Trent has two separate JVs with the Inditex Group. The first, Inditex Trent Retail India Private Limited (ITRIPL), runs Zara stores; the second, Massimo Dutti India Private Limited (MDIPL), operates the Massimo Dutti brand.
In its FY25 annual report, Trent said it reduced its holding in ITRIPL from 49% to 34.94% by selling 1,40,000 equity shares through a buyback offer made by ITRIPL. Similarly, it cut its stake in MDIPL from 49% to 20% by selling 1,75,450 equity shares to Grupo Massimo Dutti, Spain, effective 25 March 2025.
“ITRIPL, an associate of the company, is engaged in operation of Zara stores in India… the company holds 34.94% of the equity shareholding (earlier 49%) in ITRIPL with effect from 30 August 2024,” Trent’s annual report dated 11 June noted.
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Zara currently operates 22 stores in 13 cities across India, while Massimo Dutti has just three.
In FY25, Zara reported total income of ₹2,839.5 crore, up 2.26% from ₹2,776.67 crore in the previous year. Massimo Dutti reported ₹101.23 crore in revenue, marginally down from ₹101.79 crore in FY24.
Financial, not strategic
Trent has consistently maintained that its Inditex partnerships are financial in nature and not long-term strategic bets.
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“Including in the context of brand ownership and the arrangements for merchandise supply (with the majority partner entirely controlling these core customer propositions and the terms thereto), the company views its related commitments as a financial investment,” the report said.
It added that these ventures are limited to product distribution in India, which affects the economic value attributable to them.
The joint venture with Inditex was established in 2009 to launch Zara in India. The original terms gave Inditex a 51% stake and Trent the remaining 49%.
Notably, Inditex recently launched its third brand, Bershka, in India through a wholly owned entity—Bershka Retail India Pvt. Ltd—without any local partner. It has also set up Zara Home Retail India Private Ltd as a 100% subsidiary.
Inditex’s 2024 annual report stated that it holds call options on Trent’s remaining shareholding—35% in ITRIPL and 49% in MDIPL. Trent, in turn, holds put options to sell its stake to Industria de Diseño Textil S.A., with the strike price based on pre-defined terms.
Focus shifts to Zudio and Westside
While scaling down its Inditex JVs, Trent continues to aggressively expand its own brands, especially Westside and value-fashion chain Zudio. The two formats now operate over 1,000 large-format stores, with Zudio accounting for 765 of them.
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In FY25, Trent reported gross sales of ₹17,624 crore. It operates 1,043 stores across India under various banners including Zudio, Westside, Zara, and Massimo Dutti. The company also runs Star-branded hypermarkets in the food and grocery space.
