Inditex to raise stake in Zara India joint venture with Trent to 80%

Spanish fashion giant Inditex is strengthening its presence in India by increasing its stake in its joint venture with Trent Ltd for the Zara brand. According to sources, Inditex’s shareholding is expected to rise to 80% from the current 65% following a Rs. 146-crore (US $ ) buyback offer made last week.

The Spanish company already holds an 80% stake in its second joint venture with Trent for the Massimo Dutti brand.

In a stock exchange filing, Trent disclosed that it had received a buyback offer of Rs. 15,421.85 per share for 94,900 equity shares in Inditex Trent Retail India Pvt. Ltd (ITRIPL) — which operates Zara stores in India — from Inditex. Trent currently holds 34.94%, while Inditex owns 65.06% of ITRIPL.

While Trent did not specify its post-buyback shareholding, it confirmed that its board had approved tendering all 94,900 shares to its Spanish partner, subject to ITRIPL’s approval. This marks the second such buyback after Inditex raised its stake from 51% to 65.06% in August 2024 through a Rs. 105.08 crore (US $ ) transaction.

In March 2025, Inditex similarly increased its stake in Massimo Dutti India Pvt. Ltd (MDIPL) from 51% to 80%, acquiring a 29% stake from Trent for Rs. 20.75 crore (US $ ). Trent now holds a 20% stake in MDIPL, down from 49% earlier. MDIPL currently operates three Massimo Dutti stores in India, while ITRIPL runs 22 Zara stores, down from 26 previously.

Inditex’s move to consolidate control of its Indian ventures comes as it introduces more of its global brands into the country. Earlier this year, it launched Bershka through a wholly owned subsidiary, Bershka Retail India, with a flagship store at Mumbai’s Phoenix Palladium mall and an online debut shortly thereafter. The brand also joined Myntra in September to reach the platform’s 70 million monthly active users, including 21 million Gen Z consumers.

Meanwhile, Trent has been expanding aggressively with its homegrown labels Zudio and Westside, which together drove the company’s total store count to 1,101 in Q2 FY ’26 from 803 a year earlier. Of these, 264 new outlets came from Zudio and Westside, while 34 stores were added under new lifestyle formats, including Burnt Toast, a youth-focused retail concept launched during the quarter.

Trent has clarified that its investments in the joint ventures with Inditex are “financial” rather than “strategic” in nature. Inditex has also established Zara Home Retail India, a wholly owned subsidiary, with plans to launch both online and physical operations in the domestic market.