Spain's Inditex buys remaining stake in Zara Deutschland
Spain's Inditex, Europe's largest clothing retailer, has completed the purchase of the German affiliate of its flagship outlet Zara, it said Monday.
"Inditex has concluded the purchase of Otto Group's remaining minority stake in the German subsidiary Zara Deutschland," it said in a statement.
"With the purchase of the remaining 22 percent of Zara Deutschland, Inditex has acquired a 100 percent stake in all of its German subsidiaries."
Financial details of the deal were not disclosed.
Inditex has operated in Germany since 1999 through its Zara and Massimo Dutti brands and today has 72 stores in more than 40 cities, it said.
The group, which also owns the Pull and Bear, Bershka et Oysho brands, is present in 77 countries.
The company posted a net profit of 1.31 billion euros (1.73 billion dollars) in 2009, up from 1.25 billion euros the previous year.
© 2010 AFP