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Tata's Trent pours out stake in Zara India, Massimo Dutti to boost own retail brands
According to Trent's annual report, the Tata enterprise has pared its stake in ITRIPL from 49% to 34.94% by selling 1,40,000 equity shares through a buyback offer
Zara India reported a flat growth in its sales in fiscal year 2025
Tata Group’s retail enterprise Trent Limited has slashed its stake in Spanish fashion brands Zara and Massimo Dutti in India, according to the annual report.
Trent has two separate joint ventures with the Spanish fashion brands. Zara is managed by a JV called Inditex Trent Retail India Pvt ltd (ITRIPL), a collaboration between Spain's Inditex and Tata Group's retail arm Trent Ltd while premium brand Massimo Dutti operates under Massimo Dutti India Private Limited (MDIPL).
According to Trent's annual report, the Tata enterprise has pared its stake in ITRIPL from 49% to 34.94% by selling 1,40,000 equity shares through a buyback offer. On the other hand, it slashed stakes in MDIPL from 49% to 20% by selling 1,75,450 equity shares to Grupo Massimo Dutti, Spain.
Zara India reported a flat growth in its sales in fiscal year 2025. However, the fashion brand reported a 23% rise in profit in FY25. According to Trent's annual report, the Zara entity recorded revenues of Rs 2,782 crore in FY25 compared to Rs 2,771 crore in FY24. The company's profit stood at Rs 243.84 crore in the same duration.
The total income of ITRIPL surged to Rs 2,839.50 crore as against its previous financial year’s total income of Rs 2,776.67 crore and total comprehensive income stood at Rs 299.47 crore as against its previous financial year’s total comprehensive income of Rs 243.56 crore.
Meanwhile, Spanish premium brand Massimo Dutti's India chain clocked a revenue of Rs 100 crore in FY25 compared to Rs 101 crore in the previous fiscal year.
The entity for Zara currently operates 22 stores across 13 cities while Massimo Dutti operates 3 stores in India.
The total income of MDIPL increased to Rs 101.23 crore while comprehensive income stood at Rs 10.19 crore in FY25.
India's fashion and lifestyle sector is undergoing a transformative phase, propelled by digitalization, evolving consumer preferences, and increased global access and exposure. The market, valued at Rs 13 lakh crore in 2025, is projected to reach Rs 18 lakh crore by 2028, growing at a CAGR of 10–12%.
Trent has maintained that its partnership with Inditex is not a long-term strategic bet but is purely financial in nature. The Trent-Inditex JV was established in 2009 to launch Zara in India. Originally, Trent had a 49% stake in the lifestyle brand while Inditex had a 51% stake.
Trent Ltd is aggressively expanding physical stores of in-house lifestyle concepts- Zudio and Westside. The retail company opened more than 280 stores in Zudio and Westside combined in the fiscal year 2025.
As of March 2025, Zudio had 765 stores across 235 cities while Westside's store count has climbed to 248.
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