Press releases
Inditex and Trent of the Tata Group agree to open stores in India beginning 2010
Inditex and the Tata Group today signed an agreement to form a joint venture to develop Zara stores in India. Inditex will control 51% of the venture, while Trent Limited, a Tata Group company, will control the remaining 49%. The partnership plans to open its first stores starting in 2010 in New Delhi, Mumbai and other major cities of India.
During a signing ceremony at Inditex headquarters in Arteixo, Spain, Noel N. Tata, Managing Director of Trent Limited, a Tata Enterprise, said: “We see great opportunities for Zara in a country which is becoming increasingly fashion conscious. Zara has proven itself capable of quickly adapting to changing consumer tastes across geographies. This association with brand Zara is our endeavour to bring a world class brand and experience to fashion conscious Indians.”
Meanwhile, Inditex’s Deputy Chairman and CEO Pablo Isla emphasised the excellent opportunity the Indian market poses for Zara’s retail business: “We view our entry into the Indian market to be of significant strategic importance. We are extremely delighted to be associating with Trent from the Tata Group, one of India’s largest and most respected business houses. Our retail offering has been very well received by shoppers in Asian markets, and we have rapidly expanded there. And now India will be one of our top priorities in the region.”
Tata Group
Tata is one of the largest conglomerates in India, with a corporate history dating back more than 140 years and operations spanning seven industries: information systems and communications, engineering, materials, services, energy, consumer products and chemicals. In many of these industries, Tata Group companies are among the largest in the world. The group estimates that its 2007/2008 revenues totalled $62.5 billion. Tata employs more than 350,000 people worldwide.
Inditex
Inditex is one of the world’s biggest fashion retailers. Its retail presence under the Zara, Pull and Bear, Massimo Dutti, Bershka, Stradivarius, Oysho, Zara Home and Uterqüe concepts encompasses more than 4,200 stores in 73 countries worldwide. The company has more than 86,000 employees throughout the world and posted sales of 9.4 billion euros in 2007.
India
The Republic of India is one of the most important countries in the World by GDP, growing by around 9% in the last four years. India is also the second most populated country, with a population of more than 1.1 billion. Ten areas have a population of more than 3 million, e.g., Mumbai, Delhi, Bangalore or Kolkata.