NEW DELHI: Zara’s India operations posted nearly flat revenue growth in FY25, with sales rising just 0.5% to Rs 2,782.06 crore, however, its net profit jumped by 23% to Rs 299.47 crore, according to Trent Ltd’s latest annual report.Inditex Trent Retail India Private Ltd (ITRIPL), the joint venture (JV), which runs Zara stores in India, had reported Rs 2,768.90 crore in revenue and Rs 243.84 crore in profit for FY24.ITRIPL, a partnership between Spanish fashion giant Inditex and Tata Group’s Trent Ltd, achieved a total income of Rs 2,839.50 crore for the year ending March 31, 2025, marking a 2.26 per cent increase.In India’s competitive fashion retail space, Zara maintains 22 stores across 13 cities, competing with international brands H&M and UNIQLO.Previously, the company operated 23 stores across 12 cities. During FY25, Trent reduced its stake in ITRIPL through a buyback offer.“Consequent to the acceptance of the offer by ITRIPL, the Company holds 34.94 per cent of the equity shareholding (earlier 49 per cent) in ITRIPL w.e.f. 30th August 2024,” the report added.Inditex’s second joint venture with Trent, which runs Massimo Dutti’s three stores in India, saw a slight revenue dip of 0.7% to Rs 100.37 crore in FY25, down from Rs 101.09 crore in FY24. In March 2025, Trent reduced its shareholding in Massimo Dutti India Pvt Ltd (MDIPL) to 20% by selling a 29% stake.“The entities essentially facilitate distribution of Zara and Massimo Dutti products in India through their respective stores,” it said.Both Zara and Massimo Dutti’s India operations are limited to distributing Inditex merchandise through their respective stores. “Also, the choice of product and related specifications are at the latter’s discretion. Further, the entities are dependent on the Inditex group for permissions to use the said brands in India, subject to its terms and specifications,” it added.
