Spanish businessman Amancio Ortega's fashion empire, Inditex, continues to make waves as it revealed a net profit of 1.16 billion euros for the first quarter of its 2023-2024 fiscal year, marking a 54% increase. The group, which owns renowned brands like Zara, Massimo Dutti, and Bershka, attributed this growth to a strong operating performance.

In an effort to combat shoplifting, Inditex announced plans to introduce a new technology in July that eliminates physical alarms on its clothing. The multinational aims to test the system with garments from the upcoming autumn-winter collection and eventually implement it across all brands. 

Additionally, Inditex plans to launch the Zara Pre-Owned platform before 2024. Initially introduced in the UK, this platform enables customers to prolong the lifespan of their garments through donation, repair, or peer-to-peer sales. 

Users will have the option to request alterations to any of the brand's used garments from various seasons. These developments showcase Inditex's commitment to innovation and sustainability within the fashion industry.