Zara India’s turnover for fiscal year 21 drops 28% to Rs 1,126 cr
Fast fashion retailer Zara India recorded a loss of Rs 41 crore for the fiscal year ended March 31, 2021. Its revenue also fell 28.3% to Rs 1,126 crore during the fiscal year, according to the annual report published by Trent Ltd.
“During the year under review, the Zara entity recorded revenues of Rs 1,126 crore and an after tax loss of Rs 41 crore,” Trent Ltd said in its income statement.
Zara operates in India through Inditex Trent Retail India Private Limited (ITRIPL), a joint venture between the brand’s parent company, Inditex, and Tata group company, Trent Limited.
The company had reported a net profit of Rs 104.05 crore and revenue of Rs 1,570.54 crore in the fiscal year 2019-2020.
“Additional store openings for Zara continue to be calibrated with an emphasis on presence only in very high quality retail spaces,” the company statement said.
ITRIPL currently operates 21 Zara stores in India in 11 cities.
Trent has two separate associations with Inditex – one to operate the Zara stores and the other to Massimo Dutti stores in India. Massimo Dutti also reported a 49.3% drop in his income of Rs 34 crore in FY 21. He had recorded a turnover of Rs 67 crore in FY20.