While Zara has successfully held off competition from new players and online upstarts, the U.S. is its second largest market and tariffs have prompted trade warnings.

Sales across all Inditex brands, which include Zara, Massimo Dutti, Stradivarius, Oysho, Pull&Bear and Bershka, grew 7.5% year on year to reach €38.6bn (£32.5bn) in the 12 months ended 31 January 2025.

Inditex cited no reason for slower growth, but businesses have been warning of weaker demand, especially in the U.S. as trade tensions mount.