Le Figaro : Jonathan Anderson : « Dior est un nom mythique qui doit refléter son

Jonathan Anderson : « Dior est un nom mythique qui doit refléter son temps »
EXCLUSIF - Ce 27 juin, le nouveau directeur artistique de Dior présentera son premier défilé homme - l’événement de cette Fashion Week de Paris. Le Nord-Irlandais de 40 ans dévoile, en exclusivité pour « Le Figaro », sa vision de la maison de l’avenue Montaigne.

Un léger frisson d’excitation nous parcourt, mercredi matin, vers 9 heures, en pénétrant dans les bureaux de Dior rue Vernet (Paris 8e) pour rencontrer Jonathan Anderson, le nouvel homme fort de la maison, deux jours avant son premier défilé masculin très attendu - le plus attendu dans le secteur de l’homme depuis les débuts de Pharrell Williams chez Louis Vuitton, en juin 2023. Le Nord-Irlandais n’a parlé jusqu’alors à aucun journaliste de sa vision pour Dior. « On parle de quoi ? Du défilé ? nous lance-t-il serein, fidèle à son look casual mais pensé - pantalon Carhartt vert clair, chaussures de randonnée The North Face usées, sweat-shirt zippé bleu marine. Ce show concentre ma vision de l’homme Dior et, plus généralement, de la maison - car l’homme et la femme fonctionneront évidemment ensemble. Je ne dis pas qu’elle est parfaite, et je suis persuadé que certains vont la détester, d’autres l’adorer. C’est la bonne pour moi en tout cas. » Tenu par le secret, on ne vous révélera rien de cette silhouette qui sera dévoilée ce vendredi, à 14 h 30. Simplement dire qu’elle est à la fois très Dior et très Anderson, mariant sens du produit et radicalité… et très réussie !

Le directeur artistique de 40 ans, nommé en avril à la tête de l’homme (puis début juin à la femme) reste évasif sur le temps qui lui a été accordé pour mettre en œuvre ce premier défilé. Il concède toutefois qu’il n’est pas dans les murs « depuis très longtemps ». Mais suffisamment pour signer sa collection la plus large à ce jour et s’approprier bon nombre de codes maison. Parmi lesquels le très populaire sac Book Tote introduit par Maria Grazia Chiuri, qu’il a « teasé » sur les réseaux sociaux ces derniers jours. « Car je ne m’interdis pas d’utiliser le travail de mes prédécesseurs, sourit-il. Le Book Tote fait aujourd’hui partie de la riche histoire de Dior, comme le Lady Dior ou la veste Bar. » Sur cette forme, il a appliqué les couvertures des Liaisons dangereuses et de Dracula… Car Anderson est un lettré. Il voit dans le classique de Bram Stoker (Irlandais ayant vécu à Dublin comme lui) un livre « incroyablement contemporain, traversé par deux hantises très actuelles : la peur de l’imagination et la peur de l’immigration. » L’édition originale, jaune vif et lettres rouges, a aussi l’avantage d’être instagrammable.

Avec le sens du buzz qu’on lui connaît, Anderson sait alimenter la machine à désirs autour de ses débuts. Il y a quelques jours, en pleine Fashion Week de Milan, il utilisait ainsi la fonction « amis proches » d’Instagram (qui permet de diffuser une story à un cercle restreint) pour poster trois images : un Polaroid de Jean-Michel Basquiat signé Andy Warhol, une photo de la mondaine américaine Lee Radziwill, et donc, ces Book Tote. Et, surtout, quelques jours plus tard, deux vidéos de Kylian Mbappé, posant en costume-cravate et tentant de nouer un nœud papillon. Et les réseaux sociaux de s’enflammer… « Peu de gens ont autant de talent et de charisme que Kylian, s’enthousiasme-t-il. Je veux montrer une masculinité différente, très fragmentée de nos jours, ce qui est très excitant pour un créateur de mode masculine. Les années 2000 où ce que portait David Beckham faisait la une des journaux sont révolues. L’idée qu’un footballeur soit fan de mode n’a plus rien d’étonnant aujourd’hui. »

L’excitation autour de ce show est révélatrice d’un secteur de la mode masculine en quête de renouveau créatif. Or Anderson arrive auréolé de son succès chez Loewe où en dix ans, il a fait de cette maison espagnole (également propriété de LVMH) connue pour son travail du cuir, un grand nom du luxe. Dior est évidemment d’une autre dimension par son histoire couture, ses codes, et, nerf de la guerre, son chiffre d’affaires. Son héritage en mode masculine est également immense, marqué par le passage d’Hedi Slimane au début des années 2000. Dernière grande révolution en date du vestiaire des hommes. Jonathan Anderson était alors adolescent. « Il y avait quelque chose de très londonien dans sa vision de Dior Homme. C’était une époque fascinante, qui a vu l’arrivée de Slimane et l’avènement de Tom Ford chez Gucci. Ils ont ouvert la voie à ce que les marques sont aujourd’hui : elles sont devenues plus précises, ont gagné en force. »

Dans un contexte actuel difficile pour le luxe, Anderson veut notamment réaffirmer la place de Dior dans le paysage français. Presque une folie, à l’heure où les concurrents ne pensent qu’à conquérir des clients au bout du monde. « Dior est un nom mythique, une marque ancrée dans l’imaginaire collectif comme peu d’autres le sont, observe-t-il, en faisant défiler sur son iPad les images de sa collection riche en références historiques. Dior est un symbole de pouvoir en France. Ce fut, en quelque sorte après la guerre, un outil de propagande, pour dire que son pays était “de retour”. » Il pioche donc autant dans les archives maison que dans l’histoire du costume français. « Avant la Révolution, la mode en France était très frivole, ornementale, très chère, aussi - un manteau équivalait à une Ferrari !, rappelle-t-il. Il existait aussi une forme de radicalité qu’il me semblait intéressant d’exploiter. Aujourd’hui, on a tendance à penser que l’on est progressiste, qu’on s’habille de façon folle. Mais cela a toujours existé ! »

Il insiste sur son envie de s’intéresser à ces vêtements historiques, de les déconstruire et de les rendre à nouveau contemporains. « J’aime cette idée de recréer des reliques du passé, sans doute car je suis un grand admirateur de Martin Margiela. » Le Belge qui, lui aussi, aimait « reproduire » des archétypes plus ou moins anciens quasiment à l’identique. « Cette histoire Dior a tout pour faire un bon film : de la tragédie, de la joie, du succès. Dès mon arrivée, j’ai cherché à comprendre ce qui la rendait unique. C’est le New Look de M. Dior, pas seulement pour son esthétique, mais aussi pour cette manière qu’il a eue de se tourner vers le passé pour se projeter dans le futur. Cette maison doit refléter son temps, plus encore qu’une autre, je pense. L’industrie de la mode est comme un bonsaï qui aurait trop grandi : il faut épurer, revenir à ce pour quoi on aime ce métier, et c’est faire du vêtement. Avec cette collection, j’ambitionne de créer une silhouette globale. Et surtout, qu’une fois cette veste posée sur un portant en boutique, elle soit la plus belle que vous ayez jamais vue. »

>>> Europe : Brokers Upgrades & Downgrades - 27th of June 2025 V2(+)

>>> Up
* Alphabet Raised to Market Outperform at Citizens; PT $220
* Autodesk Raised to Buy at Berenberg; PT $365
* Boeing Raised to Buy at Rothschild & Co Redburn; PT $275
* Estee Lauder Raised to Buy at HSBC; PT $99
* Franklin Resources Raised to Buy at Goldman; PT $29
* Indra Raised to Overweight at Morgan Stanley; PT 47 euros
* Nike Raised to Buy at HSBC; PT $80
* Pearson Raised to Outperform at BNPP Exane; PT 1,300 pence

>>> Down
* Aena Cut to Hold at Intermoney Valores; PT 24 euros
* Alphabet Cut to Neutral at BNPP Exane; PT $172
* Atlantic Lithium Cut to Neutral at Macquarie; PT 7 pence
* Babcock Cut to Hold at Deutsche Bank; PT 1,115 pence
* Bank of America Cut to Neutral at Baird; PT $52
* DORE LN Cut to Neutral at Stifel (+)
* JPMorgan Cut to Underperform at Baird; PT $235
* Knorr-Bremse Cut to Neutral at Citi; PT 92 euros
* Knorr-Bremse Cut to Neutral at JPMorgan; PT 93 euros
* Next 15 Group PLC PT Cut to 329 pence at Panmure Liberum (+)
* Porsche Cut to Underperform at Grupo Santander; PT 43.10 euros (+)
* VW Cut to Neutral at Grupo Santander; PT 102.60 euros (+)
* Xtpl Cut to Hold at Erste Group; PT 89 zloty
* Zealand Pharma Cut to Neutral at Van Lanschot Kempen

>>> Initiation
* Fincantieri Rated New Buy at Deutsche Bank; PT 17 euros (+)
* Stellantis Rated New Neutral at Grupo Santander; PT $10.89 (+)
* Trustpilot Rated New Buy at Investec; PT 330 pence

>>> Call
* Amazon Upgraded to Outperform, Alphabet Cut at BNP Paribas Exane
* *BOFA STRATEGISTS CUT EUROPEAN UTILITIES TO MARKETWEIGHT (+)
* RBC Sees Tesla Delivering 366,000 Vehicles in 2Q, Miss Estimates

>>> Europe : Brokers Upgrades & Downgrades - 27th of June 2025

>>> Up
* Alphabet Raised to Market Outperform at Citizens; PT $220
* Autodesk Raised to Buy at Berenberg; PT $365
* Boeing Raised to Buy at Rothschild & Co Redburn; PT $275
* Estee Lauder Raised to Buy at HSBC; PT $99
* Franklin Resources Raised to Buy at Goldman; PT $29
* Indra Raised to Overweight at Morgan Stanley; PT 47 euros
* Nike Raised to Buy at HSBC; PT $80
* Pearson Raised to Outperform at BNPP Exane; PT 1,300 pence

>>> Down
* Aena Cut to Hold at Intermoney Valores; PT 24 euros
* Alphabet Cut to Neutral at BNPP Exane; PT $172
* Atlantic Lithium Cut to Neutral at Macquarie; PT 7 pence
* Babcock Cut to Hold at Deutsche Bank; PT 1,115 pence
* Bank of America Cut to Neutral at Baird; PT $52
* JPMorgan Cut to Underperform at Baird; PT $235
* Knorr-Bremse Cut to Neutral at Citi; PT 92 euros
* Knorr-Bremse Cut to Neutral at JPMorgan; PT 93 euros
* Xtpl Cut to Hold at Erste Group; PT 89 zloty
* Zealand Pharma Cut to Neutral at Van Lanschot Kempen

>>> Initiation
* Trustpilot Rated New Buy at Investec; PT 330 pence

>>> Call
* Amazon Upgraded to Outperform, Alphabet Cut at BNP Paribas Exane
* RBC Sees Tesla Delivering 366,000 Vehicles in 2Q, Miss Estimates

>>> What to look at today - 27th of June 2025

Asian stocks advanced and a gauge of global equities was on track for another record high on trade-deal optimism and increased expectations for Federal Reserve interest-rate cuts this year. Equities in Japan, Hong Kong and Australia rose Friday after the S&P 500 advanced 0.8% to within striking distance of a new high. The Nasdaq 100 achieved the feat on Thursday, helping MSCI’s global shares index to a record high. A gauge of Asia-Pacific stocks gained as much as 0.7% to the highest since September 2021. US stock futures edged upward. After markets closed in New York on Thursday, US Commerce Secretary Howard Lutnick said the US and China had finalized an understanding on trade following talks last month. Meanwhile, the Treasury Department announced a deal with G-7 allies that will exclude US companies from some taxes imposed by other countries in exchange for removing the “revenge tax” proposal from President Donald Trump’s tax bill. There’s “a long list of positive headlines” out right now, said Chetan Seth, Asia Pacific equity strategist at Nomura. “Softening US yields amid rising Fed rate cut expectations,” and the US tax and trade developments, plus “in the background, the artificial-intelligence theme has regained momentum. So stocks appear to be climbing the proverbial wall of worry.” Treasuries slipped after rallying Thursday on increased expectations for Fed cuts. The swaps market has fully priced two further rate reductions this year and increased bets on a third. An index of the dollar was little changed after dropping for four straight sessions.  The moves were driven by US economic data that supported the case for policy easing. Consumer spending grew in the first quarter at the weakest pace since the onset of the pandemic. As a result, gross domestic product slid at a downwardly revised 0.5% annualized rate. Recurring applications for unemployment benefits rose to the highest since 2021 — but initial claims fell. A flurry of Fed officials this week made clear they’ll need a few more months to gain confidence that tariff-driven price hikes won’t raise inflation in a persistent way. Economists see the personal consumption expenditures price index excluding food and energy — the Fed’s preferred gauge of underlying inflation — marking the tamest three-month stretch since the pandemic five years ago. In Asia, the yen fluctuated after inflation in Tokyo slowed for the first time in four months. China’s industrial firms saw their profits drop sharply in May, illustrating weakness in an economy strained by higher US tariffs and lingering deflationary pressure. Markets are closed in Indonesia and Malaysia. Copper stocks rose as Goldman Sachs analysts warned that shortages will get worse before levies come into effect. A key one-day copper price spread surged to the highest level in four years on the London Metal Exchange, placing fresh strains on buyers contending with a rapid decline in inventories fueled by US plans to impose tariffs on the metal.
Stock-market volatility is likely to remain higher in the second half of the year given lingering macro and policy uncertainty, according to Goldman Sachs Group Inc. strategists. The team led by Andrea Ferrario says stagflationary shocks remain a key risk for balanced portfolios amid tariff-induced inflation risks. US After Hours NKE +10.6%, AOUT +8.2% higher on earnings; CNXC -9.3% lower on earnings; INMB +82.3% as it will announce top line results on Monday.

Nikkei +1.40% Hang Seng -0.25% CSI -0.18% Shanghai -0.36% Shenzen +0.69%

Eur$ 1.1691 CNH 7.1688 CNY 7.1744 JPY 144.47 GBP 1.3729 CHF 0.8011 RUB 78.75 TRY 39.8368 WTI$ 65.52 +0.58% Gold 3,296 -0.94% BTC 107,542 -0.25% ETH 2,452 +0.22%

S&P +0.15% Nasdaq +0.18% EuroStoxx +0.57% FTSE +0.16% Dax +0.67% SMI +0.58%

Macro :
- Trump Tax Bill Hits $250 Billion Health-Care Snag in Senate
- Lutnick Says US-China Trade Truce Signed, 10 Deals Imminent
- Von Der Leyen Says EU Will Be Ready If US Trade Talks Break Down

Keep an eye on :
- AL2SI FP : 2CRSi Wins $100 Million AI Server Contract in US
- AF FP : French Government Mulls New Taxes on Domestic Flights: Les Echos
- AKZA NA : JSW Paints to Buy Akzo Nobel’s India Unit Stake for $1.1B
- AMZN US : Amazon AWS Generative AI Boss Philomin Left Company: Reuters
- IF IM : Banca Ifis Voluntary Tender Offer for Illimity Reaches 52.3%, Illimity Says CEO Passera to Tender Shares in Banca Ifis Offer
- BBVA SM : BBVA Favors Proceeding With Sabadell Bid If Investors Agree
- BX US : Blackstone to Buy $2 Billion Loan Portfolio From Atlantic Union -- WSJ
- BNP FP : UK Fintech Revolut Said to Acquire BNP’s Cetelem in Argentina
- CPR IM : Campari Sells Cinzano, Sparkling Wine Business for €100m
- CNA LN : Centrica set to take 15% stake in Sizewell C nuclear project
- ATD CN : FTC Proposes Gas Station Divestitures in Couche-Tard Fuel Deal
- DSFIR NA : DSM-Firmenich Raises Buyback to €1B After Unit Sale Completion
- SATS US : FCC’s Carr Says Agency Must Act ‘Soon’ on EchoStar Probe
- FLS DC : FLSmidth CEO Keto Sells 20,000 Shares for About DKK8m
- GIVN SW : Givaudan to Buy Majority Stake in Vollmens Fragrances; No Terms
- JUN3 GY : Jungheinrich in ‘Close-to-Final’ Talks to Sell Russian Unit
- LAUAK (Private Co) : Wipro to Buy 51% of French Aerospace Supplier Lauak: Les Echos
- MAR PL : Visabeira Isn’t Required to Make Bid for Martifer: Regulator
- MB IM : Mediobanca Targets Investor Remuneration Over €4.9B Over 3 Years
- META US : Meta in Talks to Buy AI Voice Startup PlayAI in Push for Talent
- BMPS IM : Paschi Approves €13.2B Capital Hike for Mediobanca Bid (June 26)
- 17 HK : New World Gets 100% Lender Approval for $11 Billion Refinancing
- NKE US : Nike 4Q Revenue Beats Estimates *NIKE SHARES EXTEND GAINS TO 11% AFTER EARNINGS CALL
- RGC US : Mystery $33 Billion Chinese Medical Fortune Collapses In Days
- SAAABB SS : Peru Decides to Buy Saab Gripen Jets, SR Reports
- SMOL SS : Smoltek announces final outcome of the rights issue and resolves on directed share issues as compen
- SIKA SW : Switzerland's Sika Buys Qatar-based Gulf Additive Factory
- 9984 JP : Masayoshi Son Prepares to Pick Successor From Within SoftBank
- SF US : Stifel Sees 2Q Investment Banking Revenue Down 10% Y/Y
- TSLA US : SpaceX Seeks Return of Debris After Mexico Pollution Complaint
- UCB BB : UCB Phase 3 Study of Fenfluramine Meets Primary Endpoint
- UNI IM : Unipol Board Accepts BPER Banca Bid on Popolare Sondrio
- ULVR LN : Unilever pays $1.5bn for men’s grooming brand Dr Squatch
- VOLCARB SS : Volvo Car Board Member Steps Down to Become Geely Sweden Chair
- WLN FP : Swedish FSA Called Worldline Into Meeting to Seek Assurances (1)
- 1810 HK : Xiaomi Shares Surge After New SUV Gets 289,000 Orders in an Hour

>>> Stoxx 600 Pre-Market Indications

  • Akzo Nobel (AKU1 TH) +3.8%
    • JSW Agrees to Buy Akzo Nobel India Unit in $1.6 Billion Deal (1)
  • Puma (PUM TH) +2.7%
    • Nike Climbs on Revenue Beat, First Quarter Guidance: Street Wrap
  • Adidas (ADS TH) +2.4%
    • Nike Climbs on Revenue Beat, First Quarter Guidance: Street Wrap
  • Indra (IDA TH) +2.2%
  • Carlsberg (CBGB TH) +1.8%
  • Taylor Wimpey (TWW TH) +1.7%
  • Leonardo (FMNB TH) +1.6%
  • ASML (ASME TH) +1.6%
  • RENK Group (R3NK TH) +1.4%
  • Hensoldt (HAG TH) +1.3%
  • Amrize (J0J TH) -1%
  • Vodafone (VODI TH) -1.1%
  • Knorr-Bremse (KBX TH) -3.5%
    • Knorr-Bremse Cut to Neutral at Citi; PT 92 euros

>>> TradeGate Pre-Market Indications

DAX:
  • Adidas (ADS TH) +3.3%
    • Nike Climbs on Revenue Beat, First Quarter Guidance: Street Wrap
  • Siemens Energy (ENR TH) +1%
  • Zalando (ZAL TH) +1%
    • Nike Climbs on Revenue Beat, First Quarter Guidance: Street Wrap
MDAX:
  • Puma (PUM TH) +2.5%
    • Nike Climbs on Revenue Beat, First Quarter Guidance: Street Wrap
  • Hensoldt (HAG TH) +1.5%
  • Traton (8TRA TH) +1.4%
  • RENK Group (R3NK TH) +1.3%
  • United Internet (UTDI TH) +1.1%
  • Knorr-Bremse (KBX TH) -3.1%
    • Knorr-Bremse Cut to Neutral at Citi; PT 92 euros
SDAX:
  • Vossloh (VOS TH) +1.4%
  • Deutsche Euroshop (DEQ TH) +1.3%
  • Deutz (DEZ TH) +1%

WSJ : Xiaomi SUV Takes Aim at Tesla

Xiaomi SUV Takes Aim at Tesla
Shares of Xiaomi jumped Friday morning in Hong Kong

Xiaomi has launched a new car that analysts say might be a serious challenger to Tesla’s bestselling Model Y.

The Chinese company, a consumer electronics giant that has expanded into electric vehicles, unveiled the YU7 sport-utility vehicle at an event Thursday.

As he presented the car, Xiaomi founder Lei Jun compared it to Tesla’s Model Y, pointing out that the YU7 is about $1,395 cheaper.

The starting price for the YU7 is 253,500 yuan, equivalent to $35,367. Prices for Tesla’s Model Y start at 263,500 yuan in China.

The more premium YU7 Pro and YU7 Max models have price tags of 279,900 yuan and 329,900 yuan, respectively.

Analysts had been keenly watching the launch, which comes as carmakers lock into another price war as they seek to win over cautious Chinese consumers.

Shares of Xiaomi jumped Friday morning in Hong Kong, rising as much as 8.0% and hitting a new high before paring gains. The stock was last up 3.5% at HK$58.95, and up 71% for the year.

Preorders for the YU7 reached 200,000 within the first three minutes of sales, and hit 289,000 in the first hour, according to Xiaomi.

That already exceeds most buy-side expectations for the first 24 hours, Citi analysts led by Kyna Wong wrote in a note. They see upside to their forecast of 400,000 units in Xiaomi EV shipments this year.

Xiaomi’s rollout could stir up more pricing battles in China’s fiercely competitive EV space. Last month, BYD—the country’s biggest EV maker—slashed prices on several models, prompting similar moves by rivals.

“As the major competitor, we expect Tesla may cut prices further,” Citi analysts led by Jeff Chung said in a note.

Another big EV maker, XPeng, could also cut prices on its G7 SUV to stay competitive, the Citi analysts added. Pricing for Li Auto’s all-electric i8 SUV is unlikely to be directly affected, but the analysts think there might be an impact on the i6.

Shares of XPeng were last down 2.7% in Hong Kong, while Li Auto was 0.8% lower.

Shares in Contemporary Amperex Technology Co.–a battery maker that supplies batteries for Xiaomi’s cars—were up 0.7%.

Focus now turns to Xiaomi’s upcoming earnings and guidance, due in August, which will show how its EV business is stacking up against its smartphone segment, the company’s biggest revenue driver. Attention will also be on Xiaomi’s Internet of Things and lifestyle products segment, after revenue hit a record in the first quarter, thanks in part to sales of wearables.

The Beijing-based company introduced a new line of wearables and IOT products at Thursday’s SUV launch, including AI glasses and smartphones.

FT : What midlife crisis? Zara strives to stay youthful as brand hits 50

What midlife crisis? Zara strives to stay youthful as brand hits 50
Chief executive of Zara’s owner Inditex sees plenty more room for growth despite slowdown in sales

Zara’s owner insists it can stay youthful into middle age as the world’s biggest fashion brand reaches half a century in business grappling with slowing sales growth, trade battles and all-out wars.

Despite market doubts that have knocked almost €40bn off its market capitalisation since December, Óscar García Maceiras, Inditex chief executive, told the Financial Times the company could keep growing through Zara’s “selective” approach to store expansion.

“We’ve never gone for the dynamic of announcing plans to triple the number of shops in X number of years or to double the balance sheet,” he said. “It’s project by project.”

Last year, Zara entered Uzbekistan, its 97th country, and next year it will open a store in North Carolina, its 26th US state. García Maceiras, who took over in 2022, said there was even room to increase sales in Spain — its most mature market — by replacing smaller, dated Zara stores with flashier, bigger outlets nearby.

Inditex’s chief also identified virgin territory for the smaller brands the group acquired or set up in the 1990s — such as Massimo Dutti, Bershka and Pull&Bear — but had rolled out only recently in some major markets.

The fashion industry, however, is going through a tough time. Fragile consumer confidence is being shaken by trade wars and armed conflicts, exacerbating pressures from the longer-term trend of consumers spending more on experiences and less on clothing.

Inditex led the sector’s revival from the pandemic but its sales growth has dwindled since, falling to 1.5 per cent in the first quarter of 2025 — although currency fluctuations worked against it.


García Maceiras said: “At certain times, or during specific campaigns, growth may be faster, and at other times growth might be somewhat more moderate. But we remain extremely confident that the capabilities of our teams and our model will keep working and that we will continue to see a positive evolution.”

The chief executive is a methodical, impassive character who is not an obvious fit for the world of fashion. Indeed, before joining Inditex he worked his way up the corporate ladder of Spanish banks, including a stint as general counsel at Santander.

García Maceiras, who turns 50 himself in October, declared that he and Zara “are both from the 1975 harvest”, referring to the year Inditex’s billionaire founder Amancio Ortega opened the first Zara store in A Coruña, north-west Spain. Ortega’s daughter Marta is now Inditex’s chair.

Spain is still Inditex’s largest market with just over 1,000 stores, accounting for 15 per cent of sales. The US is in second place by revenue, despite Inditex operating only 100 stores in the country. Russia was its number-two market until the company sold its business there due to the Ukraine war.

Zara’s success has been built on the speed of its supply chain. It sources almost half of its goods from so-called proximity countries, mainly Spain, Portugal, Turkey and Morocco.

That is coupled with a “forensic” ability to ascertain and process what consumers like in terms of colours, fabric and style, said Richard Hyman, partner at Aria Intelligent Solutions, a retail advisory group. 

All told, that means Inditex can design new catwalk-inspired outfits and get them into shops in as little as three weeks. Everything has to pass through its distribution centres in Spain, or one in the Netherlands, but García Maceiras said they kept store line-ups fresh by replenishing them with new shipments twice a week.

Inditex’s model has helped the group prosper despite strong competition from the likes of Mango, Primark and Shein. The group’s net profit grew 9 per cent to €5.9bn last year.


Even though Inditex has reduced its store count by 2,000 to 5,500 outlets since 2019, its total store space has increased because it closes smaller shops and consolidates into fewer, larger ones. Those stores also generate significantly higher sales per square foot. Since 2021, roughly one-quarter of its sales have been made online.

“As Inditex enters middle age, is it past it? Absolutely not,” said Hyman. “I think it’s maturing nicely. But at 50 it gets hard to produce the same growth numbers you did years and years ago.”

On top of that, today’s fashion market is challenging for even the best operators. “When demand is soft . . . you get an easing of innovation because . . . people are trying to protect their trading numbers,” Hyman said. “Is Inditex as innovative today as it was five years ago? Maybe not. Is the market similarly less innovative? Yes.”

García Maceiras said a prevailing sense of economic turbulence could discourage consumers from major purchases “like buying a house or changing their car”. But he said shoppers remained willing to buy party dresses and beach blouses as long as one key indicator — the unemployment rate — was not rising.

Since the pandemic, he said, it had been “very stable in most of our markets”.

García Maceiras was also sanguine about the impact of the global trade war sparked by US President Donald Trump’s tariff barrage, mainly because of its sourcing from Turkey and Morocco, which are threatened with lower tariffs than the likes of China, Vietnam and Bangladesh.

His argument for why investors should keep the faith on sales was that fashion retail had been so fragmented even a giant like Inditex had a low market share, affording it room to keep growing.

For example, Oysho, an Inditex-owned chain that has shifted from lingerie to leisurewear, entered the UK in only 2023, while Bershka, which aims to be more edgy and youthful, opened its first store in India this year.

But Simon Irwin, retail analyst at Tanyard Advisory, questioned whether Inditex’s smaller chains had sufficiently strong identities. “Everyone knows what Zara is. But Bershka, Stradivarius, Pull&Bear — are they really all that different?”

Zara remains the group’s driving force. García Maceiras enthused about the sleek interiors and cafés being introduced in the chain’s newest shops.

Irwin said Zara’s store upgrades had given it an “enormous uplift” in sales per square metre.

“But the issue is you can’t keep playing that game forever. Sales densities have a natural peak whoever you are,” he said. “At some point to grow the business you either need to start growing online, or increase your store numbers.”

This is no midlife crisis for Inditex. But to avoid stagnation a new impetus would not go amiss.