Inditex's net sales rose 12% to €23.3bn in fiscal year 2016. Same-store sales growth was 10%.

  • Same-store sales growth was 10%.
  • The Group generated over 9,596 new jobs, one in four of which were in Spain. At year-end, its headcount stood at 162,450.
  • In April, 84,000 Inditex employees will receive their second payment under the extraordinary profit-sharing plan. The Group has announced a second plan, of similar characteristics, for the next two years.
  • The Group's global tax contribution reached more than €5.6 billion in 2016. In Spain, this contribution totalled €1.6 billion. Over the past five years the Group has paid more than €2 billion of corporate income tax in Spain, over 2% of the total collected by the State.
  • The Group invested €1.4 billion in FY16, earmarking this capital expenditure to logistics, technology, store and online expansion and its sustainability effort. 
  • During the year, Inditex opened 279 stores (net of closures) in 56 markets, including five new markets, lifting its network to 7,292 stores in 93 markets.
  • In 2016, Inditex completed its online presence in the European Union and launched its brands' e-commerce platforms in Turkey. The rollout of Zara's online store in Singapore and Malaysia in March 2017 brought the number of markets with online sales to 43.
  • Net profit totalled €3.2 billion, year-on-year growth of 10%.
  • Net cash position was €6.1 billion, up 15% from last fiscal year.
  • The Board of Directors will ask the company's shareholders to approve a €0.68 per-share dividend, representing year-on-year growth of 13.3%, at the next Annual General Meeting.
  • Store sales in constant-currency terms increased by 13% between 1 February and 12 March 2017.

I. KEY FIGURES

Inditex Group's net sales rose by 12% in FY16 (1 February 2016 - 31 January 2017) to €23.3 billion, underpinned by growth in all of the geographic regions where the Group is present. Same-store sales rose by 10%, up from 8.5% in FY15, with positive same-store sales growth in all geographies and across all brands. Net profit was €3.2 billion, up 10% from FY15, while earnings before interest, tax, depreciation and amortisation (EBITDA) registered growth of 8% to €5.1 billion. Net cash position was €6.1 billion, up 15% from last fiscal year.

Statement by Pablo Isla

The chairman and CEO of Inditex, Pablo Isla, noted "these are a positive set of results against a backdrop of strong prior-year performance. This is a direct result of the commitment, spirit and ambition of all the professionals comprising the Group, their dedication to the company, passion for fashion and focus on sustainability". Mr. Isla also highlighted "key investments continue to be made with the medium- and long-term horizon in mind, framed by the ambition of making the company ever more sustainable from the financial, social and environmental perspective".

Key financial indicators FY16
(€ bn) FY16 FY15
Net Sales 23.31 20.90
Gross Profit 13.28 12.09
Gross margin 57.0% 57.8%
EBITDA 5.08 4.70
EBIT 4.02 3.68
Net profit 3.16 2.88
Net cash position 6.10 5.30

 

Other business indicators
No. of stores 7,292
Net openings 279
No. of markets 93
Employees 162,450

 

Highlights (I): job creation

In FY16, the Inditex Group generated 9,596 new jobs, boosting its worldwide headcount from 152,854 to 162,450. Of the total, 2,480 new jobs were created in Spain, driven by the creation of highly skilled teams in the core design, creativity, engineering, sales and logistics areas to support the Group's international expansion.

As a result, the workforce in Spain rose to 48,589 people in 2016, bolstered by the creation of nearly 9,500 jobs in the past five years.

Distribution of €535 million to all employees. New extraordinary profit-sharing plan, 2017-18.

The Group is set to distribute over €535 million to its employees in 2017 over and above their ordinary salaries.

Of this, €493 million will be distributed among the entire workforce in the form of bonuses and commission. These sums are paid out monthly and are associated with store sales commission and other bonuses and incentives, all of which are tied to specific targets.

These amounts will be supplemented in April with the distribution of a €42 million payment in connection with phase two of the extraordinary profit-sharing plan in which Inditex Group's employees participate directly in its earnings growth. Under this plan, the Group has committed to paying out 10% of the growth in net profit, which this year yields a figure of €28 million; the Group has made a decision to increase this figure by a further €14 million to €42 million. This bonus payment will be distributed among the approximately 84,000 people who had been working for the Group for more than two years as of 31 March 2017.

When it has paid out the second tranche of this plan on April 2017, the Group will have distributed €79.4 million to its employees under the scope of its 2015/16 extraordinary profitsharing plan.

Furthermore, the Group has announced a new profit-sharing plan of similar characteristics under which its employees will participate in the Group's earnings growth in 2017 and 2018.

Highlights (II): local impact in Spain. 7,500 suppliers invoiced €4.6 billion in Spain in 2016

In connection with the growth generated at the headquarters in Spain in line with the Group's international expansion and focus on suppliers in proximity markets, it is worth highlighting the growth in a large group of suppliers in Spain that have worked with Inditex practically since its inception.

Specifically in 2016, some 7,500 suppliers invoiced Inditex €4.6 billion– a total €500 million more than the year before – which translates into the generation of over 50,000 indirect jobs on a full-time equivalent basis.

Most of these suppliers work in the textile industry; however, the Spanish supplier base also includes a significant number of companies from other sectors such as the architecture, design, construction, security, electronics and services industries. Since 2012, Inditex has increased its Spanish supplier base by 8.8% and the volume invoiced to the Group by these suppliers has increased by 34% in the last five years, having invoiced over €20 billion in total.

Highlights (III): tax contribution. Inditex contributes 2% of total corporate income tax in Spain

As for the Group's tax contribution, adding the direct taxes borne by Inditex and the indirect taxes collected, Inditex's total worldwide tax contribution amounts to over €5.6 billion in 2016. In 2016, the Group companies paid out €2.5 billion of direct taxes globally.

In Spain, Inditex's total tax contribution reached €1.6 billion in 2016, including direct taxes paid and indirect taxes collected. Effective corporate income tax rate in Spain was 24.7%. During the last five years, the effective tax rate in Spain averaged 26.4%, having contributed over €2 billion in total, a sum equivalent to over 2% of all corporate income tax collected by the Spanish State.

Highlights (IV): sustainable investment. In the past five years, the Group has invested over €7 billion

A key element of the Group's strategy is its ability to invest in infrastructure and create the capacity needed to support future growth. In 2016, these investments totalled €1.4 billion. Specifically, investments in the Group's sustainability targets include the following strategic lines:

  • The expansion, scaling and modernisation of the Group's logistics platforms and design centres to boost efficiency and energy saving measures;
  • The incorporation, upgrade, expansion and adaptation of new and existing stores to meet the Group's eco-efficiency standards;
  • Research and development work focused on store applications for sustainable technology, such as paper saving mobile payments and efficiency technology RFID; and
  • The rollout of the garment collection and recycling programme.

During the last five years, the Group has invested over €7 billion in creating the platforms and infrastructure needed to deliver sustainable growth. Among these investments the new eco-efficient Pull&Bear headquarters in Narón (A Coruña, Spain) stand out. This complex is LEED Gold certified, as is the Oysho facility in Tordera (Barcelona, Spain), which have in this manner joined the rest of the Inditex centres which already have the most stringent environmental standard awarded by the US Green Building Council.

I) New next-generation logistics

Specifically in relation to the investments made in the logistics arena in 2016, it is worth highlighting the start-up of highly-advanced "multi-shuttle" areas at the Bershka platform in Tordera (Barcelona) and at the Arteixo distribution centre (A Coruña). These systems make dispatch time management more efficient and precise and double the speed with which boxes are moved, stored and collected.

In the last five years, investment in operating platforms and process modernisation has topped the €700 million mark, while the Group has devoted more than €1 billion to acquiring cuttingedge technology to support its store and logistics services.

II) RFID rollout

In 2016, the Group completed the deployment of RFID technology across its entire Zara store base and has embarked on the process of rolling this technology out in its Massimo Dutti and Uterqüe stores. We have set a rapid deployment schedule for 2017 with implementation to be concentrated at these brands as well as Pull&Bear, with Stradivarius, Bershka and Oysho to follow in 2018. The entire process is slated for completion in the summer of 2020.

In parallel, the number of eco-efficient stores worldwide reached 4,519 in 2016 (up 741), 62% of the total store base, further evidence of the Group's commitment to having all its head offices, logistics platforms and stores eco-efficient by 2020, delivering water savings of 40% and energy savings of 20%.

III) Electronic receipts

In line with the sustainable innovation strategy outlined by Inditex's Chairman and CEO, Pablo Isla, at the last Annual General Meeting, the Group has introduced mobile payments in 15 markets in total since it started to roll-out in Spain, the UK, US, Italy and France.

In Spain, this new customer service is available either using the online apps of each of Inditex's eight retail concepts or using a Group app called InWallet. The service allows end-to-end management of online and offline purchase receipts, which will facilitate the environmentallyresponsible replacement of hard-copy receipts with e-receipts. As well as the important environmental benefits associated with its implementation, this measure enables shoppers to manage their purchases and improves the returns and customer service processes by enabling immediate identification of transactions without having to depend on easily-lost paper receipts.

Online orders placed in Spain with any of the Group's brands have no longer generated hard copy receipts since March 2017 thanks to the e-receipt system named "Paperless". Zara is also already using this system in the US and the UK.

IV) Green to Pack

Along these same lines, the Group continues to make progress on its Green to Pack project, which is designed to reuse the cardboard boxes used to send merchandise to stores as many as five times and to subsequently recycle these boxes for use as raw material for the boxes packaging online deliveries.

It is estimated that these programmes at Zara alone save 22,000 trees and the emission of 1,680 tonnes of carbon every year. By way of example, at present, 100% of Zara online orders are delivered in boxes made from recycled cardboard, 56% of which comes from the boxes previously used by the company itself.

V) Closing the Loop

The Group's investments also paved the way for progress towards its goal of achieving a circular economy, having introduced clothing containers for used-garments in all Zara stores in Spain, Portugal, the UK, the Netherlands, Denmark and Ireland. These initiatives are part of the 2016-2020 Environmental Plan unveiled by Pablo Isla at the last Annual General Meeting, the aim of which is to collect as many garments as possible to donate to non-profit organisations such as Caritas, Roba Amiga, the Red Cross, Oxfam and China Environmental Protection Foundation (CEPF) for resale to raise funds or for recycling into new fabrics in collaboration with high-tech companies such as Hilaturas Ferré or Lenzing.

In addition to the installation of more than 2,000 containers worldwide, Zara's online platform has rolled out a used-clothing home collection service in collaboration with the Seur Foundation, which can be availed of with any purchase. This service has been initially rolled out in Spain and will gradually be introduced in the brand's other markets.

VI) Sustainable fashion collections

The Group's research and development of more sustainable fabrics is also increasingly present in the various brands product ranges. For example, last September Zara launched the second edition of its Join Life collection which focuses on the most sustainable fashion collections that prioritise the use of recycled materials and the most environmentally-responsible garmentmaking processes.

Zara introduced fabric for this collection, made of RefibraTM fibers. These fibers are made of pulp from cotton scraps and from sustainably-managed forests. The RefibraTM fiber was developed by Austria's Lenzing Group, a world market leader in production of botanic fibers, and brought to market in a strategic cooperation by Inditex. 

Highlights (V): 10th anniversary of the IndustriALL. Framework Agreement

One of Inditex's key strategic features is its framework agreement with IndustriALL Global Union, which represents over 50 million workers in 140 countries. This agreement celebrates its tenth anniversary in 2017, having been expanded in April 2016 during the High-level Conference on Responsible Management of the Supply Chain in the Garment Sector organised by the European Commission.

Under the expanded agreement, union experts will join the regional textile structures created by Inditex in its manufacturing markets, known as clusters, in order to monitor, supervise, assist and accompany its suppliers all around the world with the aim of developing mature industrial relations within the group's supply chain.

II. INTERNATIONAL EXPANSION

Inditex continued to expand its integrated offline-online store model globally in 2016, opening 279 stores, net of closures, in 56 markets, ending the year with 7,292 stores in 93 markets on all five continents. The Group increased its sales presence in all its geographies. Europe saw 102 new stores, Asia and rest of world 116 and the Americas to 61.

Notably, Inditex entered five new markets (New Zealand, Vietnam, Paraguay, Aruba and Nicaragua) and launched or expanded its online platform in a total of 20 markets, 12 of which were new, including Turkey, Bulgaria, Croatia, the Czech Republic, Slovakia, Slovenia, Estonia, Hungary, Finland, Latvia, Lithuania and Malta.

As of today, the Group's online platform now reaches 43 markets, following the launch of Zara's online store in Singapore and Malaysia in early March 2017.

By brand, Zara added 51 new stores to its network, bringing the total worldwide to 2,213. In addition to the brand's maiden store openings in Auckland (New Zealand) and Ho Chi Minh City (Vietnam), Zara inaugurated a flagship store on calle Compostela in La Coruña (Spain) in September. This establishment is located in a building that epitomises the city's aesthetics - characterised by broad windows and balconies - having carried out meticulous refurbishment work. The new store stretches over 5,000 square and houses all the chain's collections over its five stories.

In the fourth quarter, Zara opened one of its most emblematic stores anywhere in the world in Barcelona. Located in Plaça Catalunya, the city's tourist and commercial epicentre, the store has a floor space spanning more than 3,600m2 over three floors and is located in an historical building designed in 1931 and fully restored and recovered for the city.

There were other prominent Zara openings over the course of the year, such as the store in Soho in Manhattan (US) and the stores inaugurated in Aruba, Paraguay and Nicaragua. Zara also opened new stores in markets as diverse as China, Canada, Thailand, Saudi Arabia, Germany, Mexico, Indonesia and Japan. The year was also punctuated by major store extensions, such as those of Puerto Rico, Cologne (Germany) and Antwerp (Belgium), which had their images updated along with the expansion work, in line with the brand's strategy.

Against this backdrop, another noteworthy refurbishment in November was the flagship Zara store in the Shinjuku district in Tokyo, one of Japan's most important shopping districts, which reopened to the public on 22 November. This store underwent a thorough overhaul and was expanded to 2,300m2. Also during the last quarter, the more-than 3,000m2 store located at Randolf Street and N. State Street in Chicago (US) reopened its doors.

The rest of the Group's brands similarly added to their floor space last year. Pull&Bear opened new stores in Luxembourg and Nicaragua; Massimo Dutti, in India and Finland; Bershka, in Nicaragua; Stradivarius opened its first stores in the Netherlands, Algeria, Israel and Nicaragua; Oysho did so in Belgium, Indonesia and Algeria; Zara Home entered the markets of Serbia, South Africa, Paraguay, Estonia and Denmark; and Uterqüe inaugurated its début stores in Poland and the Ukraine.

In parallel, all of the Group's brands opened flagship stores, such as the new Massimo Dutti on Paseo de Gracia in Barcelona (Spain) and its new store on Masarik 431 (Mexico City); flagship Pull&Bear stores in Windsor House in Hong Kong (China) and on Mariahilferstrasse in Vienna (Austria); prominent Stradivarius openings on London's Oxford Street (UK), Kalvestraat in Amsterdam (Netherlands), Donegall Place (Belfast, Northern Ireland) and on Corso Vercelli, Corso Italia and Via Emilia in the Italian cities of Milan, Arezzo and Modena, respectively.

Bershka meanwhile added to its store base by refurbishing its flagship stores on Oxford Street (London, UK), Vía Vittorio Emanuelle (Milan, Italy), Nanjing East (Shanghai, China) and Gran Vía (Madrid, Spain). The new Oysho stores in Santa Catalina (Porto, Portugal), the Galleria Alberto Sordi in Rome (Italy) and on the Ramblas and on Avenida Diagonal in Barcelona (Spain) stand out.

Zara Home opened a global flagship store on Garosu de Seoul (Korea), relocated its store on Avenue Louise in Brussels (Belgium) and opened new establishments on Place Massena in Nice (France) and Kobmamegrade in Copenhagen (Denmark). Uterqüe, lastly, unveiled its new store image in Braga (Portugal). The new look is inspired by the world of art and the Mid Century movement and was also introduced in the new stores opened in Monterrey (Mexico), Granada (Spain) and Lisbon (Portugal).

Commercial initiatives

All the Group's brands communicated particularly actively with their customers, rolling out high-profile initiatives such as the exclusive collection of Zara garments designed to mark the release of The Rolling Stones's new album, Blue & Lonesome, and the Join Life collection, mentioned earlier, embodying the Group's research into the most sustainable fabrics. Exceptionally, the latest collection was shot by Steven Meisel.

Pull&Bear began to collaborate with five-time motor cycling world champion Marc Marquez, who is going to design his first collection together with Pull&Bear's in-house creative teams. Meanwhile, Massimo Dutti launched new collections in collaboration with artists of the calibre of Lachlan Bailey and Franck Malthiery.

Bershka also unveiled a new store image, dubbed backstage, inspired by the world of music and live concerts. Oysho launched an Olympics collection to mark the Games in Rio de Janeiro; Spain's national rhythmic gymnastics team inspired the garments created by the brand's designers. Uterqüe extended its support for the world of art, which materialised in its collaboration with the Madrid Gallery Weekend event.

In 2017, Stradivarius launched its first men's fashion line, which is currently available in 32 stores in 17 different countries and online in 22 of its online markets. The first Stradivarius Man collection has been given its own well-differentiated space in the chain's flagship stores and it will continue to be introduced in additional stores over the coming months.

Zara Home, meanwhile, continued to add its hallmark fragrances to new product lines, launching its first line of perfumes for men and women and marketing its first washing powder, fabric conditioner and ironing range (Laundry).

III. SOCIAL INVESTMENT

for&from for people with disabilities

The Group remained highly active on the social investment front in 2016. In the education and employment field, it is worth highlighting the inauguration of two new stores under the Group's for&from programme, stores which employ people with physical, psychological or learning disabilities. The Group now operates 11 stores under this format, employing over 100 people with disabilities.

More specifically, Massimo Dutti opened a for&from store in Igualada (Barcelona), which employs 15 people with disabilities, and Pull&Bear joined the initiative with its first for&from store in Ferrol (La Coruña), where five people with disabilities work. The campaign for Pull&Bear's first for&from store was led by Brooklyn Beckham under the slogan ‘Jump barriers and be in the right place'.

Programmes for the integration of vulnerable communities

It is also worth highlighting the Salta Mundo programme, whose mission is to hire young people marginalised from the job market in Group stores. São Paulo (Brazil) was added to the list of cities carrying out this initiative in July. This programme is now well-established in 11 cities (Madrid, Barcelona, Athens, Berlin, Lisbon, London, Milan, Paris, Warsaw, Mexico City and York), facilitating the workplace integration of over 800 people.

In this same vein, Inditex renewed its collaboration agreement with Caritas, pledging to fund, via a €7.4 million contribution, this organisation's workplace integration programmes for people at risk of exclusion in Spain.

The employment-focused collaboration between Caritas and Inditex in Spain dates back to 2011. The programme has established its credentials as a benchmark initiative in improving the job prospects and workplace integration of people at risk of social exclusion since it was set up. Since 2011, Inditex has provided €6.5 million of funding to this endeavour, which has directly benefitted more than 4,600 people. Over 3,500 of these beneficiaries have received training that has improved their job prospects and 1,450 have found their way back into the job market thanks to integration programmes.

For the next three-year period (2017 - 2019), the employment programme will receive another €5 million of funding from Inditex and is expected to support nearly 600 training initiatives for learning a new trade or enhancing an existing one, accompanied by work practice in many instances, with the aim of improving the percentage of beneficiaries who ultimately find work.

Access to water and emergency relief

Extending Inditex's support for solutions for the provision of safe drinking water andsanitation, the Chairman and CEO Inditex, Pablo Isla, met with Matt Damon and Gary White, co-founders of Water.org, during the World Economic Forum in Davos (Switzerland) in January. During the meeting, they went over the progress and achievements marking their first year of collaboration. This four-year agreement was instigated at the end of 2015 and covers Water.org's projects in Bangladesh and Cambodia with the aim of directly improving the health of more than 160,000 people.

In November, Inditex also renewed its agreements with each of Médecins Sans Frontières (MSF), Caritas and Entreculturas, some of the main non-profit organisations through which Inditex has been channelling its concerted humanitarian assistance for over a decade. More specifically, the MSF projects, to which the Group contributed €2.3 million in 2016, are centred on the provision of humanitarian assistance to Syrian refugees in Kilis (Turkey) and support for the mission's emergency response teams in the Democratic Republic of the Congo and the Central African Republic.

Since their Framework Collaboration Agreement was signed in 2008, Inditex has earmarked over €19.1 million to MSF to fund ongoing relief work, as well as specific emergency efforts. These initiatives have benefitted more than 1.8 million people in 14 countries and in 28 emergency zones.

As for the Group's work with Caritas on the humanitarian front, the specific goals include improving rural community readiness for natural disasters in Bangladesh and extending the community health and development strategy already underway in Cambodia. Since 2008, Inditex has contributed €4.3 million to these programmes, which have benefitted nearly 82,000 people.

Lastly, the renewal of the collaboration agreement with Entreculturas for the next three years implies the continued funding of education, employment and humanitarian aid programmes in Latin America, South Africa and the Lebanon that will directly benefit 165,500 people.

Entitled Educate People, General Opportunities (EPGO), the new three-year agreement, which includes 22 social projects between 2017 and 2019, will facilitate the extension of the projects initiated under the scope of the last three-year agreement (2014-16) that have brought assistance and relief to over 160,000 people (for more information about the projects carried out during the last 15 years, go to www.unmillondeoportunidades.org).

It is also worth highlighting the donations made by the Group over the past year to the rescue and humanitarian aid efforts to support victims of the earthquakes in Ecuador and Italy in April and August. The Group donated €200,000 and €1 million, respectively, via a series of organisations such as Caritas and the Red Cross. These funds have been used mainly to provide medical care to those affected, equip search and rescue teams with sniffer dogs, provide psychological support to the affected populations and set up mobile kitchen units for people displaced from their homes.

Chair for Refugees

In April, the Chairman and CEO of Inditex, Pablo Isla, and the Dean of Universidad Pontificia Comillas ICAI-ICADE, Julio L. Martínez, entered into a collaboration agreement for the creation of a Chair for Refugees and Forced Migrants. This Chair will be used to support collaboration programmes between the University and the charitable organisations active in this sector; to foster academic research in the field of migration and, specifically, the application of these studies to the provision of direct and on-the-ground assistance to refugees and migrants; and to publicise these initiatives with the aim of raising social awareness.

The Chair will pay particular attention to the processes for incorporating, welcoming and integrating refugees into society in Spain and Europe.

Agreement with Tsinghua University in Beijing

Another noteworthy milestone in 2016 was the new three-year agreement reached with the Tsinghua University School of Economics and Management (SEM). These scholarships are used to fund travel by scholarship students to A Coruña (Spain) for work placements at Inditex and other companies in areas such as fashion, logistics, environmental protection and sustainable development, among others.

IV. 2017

Dividend

Inditex's Board of Directors will ask the company's shareholders to approve a €0.68 per-share dividend, marking year-on-year growth of 13.3%, at the Annual General Meeting scheduled for July. A dividend of €0.34 per share will be paid out in the interim on 2 May 2017, while the remaining €0.34 per share would be paid out, if approved, on 2 November 2017 in the form of a final and special dividend.

2017 Update

Store sales in constant-currency terms – adjusted for seasonality on account of the leap year – rose by 13% between 1 February and 12 March 2017.

Ordinary capital expenditure in FY2017 will be approximately €1.5 billion driven mainly to continue to invest in its sustainable growth, specifically in new customer-oriented technologies and R&D projects, in expanding its eco-efficient store base, in upgrading its logistics operations and in shoring up the second-hand clothing collection and fibre recycling programmes and research, among other key areas.

The Group plans to continue to expand its integrated store and online model globally in 2017. Against this backdrop, it is expecting a similar rate of net new store openings as in prior years, in line with its strategy of continued space growth by opening flagship stores in the world's top shopping districts and absorbing smaller units into adjacent stores. Almost 70% of the openings planned for 2017 are already under contract.

The emblematic openings scheduled for the coming months include new Zara stores in Nagoya (Japan), Doha (Qatar), or the Flora Fountain store in Ismail Building in Mumbai (India), the city's most prominent shopping street, and in the Azca district on Madrid's Paseo de la Castellana (Spain). Zara is also preparing to reopen newly refurbished stores in iconic locations such as in Opera in Paris (France) this April and in London's White City shopping centre (UK).

The other brands are also planning prominent store openings this year: Zara Home will inaugurate stores in Zurich (Switzerland) and Vienna (Austria), as well as on Nanjing Road in Shanghai (China); Pull&Bear has a store opening coming up on Calle Preciados in Madrid (Spain); Bershka will open a new store in Changsha (China); and Stradivarius will reopen its doors at Portal del Angel in Barcelona (Spain).

The Group will continue to expand its online platform in parallel. Zara's online store will go live in Thailand and Vietnam in the coming weeks, while its launch in India is scheduled for the second half of the year.

APPENDIX: Global online sales platforms