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Spanish retailer Inditex opens 121 stores in China

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(Globalpost/GlobalPost)

Madrid, Mar 13 (EFE).- Inditex, owner of the Zara retail chain, said in a filing Wednesday with securities regulators that it opened 121 stores in China last year, making the Asian country its No. 2 market, trailing only Spain.

Inditex had 396 stores in China at the end of its 2012 fiscal year on Jan. 31.

The retailer, which was founded by billionaire Amancio Ortega, had 6,009 stores in 86 countries at the end of the fiscal year after registering 482 net openings.

The company closed two stores in Spain and eight in Greece, where it ended the fiscal year with 154 shops, down from 162 in FY 2011.

The company expanded its stores in Russia from 256 to 331, while it added one store in the United States and now has 47 in that country.

Inditex added 17 stores in Mexico, reaching 246 in that country, and has 259 stores in France, up by 14.

The retailer also expanded its presence on the Internet with the launch of the Zara online store in China.

Inditex currently operates online stores in 23 countries, including the United States and Canada, and it plans to open a Zara online store in Russia during the next fall-winter season.

http://www.globalpost.com/dispatch/news/agencia-efe/130313/spanish-retailer-inditex-opens-121-stores-china