Amid rising global tensions and looming U.S. tariffs, Inditex is doubling down on growth. At its annual general meeting, the fashion giant reaffirmed its international ambitions with a $1.8 billion investment plan and continued expansion in key markets. “We will continue our project-by-project approach,” said CEO Óscar García Maceiras.

Inditex’s headquarters in Sabón (Arteixo, A Coruña) hosted the group’s general shareholders’ meeting on Tuesday, with 4,558 people present or represented by proxies, accounting for 89.42% of the company’s share capital.

Chairperson Marta Ortega described the event as “always a very special moment,” especially as it marked 50 years of Zara’s evolution—years of “tireless work, shared challenges, moments overcome,” and “above all, people.”

According to Ortega, customer focus has always driven the group’s strategy: “Listening to them and surprising them with design, quality and closeness” remains central to Inditex’s success.

Ortega noted that growth is expected to continue “not only in size, but also in responsibility, relevance, and values,” even in “complex times full of challenges.” The company is currently present in 97 countries, operates online in 214 territories, and employs talent from over 170 nationalities.

“We know where we started, but never how far we can go,” she said, crediting the company’s workforce as its greatest strength.
Ortega also thanked José Arnau, vice chairman since 2012 and representative of Pontegadea—the investment firm founded by Amancio Ortega—who will retire in October. Roberto Cibeira, CEO of Pontegadea, will succeed him on the board of directors.

Tariff strategy and U.S. expansion

In response to questions about potential U.S. tariffs, García Maceiras emphasized Inditex’s diversified business model and global production across 50 countries. “We are maintaining our strategy in the United States,” he said, noting the group’s project-by-project approach since its 1989 U.S. entry.

He cited recent openings in Los Angeles, a second store in Boston, and the relocation of a Manhattan location. Plans are also underway for new stores in Las Vegas and North Carolina, the first Zara Man store in Los Angeles, and a future flagship in San Francisco.

New executive incentive plan approved

All agenda items were approved during the meeting, including a new long-term incentive plan for management. Up to 750 employees, including executive directors, will benefit from a €4.5 million program—equivalent to 0.14% of the company’s share capital—featuring a maximum of 105,556 shares allocated to García Maceiras.

The plan, aligned with the company’s 2024–2026 remuneration policy, combines a multi-year cash bonus and stock awards, contingent on achieving objectives over two cycles: February 1, 2025, to January 31, 2028, and February 1, 2026, to January 31, 2029.

Inditex confirms €1.68 dividend and Iraq entry

García Maceiras reviewed the previous fiscal year, highlighting the team’s ability to seize opportunities and maintain financial strength.

The group will pay a gross dividend of €1.68 per share (€0.84 paid in May and the rest in November).

“We have profitable growth, efficient growth, and responsible growth,” he said, following a year with 257 new openings across 47 markets.

Looking ahead to 2025, Inditex has budgeted €1.8 billion in investments, including backing the Spanish start-up Theker, which uses AI-powered robots to automate processes and improve productivity.

The group will also enter its 98th market with store openings in Iraq next October, while continuing to expand in existing markets.
Addressing shareholder questions on labor conditions, García Maceiras emphasized the company’s support for collective bargaining to ensure fair and decent wages, citing Cambodia and Bangladesh as examples.

He also reiterated Inditex’s environmental targets: by 2030, the company aims to reduce total emissions across its supply chain by more than 53%.

Inditex, Spain’s largest listed company, posted a €5.87 billion net profit in its 2024 fiscal year (ending January 31, 2025), up 9% year-over-year, marking its third consecutive year of record results.

In the first quarter of 2025, net profit rose 0.8% to €1.31 billion, while gross profit climbed 1% to €2.39 billion.

FashionNetwork.com with EFE