THE WHAT? Zara owner Inditex has announced it is planning an autumn price hike as it aims to offset soaring costs, according to a report by Reuters.
THE DETAILS? The news follows previous price rises in Spring and Summer, with Inditex reporting a 41 percent profit jump in the six months ending July.
CEO Oscar Maceiras has said that sales were beginning to rise and, despite investor concerns over dwindling demand for fashion amidst the cost of living crisis, he was confident in the long-term potential growth.
THE WHY? Looking at a mid-single digit average price increase, CFO Ignacio Fernandez said, “The level of newness, quality and design of our collections is driving our sales, but obviously we are always thinking about a stable pricing policy.”