Zara’s India operations, managed under a joint venture between Spain’s Inditex and India’s Trent Ltd., reported flat revenue growth for FY25 at ₹2,782.06 crore. However, profit surged by 23% to ₹299.47 crore. Trent also reduced its stake in the Zara JV to 34.94% during the financial year.
Global fashion brand Zara, operated in India through Inditex Trent Retail India Private Ltd. (ITRIPL), reported flat sales growth for the financial year ending March 31, 2025, with revenue standing at ₹2,782.06 crore. However, its net profit saw a notable rise of 23% to ₹299.47 crore, according to the latest annual report by Indian retail company Trent Ltd., a part of the Tata Group.
Inditex, the Spanish multinational retail group that owns Zara, runs the India operations through a joint venture with Trent. In FY24, ITRIPL had clocked ₹2,768.90 crore in revenue and ₹243.84 crore in profit.
ITRIPL’s total income, including other income, increased by 2.26% to ₹2,839.50 crore in FY25. Zara currently operates 22 stores across 13 cities in India, down from 23 stores the previous year.
As part of a strategic reshuffle, Trent offloaded a portion of its stake in ITRIPL. Following a buyback offer by ITRIPL, Trent’s shareholding dropped from 49% to 34.94% as of August 30, 2024.
The Inditex-Trent partnership also includes Massimo Dutti India Pvt. Ltd. (MDIPL), which manages three Massimo Dutti stores in India. MDIPL reported a marginal revenue decline of 0.7% to ₹100.37 crore in FY25. Trent also reduced its stake in MDIPL from 49% to 20% in March 2025.
Both ITRIPL and MDIPL are limited to distributing products sourced exclusively from the Inditex group. The product selection and branding rights remain under Inditex’s control, with Indian entities operating under its brand guidelines.
This strategic alignment highlights Inditex’s continued reliance on controlled expansion and partnership models in the Indian fashion market, as well as Trent’s efforts to realign its retail portfolio.
