Zara – New large store for the "king" of fast fashion and 30 years in Greece


Inflation favours Zara as consumers appear to be turning more towards cheaper 'fast fashion' due to reduced household disposable incomes. In fact, the company that completed a significant transformation by blowing out 30 "candles" in the Greek market this year is preparing for the grand opening of its large store in Pyrgos, Piraeus - 6000 m2!

According to the financial statements communicated by ITX Hellas, a subsidiary of the Inditex Group, under whose umbrella all the Group's brands are now gathered, it managed to show a sales increase of almost 35%, reaching a breath of 615 million euros, from 457.4 million euros that was a year ago.

New Money reported EBITDA decreased to 75.59 million euros from 80.4 million euros, and the result before interest and taxes was 29.6 million euros from 31.3 million euros in 2022. Net profits at 21.021 million. Euros from 21.110 million euros. Something that testifies to stability.

ITX Hellas SA, under whose umbrella all the brands of the Group are placed (Zara, Bershka, Pull & Bear, Oysho, Massimo Dutti coke), proceeded with investments amounting to 14.1 million euros in both leased and owned stores.

The financial statements mention that the company "aspires to create pleasant and accessible spaces where the latest technology allows continuous interaction with the brand from any device".

It is noted that on 29/7/2022, it proceeded to distribute a dividend of 18.9 million euros for the profits of the fiscal year 2021.

Opening hours of stores in Athens during the Christmas holidays

The proposed opening hours of stores in Athens for the 2023 Christmas holidays were announced on Tuesday by the Trade Association of Athens.

Starting on December 12, the association proposes that stores stay open 09:00 until 21:00 on week days and from 09:00 until 18:00 on Saturdays. Shops will be also open on Sundays, from 11:00 until 18:00, on December 17, 24 and 31.

Shops will remain closed on December 25-26 (Christmas Day and Boxing Day) and on January 1 and 2, 2024.

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