Revenue at Inditex Trent Retail India, the joint venture with Tata Group‘s Trent, which runs Zara stores in the country, fell 1.2% to ₹2,749 crore in the financial year ended March, according to Trent’s FY26 annual report, extending a sharp slowdown after growth of less than 1% in FY25.
Profit dropped 32%, highlighting pressure on the fast-fashion giant as global rivals, digital-first brands, and local retailers battle for a larger share of India’s increasingly crowded fashion market.
Trent, which also runs its own Westside and Zudio stores, reported an 18.2% increase in revenue from operations at ₹19,701 crore in FY26, according to the annual report. The company generated operating earnings before interest and taxes or Ebit of ₹2,341 crore and expanded its store network to 1,286 outlets, including six in the UAE.
Trent, in its annual report, said it remains confident of sustaining growth by expanding its fashion chains, making investments in AI, and through deeper penetration into smaller cities, as chairman Noel Tata reiterated his ambition of building a global portfolio of Indian brands.
“I have long believed that Trent is not intended to be defined by a single brand, but rather by a portfolio of brands,” Tata said. “In a diverse and evolving market like India as well as globally, it is unlikely that any one brand can capture a dominant share of the lifestyle space.”
The retailer has increasingly leaned on Zudio, its value-fashion chain, to drive growth as consumers seek affordable fashion amid an uncertain economic backdrop.
Zara, which has 22 stores, has been one of the most successful international fashion brands in India since entering the market more than a decade ago. After initially doubling sales roughly every two years, the pace of growth has slowed in recent periods as global rivals and new-age fashion retailers compete aggressively for consumers.
Meanwhile, Massimo Dutti India, another Inditex-Trent joint venture, posted stronger growth, with revenue rising 28% to ₹128 crore from ₹100 crore a year earlier. Trent, which owns a 20% stake in both ventures, said the businesses remain dependent on the Inditex group for merchandise sourcing, product selection, and brand usage rights, and therefore should be viewed primarily as financial investments rather than strategic retail assets.