Shares in Zara owner Inditex fell as much as 4.7% on Friday after the world's biggest fast fashion retailer agreed an inflation-busting 20% increase in average wages for shop workers in its home market of Spain. | News24_Business
Zara has agreed to pay an inflation-busting 20% increase in average wages for shop workers in its home market of Spain.
Spain's two largest unions, CCOO and UGT, announced the pay increase late Thursday, with UGT saying salaries were set to rise as much as 40% in some parts of the country. As well as Zara, Inditex owns eight brands in Spain including Massimo Dutti, Pull & Bear and Bershka. Spanish consumer prices rose 5.8% year-on-year in December, initial data from the National Statistics Institute showed. Average annual inflation was 8.4%, the highest since 1986.
"Even if cost of goods sold headwinds are reversing there will still to be cost increases to help mitigate the increase in wages," Deutsche Bank analysts said in a recent report.
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