Inditex sees profit soar by 32pc

Zara retail chain owner Inditex has reported a 32 per cent surge in profit, fuelled by business in India and China.

Inditex, the world's largest clothes chain, saw annual profit hit 1.73bn euros (£1.5bn).

The Spanish company, which has 55,000 stores in 77 countries, targeted Asia's fast-growing economies in 2010.

Sales in Asian countries accounted for 15 per cent of turnover last year, up from 12 per cent in 2009.

Spain's sluggish economy and high unemployment raised concerns among investors that Inditex would suffer in its home market.

However, the company has managed to increase its market share in Spain.