Zara owner Inditex is preparing to bring the brand’s resale platform to the US after the company experienced substantial profit growth in 2023.
The fashion giant launched the service called “Pre-Owned’ in the UK and France in Zara stores and through its website and app, before extending the service to several other European countries.
Pre-Owned offers customers the chance to sell, repair and donate their second-hand clothes, reducing the impact of fast fashion and the waste of raw materials.
Pippa Stephens, an analyst at GlobalData, said; “Sustainability is still one of Inditex’s key priorities, driving it to soon roll out its Zara Pre-Owned platform to the US, enabling it to capitalise on the country’s lucrative resale apparel market.
“Its next move should be to publish a full list of its suppliers, as is currently being pushed by investors, and has already been done by key competitors like H&M and Primark.
“As well as reassuring investors, this increased transparency would also aid shopper perceptions, giving them greater confidence in the sustainability and ethics of its operations.”
It comes as Inditex reported record sales for the fiscal year 2023, with revenues reaching €36 billion (£31 billion), a 10.4% increase from the previous year.
Net income for Spain’s largest company grew 30.3% to €5.38 billion, demonstrating the “effectiveness of our integrated store and online strategy”, according to the group.
Inditex announced a 28% increase in its full-year dividend to €1.54 per share.