Zara and H&M shore up defences as internet threatens
Live MintCorunna, Spain:Logistics investments, new technology. “Online sales are becoming an element that is contributing significantly to the company’s growth,” said Pablo Isla, CEO of the Inditex group which owns Zara among other brands like Massimo Dutti, said this week at the annual results’ presentation. Sergio Avila Luengo, an analyst at IG Markets, said gaining “more visibility online” was the main challenge for Inditex if it wants to remain “competitive on the long term”. “We know about the big online platforms, I’m thinking Amazon and Alibaba, affecting our industry,” he said, adding smaller niche online players were also “a force to be reckoned with”. When online sales are launched in new markets, “we get to profitability really quick,” H&M financial director Jyrki Tervonen told investors in February.
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