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Inditex’s Zara to Launch Second-Hand Platform in France on Sept 7

The Zara clothing store logo is seen at the entrance of a store in Brussels, Belgium November 28, 2022. REUTERS/Yves Herman/File Photo Acquire Licensing Rights
The Zara clothing store logo is seen at the entrance of a store in Brussels, Belgium November 28, 2022. REUTERS/Yves Herman/File Photo Acquire Licensing Rights
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Inditex’s Zara to Launch Second-Hand Platform in France on Sept 7

The Zara clothing store logo is seen at the entrance of a store in Brussels, Belgium November 28, 2022. REUTERS/Yves Herman/File Photo Acquire Licensing Rights
The Zara clothing store logo is seen at the entrance of a store in Brussels, Belgium November 28, 2022. REUTERS/Yves Herman/File Photo Acquire Licensing Rights

Spanish fashion retailer Zara will expand its service to sell, repair or donate second-hand clothes in France from Thursday, its owner Inditex (ITX.MC) said on Wednesday.

The service, which will be available through Zara's stores, its website and a mobile app, already exists for its British customers since last October. The company's chief executive Oscar Garcia Maceiras has said it will be launched in Germany also this year.

The company aims to extend the life of customers' Zara clothes, contribute to the reduction of waste and the consumption of new raw materials, it said in a statement, Reuters reported.

Zara has also said 40% of clothing pieces will be made with recycled fibres by 2030 and it is backing charities such as Moda Re which manage textiles waste. The company seeks to reduce its carbon emissions by 50% by 2030 and by 90% by 2040.

Zara is following other fast fashion brands such as its main competitor H&M (HMb.ST) in offering products for resale at a time when the global second-hand apparel market is growing.

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LVMH Sales Grow 1% in Second Quarter, Missing Estimates

This photograph taken on January 25, 2024 shows the logo of World's top luxury group LVMH during presentation of its 2023 annual results in Paris, on January 25, 2024. (AFP)
This photograph taken on January 25, 2024 shows the logo of World's top luxury group LVMH during presentation of its 2023 annual results in Paris, on January 25, 2024. (AFP)
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LVMH Sales Grow 1% in Second Quarter, Missing Estimates

This photograph taken on January 25, 2024 shows the logo of World's top luxury group LVMH during presentation of its 2023 annual results in Paris, on January 25, 2024. (AFP)
This photograph taken on January 25, 2024 shows the logo of World's top luxury group LVMH during presentation of its 2023 annual results in Paris, on January 25, 2024. (AFP)

LVMH, the world's biggest luxury company, posted a 1% rise in organic sales in the second quarter on Tuesday, missing analyst estimates, and likely adding to investor jitters about slowing growth in the sector.

Sales at the French group, owner of labels Louis Vuitton, Tiffany & Co. and Hennessy, grew to 20.98 billion euros ($22.8 billion), a 1% rise on an organic basis, which strips out currency effects and acquisitions.

The figure fell below analyst expectations for revenues of 21.6 billion euros, according to an LSEG poll based on six analysts.

The report from luxury sector bellwether LVMH, which is Europe's second-largest listed company, worth around 340 billion euros, comes amid concerns about weak sales of designer fashions in the sector's key market, China.

The group's fashion and leather goods division, which includes the Louis Vuitton and Christian Dior brands and accounts for nearly half of group sales and the bulk of operating profit, grew 1%, slowing slightly from the previous quarter's 2% rise.

"While remaining vigilant in the current context, the group approaches the second half of the year with confidence," said LVMH Chairman and Chief Executive Officer Bernard Arnault in a statement.