MUMBAI: Zara posted 21% growth in India to cross the Rs 1,000crore sales mark in the year ended March, but intense competition took its toll. Profit nearly halved as the Spanish fashion brand cut prices to match international rivals such as H&M and Gap, which have made an India entry in the past two years. With average sales per Rs 50 crore, the apparel retailer's performance is even higher than India's largest jewellery chain, Tanishq. However, it grew much slower -an average of 20% -in the last three years, indicating that its novelty factor may be waning. Ecommerce companies could have added to their sales as well considering that apparel accounts for nearly 25-35% of overall sales for the likes of Amazon Flipkart and Snapdeal .

Source: Economic Times July 04, 2017 04:41 UTC