Examine individual changes

'{{Infobox company | name = Industria de Diseño Textil, S.A. | logo = [[Image:Inditex.svg|250px]] | type = [[S.A. (corporation)|Sociedad Anónima]] | traded_as = {{BMAD|ES0148396007|ITX}} | predecessor = {{unbulleted list|Confecciones GOA, S.A.|GOASAM, S.A.}} | foundation = [[Arteixo]], [[Spain]] ({{Start date|1985|06|12}}) | founder = [[Amancio Ortega]]<br />[[Rosalía Mera]] | location_city = [[A Coruna]] | location_country = [[Spain]] <ref>https://www.inditex.com/en/our_group/facilities</ref> | locations = 6683 stores (January 31, 2015) | area_served = Global | key_people = [[Pablo Isla]] <small>([[Chairman]] and [[chief executive officer|CEO]])</small><br>Ignacio Fernández <small>([[chief financial officer|CFO]])</small> | industry = [[Retailing]] | products = [[Apparel]]/[[footwear]] specialty, other specialty | revenue = [[Euro|€]]16.72 billion (2013)<ref name="AR2013">{{cite web |url=http://www.inditex.com/documents/10279/18789/Inditex_Group_Annual_Report_2013.pdf/88b623b8-b6b0-4d38-b45e-45822932ff72|title=Annual Report 2013 |format=pdf |accessdate=18 December 2014 |publisher=Inditex}}</ref> | operating_income = €3.070 billion (2013)<ref name="AR2013" /> | net_income = €521 million euros(2015, 1Q)<ref>{{cite web|url=https://fashionunited.uk/news/business/euro-s-depreciation-suits-inditex-well-in-the-first-quarter/2015061116706|first=Angela|last=Gonzalez-Rodriguez|date=June 11, 2015|accessdate=July 1, 2015|work=[[FashionUnited]]|title=Euro's depreciation suits Inditex well in the first quarter}}</ref> | net_sales = €16.724 billion (2013)<ref name="AR2013" /> | assets = €13.756 billion (2013)<ref name="AR2013" /> | equity = €9.278 billion (2013)<ref name="AR2013" /> | num_employees = 140,000(2015) <ref>http://www.inditex.com/en/our_group/at_glance</ref> | divisions = | subsid = [[Zara (clothing)|Zara]], [[Pull & Bear]], [[Bershka]], [[Massimo Dutti]], [[Stradivarius (Inditex)|Stradivarius]], [[Oysho]], [[Zara Home]], [[Uterqüe]], Tempe | homepage = {{URL|http://www.inditex.com}} | intl = yes |ISIN = ES0148396007}} '''Industria de Diseño Textil, S.A. (Inditex)''' ({{IPAc-en|ˌ|ɪ|n|d|ɪ|ˈ|t|ɛ|k|s}}, {{IPA-es|indiˈteks|lang}}; Textile Design Industries) is a [[Spain|Spanish]] [[Multinational corporation|multinational]] clothing company headquartered in [[Arteixo]], [[Galicia (Spain)|Galicia]]. It is made up of almost a hundred companies dealing in activities related to [[textile]] design, production, and distribution. [[Amancio Ortega Gaona|Amancio Ortega]], [[Spain]]'s richest man, and currently the world's second richest man,<ref>{{Cite web|title = The Forbes World's Billionaires list |url = http://www.forbes.com/billionaires/ #version:static|website = Forbes|accessdate = 2016-03-01}}</ref> is the founder and current largest shareholder. The current chairman of Inditex is Pablo Isla. The company is a component of the [[Euro Stoxx 50]] [[stock market index]].<ref>[http://www.boerse-frankfurt.de/en/equities/indices/euro+stoxx+50+EU0009658145/constituents Frankfurt Stock Exchange]</ref> Inditex, the biggest fashion group in the world, operates over 6,600 stores worldwide<ref name="corpsite">{{cite news|url=http://www.inditex.com/en/our_group|title=Grupo INDITEX - Our group|publisher=Inditex|accessdate=2015-02-28}}</ref> and owns brands like [[Massimo Dutti]], [[Bershka]], [[Oysho]], [[Pull and Bear]], [[Stradivarius (Inditex)|Stradivarius]], [[Zara (retailer)|Zara]], [[Zara Home]], [[Tempe (Inditex)|Tempe]], and [[Uterqüe]], and also a low-cost brand Lefties. The majority of its stores are corporate-owned; [[Franchising|franchise]]s are only conceded in countries where corporate properties can not be foreign-owned (in some Middle Eastern countries, for example). The group designs and manufactures almost everything by itself, and new designs are dispatched twice a week to Zara stores. Most of the company's manufacturing is done in countries with low labour costs, mainly in [[Bangladesh]], [[India]], [[Morocco]], [[China]] and [[Turkey]], although some production continues in Spain, [[Brazil]] and [[Portugal]], particularly for its Zara brand. In addition, Inditex has a factory for shoe design, production and distribution in the town of [[Elche]], on the Spanish Mediterranean coast. ==History== ===Early history=== {{Original research|section|date=July 2014}} The company started by introducing a new concept of fashion design: instead of long-lasting pieces of clothing, they offered a great variety at affordable prices. In the beginning, Zara became famous by offering clothing at low prices and then slowly worked its way up to match the quality of today's best brands. The group started its activity in 1963 as a dress maker, but it wasn't until 1975 that Zara shop opened its doors in [[A Coruña]] ([[Galicia (Spain)|Galicia]], [[Spain]]), the city which saw the group's early beginnings and which is now home to its central offices. ===1980-2000=== In the 1980s the company implemented a new design and distribution method that drastically reduced the time between design, production, and arrival at retail sites.<ref name= oz>{{cite book|title=The Last Retail Evolution|first=Tolga |last=Ozkurt|publisher=Editrice Le Fonti |ISBN=978-88-6109-075-0 |url=https://books.google.com/books?id=cZreKquj8iQC&printsec=frontcover&dq=inauthor:%22Azkurt+Tolga%22&hl=en&sa=X&ved=0CCYQ6AEwAGoVChMI_sPZ3vb0yAIVRMhjCh0MMQlq#v=onepage&q&f=false|pages=47-49}}</ref> The system was designed by Castellano who became the CEO of the company in 1984. In 1985, Industria de Diseno Textil S.A. or Inditex was created as a holding company for Zara and its manufacturing plants.<ref>{{cite web|url=http://www.nytimes.com/2012/11/11/magazine/how-zara-grew-into-the-worlds-largest-fashion-retailer.html?_r=0|title=How Zara Grew Into the World's Largest Fashion Retailer|publisher=New York Times Magazine |date= 9 November 2012|first=Suzy |last=Hansen |access-date=8 April 2016}}</ref> In 1988, the company began expanding internationally with the opening a Zara store in [[Oporto]], Portugal.<ref>{{cite web|url=http://news.bbc.co.uk/2/hi/business/1346473.stm|title=Spain's Retail Success Story|publisher=BBC News |first=Orla |last=Ryan |date=23 May 2001 |access-date=8 April 2016}}</ref> In 1990, the company owned footwear collection, Tempe, populated in the children's section of Zara stores.<ref>{{cite web|url=https://www.tempe.es/en/trayectoria-tempe|title=Company History|publisher=Tempe Groupo Inditex|access-date=8 April 2016}}</ref> In 1991, Inditex created the company Pull and Bear, a casual menswear company.<ref>{{cite web|url=http://www.pullandbear.com/mk/en/company-c57003.html?subsectionId=company_01_01|title=Company History|publisher=Pull and Bear|access-date=8 April 2016}}</ref><ref>{{cite web|url=https://www.fashionunited.co.uk/news/columns/pull-and-bear-first-uk-store-200806095691|title=Pull and Bear First UK Store|publisher=Fashion United|access-date=8 April 2016}}</ref> Later that year, the company also acquired a 65 percent share in the upscale Massimo Dutti brand. Inditex created Lefties in 1993; the name is taken from the term leftovers and it was created to sell old Zara clothing.<ref>{{cite web|url=http://fashion.telegraph.co.uk/columns/bibby-sowray/TMG10707831/Lefties-the-Zara-outlet-you-never-knew-about.html|archiveurl=http://web.archive.org/web/20150628161242/http://fashion.telegraph.co.uk/columns/bibby-sowray/TMG10707831/Lefties-the-Zara-outlet-you-never-knew-about.html|archivedate=2015-06-28|title=Lefties:The Zara Outlet You Never Knew About|publisher=The Telegraph|date=19 March 2014|first=Bibby |last=Sowray|accessdate=4 November 2015}}</ref> In 1995, Inditex purchased the remaining Massimo Dutti shares and began expanding the brand to include a women's line.<ref>{{cite web|url=https://www.inditex.com/documents/10279/18789/Grupo_INDITEX_evo_eng98.pdf/21dee54f-e098-4065-bc51-2544321a558d|title=Annual Report Massimo Dutti|publisher=Inditex|date=1998|access-date=8 April 2016}}</ref> In 1998, Inditex launched the Bershka brand that was aimed at urban hip fashion.<ref>{{cite web|url=https://www.inditex.com/brands/bershka|title=Bershka About|publisher=Inditex|access-date=8 April 2016}}</ref> The company bought the Stradivarius in 1999, a youthful female fashion brand.<ref name = fund>{{cite web|url=http://www.fundinguniverse.com/company-histories/industria-de-dise%C3%B1o-textil-s-a-history/|title=Industria de Diseno Textil S.A. History |publisher=Funding Universe|access-date=8 April 2016}}</ref> ===2001-present=== Inditex had its [[initial public offering]] in 2001, on the Bolsa de Madrid.<ref>{{cite web|url=http://www.wsj.com/articles/SB988496129402059841|title=Inditex Sets IPO Price Range Amid Strong Market Demand|publisher=The Wall Street Journal |first1=Carlta |last1=Vitzthum |first2=Silvia |last2=Ascarelli |date=29 April 2015| access-date=8 April 2016}}</ref> The IPO sold 26 percent of the company to public investors, the company was valued at US$8 billion (€9 billion at the time).<ref>{{cite web|url=http://www.forbes.com/global/2001/0528/024.html|title=Inside Zara|publisher=Forbes|first=Richard|last=Heller|date=28 May 2001|access-date=8 April 2016}}</ref> The same year, the company launched the [[lingerie]] and women's clothing store Oysho.<ref>{{cite web|url=https://fashionbi.com/brands/oysho/info|title=About Oysho|publisher=FashionBi|access-date=8 April 2016}}</ref><ref>{{cite web|url=http://www.forbes.com/sites/walterloeb/2015/03/30/zara-leads-in-fast-fashion/2/|title=Zara Leads in Fast Fashion|publisher=Forbes|first=Walter|last=Loeb|date=30 March 2015|access-date=8 April 2016}}</ref> In 2003, Inditex launched the Zara Home brand, which offers bedding, cutlery, glassware and other home decoration accessories.<ref>{{cite journal|url=http://www.thefreelibrary.com/SPANISH+CLOTHING+MANUFACTURER+INDITEX+ENTERS+NEW+TERRITORY+WITH+ZARA...-a0103811233|journal=HFN The Weekly Newspaper |publisher= Home Furnishing Network|title=Spanish Clothing Manufacturer Inditex Enters New Territory With Zara Home|date=16 June 2003|first=Barbara |last=Barker|access-date=8 April 2016}}</ref> In 2004, with the opening of store number 2,000 in [[Hong Kong]], Inditex had established its presence in 56 countries.<ref name =elp>{{cite web|url=http://elpais.com/m/elpais/2012/08/14/inenglish/1344945273_865076.html|title=The Man Who Dresses the World|publisher=El Pais|first=Luis|last=Gomez|date=14 August 2012|access-date=8 April 2016}}</ref> In 2005, CEO Jose Maria Castellano stepped down from the position to oversee expansion plans, he was replaced by current CEO [[Pablo Isla]].<ref name =cast>{{cite web|url= http://www.ft.com/intl/cms/s/0/8db00f16-2e29-11da-aa88-00000e2511c8.html#axzz3qSElNPN4|title=Castellano Steps Down From Inditex|publisher=Financial Times|first=Leslie |last=Crawford| date=26 September 2005|access-date=8 April 2016}}</ref> Inditex launched Uterque in the summer of 2008, the brand specializes in women's accessories.<ref>{{cite journal|url=http://www.thefreelibrary.com/H%26M+and+Inditex's+global+expansion+strategies.-a0213856442|title=Retail in Practice:H&M and Inditex's Global Expansion Strategies|publisher=The Retail Digest|date=22 September 2008|first=Raphael |last=Moreau}}</ref> During the same year, the company opened its 4,000th store in Tokyo after doubling in size within four years.<ref name=elp/> In 2011, Ortega, the founder of the business and majority shareholder, stepped down as deputy chairman and CEO Isla handles day-to-day operations.<ref name=elp/> Later that year, the company opened a store in [[Australia]], a move that would put the company on five continents and in 77 countries.<ref name=aus>{{cite web|url=http://theconversation.com/zaras-australian-entrance-to-challenge-local-retailers-272|title=Zara's Australian Entrance to Challenge Local Retailers|publisher=The Conversation|first=Lisa |last=Tartaglia |date=18 April 2011|access-date=8 April 2016}}</ref> After the [[2013 Savar building collapse]], Inditex was one of the thirty-eight companies who signed the [[Accord on Factory and Building Safety in Bangladesh]].<ref>{{cite web|url=http://www.theguardian.com/world/2013/may/13/fashion-chain-finance-safety-bangladesh-factories|title=Fashion Chains Sign Accord to Help Finance Safety in Bangladesh Factories|publisher=The Guardian|first1=Jason |last1=Burke |first2=Saad |last2=Hammadi |first3=Simon |last3=Neville|date=13 May 2013|access-date=8 April 2016}}</ref> ==Brands== Under the Inditex umbrella are several brands that offer a variety of products aimed at different markets. {| class="wikitable sortable" |- !Company !No. of shops<ref>{{cite web|url=http://www.inditex.com/es/our_group/international_presence |title=Presencia internacional |publisher=inditex.com |date=2016 |accessdate=8 April 2016}}</ref> !Year of creation !Market |- |[[Zara (retailer)|Zara]] |align="center"|2,143 |1975 |Fashion for men, women and children |- |[[Pull and Bear]] |align="center"|922 |1991 |Casual laid back clothing and accessories for the young |- |[[Massimo Dutti]] |align="center"|729 |1995 (acquired) |High end clothing and accessories for cosmopolitan men and women |- |[[Bershka]] |align="center"|1,032 |1998 |Blends urban styles and modern fashion for young women and men |- |[[Stradivarius (Inditex)|Stradivarius]] |align="center"|937 |1999 (acquired) |Casual and feminine clothes for young women |- |[[Oysho]] |align="center"|598 |2001 |Lingerie, casual outerwear, loungewear and original accessories |- |[[Zara Home]] |align="center"|481 |2003 |Home goods and decoration objects |- |[[Uterqüe]] |align="center"|71 |2008 |High-quality fashion accessories at attractive prices |- |} ==Corporate Governance== ===Board of Directors=== '''Bold''' indicates a company shareholder and the representative will be listed below. {| class= "wikitable sortable" ! Member ! Title(s) ! Member Since ! class= "unsortable"|Shares Held ! class= "unsortable"|Notes |- | [[Pablo Isla|Mr. Pablo Isla]] | Chairman & CEO of Inditex <br /> Board Member of Telefónica, S.A. | June 2005 | 1,805,302 | rowspan = "9" | <ref>https://www.inditex.com/our_group/board_members</ref> |- | Mr. Jose Arnau Sierra | Deputy Chairman of Inditex <br> First Executive of Grupo Pontegadea <br> Director of GARTLER, S.L. <br> Member of the Board of Trustees of Fundacion Amancio Ortega Gaona | June 2012 | 30,000 |- | [[Amancio Ortega|Mr. Amancio Ortega]] | Founder & Board Member of Inditex | June 1985 | 1,848,000,315 |- | '''Pontegadea Inversiones, S.L. ''' <br>Ms. Flora Perez Marcote | Board Member of Inditex | December 2015 | 1,558,637,990 |- | Mrs. Irene R. Miller | Independent Director & Board Member of Inditex <br> CEO of Akim, Inc. <br> Board Member & Chairman of the Audit Committee of [[Coach, Inc.]] <br> Board Member of [[Toronto-Dominion Bank|Toronto-Dominion Bank Financial Group]] | April 2001 | 66,200 |- | Mr. Jose Luis Duran Schulz | Board Member of Inditex <br> Independent Director & Member of the Audit Committee of [[Orange (company)|Orange]] | July 2015 | |- | Mr. Rodrigo Echenique Gordillo | Board Member of Inditex <br> Chairman of [[NH Hoteles]] | July 2014 | |- | Mr. Carlos Espinosa de los Monteros Bernaldo de Quiros | Board Member of Inditex <br> Chairman of Fraternidad-Muprespa <br> Board Member of [[Acciona|Acciona, S.A.]] <br> Board Member of [[Schindler Group|Schindler Espana]] <br> Board Member of [[Yell Group]] | May 1997 | 150,000 |- | Mr. Emilio Saracho Rodriguez de Torres | Board Member of Inditex <br> Head of Investment Banking of [[JPMorgan Chase|JPMorgan Europe, Middle East, & Africa, Ltd.]] <br> Executive Committee Member of Investment Bank <br> Executive Committee Member of [[JPMorgan Chase]] <br> Deputy-CEO of EMEA | June 2010 | |} ==References== {{Reflist|30em}} ==External links== {{Portal|Companies}} {{Commons category|INDITEX}} *{{Official website|http://www.inditex.com}} {{Euro Stoxx 50 Companies}} {{IBEX 35 companies}} {{European Retail Round Table}} {{Use dmy dates|date=February 2011}} {{Authority control}} [[Category:Inditex| ]] [[Category:Clothing companies of Spain]] [[Category:Companies based in Galicia]] [[Category:Companies established in 1985]] [[Category:Conglomerate companies of Spain]] [[Category:Multinational companies headquartered in Spain]] [[Category:IBEX-35]] [[Category:Companies listed on the Madrid Stock Exchange]] [[Category:Companies in the Euro Stoxx 50]]'