Inditex SA, the world’s largest clothing retailer, and Zara’s parent company, has been hit hard by the pandemic, with a sales decline of 44% to €3.3bn/$3.8bn during the first quarter of its financial year. Considering the sharp downturn in sales, one will understandably wonder about Inditex’s relatively small loss. Here is why: online sales rose significantly during the worst period of the pandemic. Today, the giant Spanish retailer looks forward to the challenges of the post-COVID19’s new reality with self-assurance and an unmatched in-store and online retailing savvy.
The accord between El Corte Inglés, benchmark of Spanish commerce, and Alibaba, the digital giant from China, is welcomed by both partners with such a great enthusiasm one would think it was marriage made in heaven. El Corte Inglés press releases are rosy and replete with optimism. The partners present the accord as the answer to Jeff Bezos’ dominant position in global e-commerce.