The pioneer of fast fashion isn't looking so fast anymore. Inditex , the world's largest clothing retailer and owner of the Zara chain, faces growing competition from younger, online-only players like Boohoo.
Trading statements and results announcement are being closely watched at present as some global markets prove to be tough for fashion chains. So H&M was in the spotlight on Friday as it reported Q2 sales up 2%.
Inditex sales may have risen only 2% in Q1 but it was still a record quarter and without currency exchange effects it would have powered ahead by 7% as both online and stores expansion again proved a winning formula.
H&M announced this week that it has decided to ban mohair from products across its chains by 2020 following PETA allegations of cruelty at goat farms. Zara, Gap and Topshop have also vowed to ban the fibre.
Pull&Bear is the latest Inditex brand to join the ‘Join Life’ sustainability initiative with a collection of clothing made from eco-friendly materials. It follows in the footsteps of Zara, Bershka and Oysho.