Zara owner Inditex eyes UK expansion of budget label Lefties
Zara owner Inditex is exploring potential store locations in the UK for its low-priced Gen-Z-focused brand Lefties.
Zara owner Inditex is exploring potential store locations in the UK for its low-priced Gen-Z-focused brand Lefties.
The budget label is understood to be targeting 30,000sq ft flagship units in shopping centres, Drapers reported.
Inditex has been increasing investment behind its Lefties brand for the last couple of years in a bid to compete with its rapidly growing fast fashion rivals such as Shein.
The label, which started off as an outlet for Zara leftovers, now has stores in 18 countries, including Egypt, Mexico, Romania, Saudi Arabia, Turkey, and United Arab Emirates.
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Inditex chief executive Oscar Garcia Maceiras told analysts on this week that the company was “testing Lefties in new markets” following positive feedback from the brand’s launch into new territories last year.
It comes after the Spanish fashion giant saw first quarter sales edge up 1.5% to €8.27bn (£7.3bn), falling short of analyst expectations of €8.36bn amid a more cautious consumer environment..
Despite the muted sales growth Inditex maintained a steady gross margin of 60.6% and delivered a net profit of £1.16bn, up marginally year-on-year.
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