Inditex, the global fashion giant behind brands like Zara, Bershka, Pull & Bear, and Massimo Dutti, has cemented its retail dominance in Greece, capturing a staggering 22% of the national clothing market in 2024 through its local subsidiary.
In the financial year ending January 31, 2025, ITX Hellas posted record-breaking revenue of €798.1 million, up from €725.5 million in the previous period. This surge outpaces the overall Greek apparel retail market, which reached €3.64 billion according to ELSTAT.
ITX Hellas attributes its growth to opening larger, high-footfall stores in key urban hubs, renovating and expanding existing locations, a more refined merchandise mix and faster inventory turnover, and soaring online sales.
Record investments. Profits on the rise
Profitability mirrored sales growth. Pre-tax profits rose 23.4% to €61.21 million, while net profits climbed 23.8% to €46.85 million, up from €37.82 million. The net profit margin improved to 5.9%, compared to 5.2% the previous year.
Inditex doubled down on the Greek market with €44.29 million in investments. The highlight: Greece’s largest Zara and Zara Home store, opened in May 2024 in the newly revamped Piraeus Tower, spanning 5,850 square meters across three floors, one of the biggest Zara stores in Europe
The company also renovated its store on Thessaloniki’s famed Tsimiski Street and, in early 2025, launched a flagship Zara store in the iconic MINION building in central Athens.
Reflecting its expansion, ITX Hellas grew its workforce to 4,179 full-time employees, up from 4,107, and raised its total payroll costs to €84.7 million, up from €75.3 million. Salaries and wages alone reached €65 million.
Smaller store footprint, bigger impact
Inditex is transitioning to a fewer-but-bigger store model, merging physical and digital retail. This strategy led to the closure of underperforming or outdated locations. As of January 2025, Inditex operated 139 stores in Greece, down from 166 in 2019.
