.thefreelibrary.com/SPANISH+CLOTHING+MANUFACTURER+INDITEX+ENTERS+NEW+TERRITORY+WITH+ZARA...-a0103811233|journal=HFN the Weekly Newspaper |publisher= Home Furnishing Network|title=Spanish Clothing Manufacturer Inditex Enters New Territory With Zara Home|date=16 June 2003|first=Barbara |last=Barker|access-date=8 April 2016}}</ref> In 2004, with the opening of store number 2,000 in [[Hong Kong]], Inditex had established its presence in 56 countries.<ref name =elp>{{cite news|url=http://elpais.com/m/elpais/2012/08/14/inenglish/1344945273_865076.html|title=The Man Who Dresses the World|newspaper=El Pais|first=Luis|last=Gomez|date=14 August 2012|access-date=8 April 2016}}</ref>

In 2005, CEO Jose Maria Castellano stepped down from the position to oversee expansion plans, he was replaced by [[Pablo Isla]].<ref name =cast>{{cite web|url=http://www.ft.com/intl/cms/s/0/8db00f16-2e29-11da-aa88-00000e2511c8.html#axzz3qSElNPN4|archive-url=https://ghostarchive.org/archive/20221210191222/https://www.ft.com/content/8db00f16-2e29-11da-aa88-00000e2511c8#axzz3qSElNPN4|archive-date=10 December 2022|url-access=subscription|title=Castellano Steps Down From Inditex|work=Financial Times|first=Leslie|last=Crawford|date=26 September 2005|access-date=8 April 2016|url-status=live}}</ref> Inditex launched Uterque in the summer of 2008, the brand specializes in women's accessories.<ref>{{cite journal|url=http://www.thefreelibrary.com/H%26M+and+Inditex's+global+expansion+strategies.-a0213856442|title=Retail in Practice:H&M and Inditex's Global Expansion Strategies|publisher=European Supermarket Magazine |journal=The Retail Digest |date=22 September 2008|first=Raphael |last=Moreau}}</ref> During the same year, the company opened its 4,000th store in Tokyo after doubling in size within four years.<ref name=elp/> In 2011, Ortega, the founder of the business and majority shareholder, stepped down as deputy chairman and CEO Isla handles day-to-day operations.<ref name=elp/> Later that year, the company opened a store in [[Australia]], a move that would put the company on five continents and in 77 countries.<ref name=aus>{{cite news|url=http://theconversation.com/zaras-australian-entrance-to-challenge-local-retailers-272|title=Zara's Australian Entrance to Challenge Local Retailers|work=The Conversation|first=Lisa |last=Tartaglia |date=18 April 2011|access-date=8 April 2016}}</ref> After the [[2013 Savar building collapse]], Inditex was one of the thirty-eight companies who signed the [[Accord on Factory and Building Safety in Bangladesh]].<ref>{{cite web|url=https://www.theguardian.com/world/2013/may/13/fashion-chain-finance-safety-bangladesh-factories|title=Fashion Chains Sign Accord to Help Finance Safety in Bangladesh Factories|work=The Guardian|first1=Jason |last1=Burke |first2=Saad |last2=Hammadi |first3=Simon |last3=Neville|date=13 May 2013|access-date=8 April 2016}}</ref>

As of 2019, Inditex is the biggest fashion retailer in the world by revenue.<ref>{{Cite web|url=https://www.themds.com/companies/fast-retailing-overcomes-hm-as-worlds-second-largest-fashion-retailer.html|title=Fast Retailing overcomes H&M as world's second-largest fashion retailer|website=www.themds.com|language=en-US|access-date=2019-10-16}}</ref>

The company's revenue fell by 18% to $1.85 billion in the final quarter of 2020, primarily due to the fall in retail sales as a result of the [[COVID-19 pandemic|coronavirus pandemic]]. Inditex's stocks fell by 12% over the year.<ref>{{Cite news|date=2020-12-15|title=Inditex Profit Drops as Consumers Spend Less in Second Lockdowns|language=en|work=Bloomberg.com|url=https://www.bloomberg.com/news/articles/2020-12-15/inditex-profit-drops-as-consumers-spend-less-in-second-lockdowns|access-date=2021-01-04}}</ref>

In May 2021, Inditex said that all its stores in Venezuela would close as it will review its agreement with its local partner, Phoenix World Trade.<ref>{{Cite web|date=2021-05-22|title=Zara owner Inditex to close all stores in Venezuela, local partner says|url=https://www.reuters.com/business/retail-consumer/zara-owner-inditex-close-all-stores-venezuela-local-partner-says-2021-05-22/|access-date=2021-05-22|website=Reuters}}</ref>

In the three months to 30 April 2023, the group reported a 13% increase in sales to £6.54 billion and a 14% rise in profit to £3.96 billion.<ref>{{Cite web |last=Wright |first=Georgia |date=2023-06-07 |title=Zara owner Inditex's profits continue to soar as it eyes 'strong growth opportunities' - Retail Gazette |url=https://www.retailgazette.co.uk/blog/2023/06/zara-inditexs-profits-rise/ |access-date=2023-08-23 |website=www.retailgazette.co.uk |language=en-GB}}</ref><ref>{{Cite news |last1=Pons |first1=Corina |last2=Reid |first2=Helen |last3=Pons |first3=Corina |last4=Reid |first4=Helen |date=2023-06-07 |title=Zara-owner Inditex enjoys strong start to summer |language=en |work=Reuters |url=https://www.reuters.com/business/retail-consumer/zara-owner-inditexs-quarterly-profit-rises-54-sale-boom-continues-2023-06-07/ |access-date=2023-08-23}}</ref>