Fashion brand Zara has seen a dressing down in the last year posting a loss for it's India unit as sales fell 28% in FY21. This is the first loss for Zara in India since it's arrival into the country in 2010.
Zara which runs as a joint venture with Tata reported a net loss of Rs 41 crore as per Trent’s annual report released Thursday. It posted a profit of Rs 104 crore in the previous year. It is one of the most profitable apparel retailers in the country. The hit on the numbers were due to lockdowns in the last year leading to dismal sales in 21 physical stores it runs across the country.