The match between Spain and Sweden ends in favor of the Iberians. This time, however, sport has nothing to do with it: the competition was played on the field of clothing. The Galician giant Inditex, which controls the famous low-cost brand "Zara", filed 2011 as new world leader among fashion chains in terms of sales, profits and market capitalisation. To give him the crown is the Scandinavian group Hennes & Mauritz, better known as H&M, which in the last year has been overtaken at full speed by its Spanish cousins.
The company founded by Amancio Ortega – the richest man in Spain – will only publish its final results on March 21st. However, as the newspaper El Paìs points out today, the evolution of the accounts in the first nine months of the year and the analysts' forecasts leave no room for other interpretations. Also because last week H&M reported a decline in earnings of the fiscal year equal to 15,3%, for a total figure that does not exceed one billion and 780 million euros.
According to the average estimates published on Bloomberg, however, Inditex should go much further, breaking down the 900 billion mark. The most pessimistic of the experts believe that the Spanish overtaking the Swedes will be 3%. The most optimistic arrive at 10%.
In recent days there has been a rumor of a Inditex's interest in Benetton, which is in trouble with its accounts and will soon launch a tender offer to acquire all its shares on the market and withdraw the stock from Piazza Affari. Despite the not exactly rosy period, the Venetian group has officially denied the news of a negotiation with the Spaniards. But from Galicia they limit themselves to circumventing the question: "It is the company's policy not to comment on market rumors".
Source: El Pais
