The Herald is reporting Zara has topped Gap to become the world’s biggest fashion retailer. The Spanish-owned high street giant yesterday revealed it had continued its breakneck expansion of recent years with record new revenues. Its parent company, Inditex, posted sales up 9% in the first quarter at 2.2bn, (£1.57bn) putting struggling Gap in the shade.
Zara and its sister companies have thrived since their 2005 takeover of Sweden’s H&M and last year reported sales up 25%. Gap, however, has suffered four consecutive years of falling sales as its core customers “matured” and it failed to find a new, younger base. Via TheHerald.co.uk