Inditex, the owner of Spanish fashion retailer Zara, has bought its UK flagship Zara store on London’s Oxford Street for £155m.
According to reports, the Spanish clothing giant took advantage of a rare opportunity to own one of London’s best retail locations and bought the 75,347 sq ft property located between Oxford Street and New Bond Street from German fund manager, Deka.
Although Inditex leases most of its stores, it has bought other flagship properties in the past year including the Zara flagship on New York’s Fifth Avenue and on Milan’s Corso Vittorio Emanuele II.
Inditex, which also runs fashion chains including Massimo Dutti and Bershka, said that despite purchasing the property in London, of which 33,960 sq ft is retail space and the rest is leased as office space, it remains focused on opening stores on a leasehold basis.
Last week Inditex reported 15% rise in profits and a 30% rise in year-on-year sales in the three months from February 1 to April 30.