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No use without permission. More Zara owner Inditex proved once again that it streets ahead of its fashion rivals after delivering a 10pc jump in profits despite the tough retail environment squeezing the sector. The Spanish group, now the world's largest clothing retailer, shuns the typical glossy adverts favoured in the fashion industry but pulls in shoppers to its 7,292 stores across the globe with its rapidly changing, trend-inspired ranges. Inditex, which also owns theMassimo Dutti, Pull & Bear and Bershka brands, has become a fast-fashion giant due to the strength of its European supply chains which allow the company to turnaround new trends and deliver them to shops faster than its rivals. Around 55pc of Zara's clothing is manufactured in Spain, Portugal, Turkey and Morocco, in comparison to the overwhelming majority of retailers who source clothes from Asia. However, with the majority of production costs are in euros, Inditex is heavily exposed to currency fluctuations, including falls in sterling,as a large proportion of sales are generated outside of europe As a result of the currency pressures, which stripped 3 percentage points of the fashion giant's sales growth, Inditex's profit margins still shrank to an eight year low, from 57.8pc to 57pc in the 12 months to January. Despite the currency hit, Inditex still outpaced its rivals and posted 3.2bn (2.7bn) of profits, 10pc higher than last year. Sales also rose by 12pc to 23.3bn. The company said that it would boost its dividend by 13.3pc to 2.1bn, meaning that founder and largest shareholder Amancio Ortega, will receive a 1.26bn windfall. Mr Ortega, 80, owns around 60pc of Inditex and is ranked the world's fourth richest person. View photos Billionaire Amancio Ortega More Mr Ortega started the business in Galiciawith his first wife, Rosalia Mera, in 1975. They had initially called the first shop Zorba after their favourite film Zorba the Greek but it was swiftly renamed to Zara after a nearby bar was called the same name. There are now 2,067 Zara shops around the world. The retail giant has shifted its emphasis onto online expansion, including rolling out sites in Turkey, Singapore, India Malaysia,and said it would reduce its focus on bricks and mortar roll-outsin favour of flagship stores in prime cities. The online growth pushed like-for-like sales up by 10pc, the fastest rate of growth for 14 years.

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Aspinals founder, Iain Burton, described Ms Montague as "the perfect person to take Aspinal on the next stage of its journey. If you cut her wrists, she bleeds handbags." Ms Rotheram, who came from upmarket fragrance company Penhaglion's, is understood to be returning to the beauty sector. The management changes comes shortly after Mr Burton sold a 20pc stake to family investment officeFour Seasons earlierthis year. The investmentwill allow the company to open more shops in the Middle East and fund a roll-out of more shops in the UK. Mr Burton, who started the business in 2001, said that the company was also eyeing opportunities in Asia. View photos Michelle Dockery for Aspinal More Last year Mr Burton instructed advisers at PwC to explore a stake sale of the business amid hopes that Aspinal would attract a valuation of around 75m . Mr Burton confirmed that the process was now over following Four Seasons investment. Aspinal, which recently launched a line of accessories inspired by Downton Abbey actress Michelle Dockeryincluding a 1,195 crocodile skin handbag, made sales of 23.7m last financial year. Mr Burton said that the business is on track to record sales of around 28m this year on the back of tourist shoppers and a 40pc surge in online sales. The leather goods brand also has announced plans to open a UK flagship shop this summerin St James's, London,adding to its existing ten standalone shops. View photos Aspinal shop More Mr Burton said that the brand had benefitted from overseas shoppers visiting London who had taken advantage of the weaker pound. However, he warned that the currency pressures, which will make import costs more expensive, was a horrible added challenge on top of business rates being slapped on".How much more pain can anyone take?, he added.

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