擁有Zara連鎖店的西班牙Inditex集團是全球最大時尚零售企業。它對中國的長期增長持樂觀態度，并未受到經濟放緩的影響，原因是對該公司平價時尚產品的需求依然旺盛。

Inditex旗下的Zara品牌本季推出了極簡主義直紋裁服裝，短靴和褲子采用柔和的顏色，很受購物者歡迎。分析師估算，中國市場約占Inditex銷售額的7%。

中國需求降溫對博柏利和Hugo Boss等西方奢侈品牌產生了不利影響，阿迪達斯和Zara等中檔品牌的表現則較好。

12月10日，Inditex首席執行官帕布羅?伊斯拉對分析師表示：“中國市場的時尚需求巨大，我們的品牌在中國的知名度越來越高，對此我們深信不疑……我們仍然覺得（今后五年的情況）非常樂觀。”

該集團今年圣誕季開局良好，符合潮流的產品使得它比競爭對手更適應環境的變化。

按當地貨幣計算，11月1日-12月3日Inditex的銷售額上升了15%，也就是說同店銷售額比此前三個月略有下降。但分析師指出，受溫暖天氣影響，Top Shop等競爭對手在圣誕季均起步緩慢，因此Inditex的表現依然強勁。

法國興業銀行分析師安妮?克利奇羅認為：“可以說進入第四季度后Inditex的表現和三季度一樣好。”

今年2-10月，該集團凈利潤增長了20%，達到20.2億歐元（22億美元）；銷售額147億歐元，增幅為16%。

伊斯拉透露，Zara Home、Bershka和Stradivarius等較新品牌表現得特別好。

作為備受關注的利潤率指標，Inditex的毛利潤率為58.8%，略有下降，原因是強勁的美元提高了亞洲采購服裝的價格，只是它對Inditex競爭對手的影響更大。

Inditex提高了歐洲及周邊地區的采購量，這有助于該公司更快地適應時尚品味的變化，并迅速推出新的系列產品。

今年初以來Inditex的股價上升了37%。筆者撰寫本文時其股價下跌了1.5%，而歐洲零售板塊的跌幅為0.7%。

許多市場觀察人士都指出Inditex估值偏高。路透社數據顯示，該公司股價為2016年預期每股盈利為34倍，而競爭對手Hennes&Mauritz的市盈率為24倍。（財富中文網）

譯者：Charlie

校對：詹妮

Spain's Inditex, owner of the Zara chain and the world's biggest fashion retailer, is optimistic about long-term growth in China despite the slowing economy, as demand for its affordable fashion stays robust.

Inditex, whose Zara brand has lured shoppers this season with a minimalist straight-cut look, teaming muted colors with ankle boots and trousers, makes about 7 percent of its sales in China, analysts estimate.

Western luxury brands like Burberry and Hugo Boss are suffering from cooling Chinese demand, but mid-market names like Adidas and Zara are faring better.

"We have no doubt that in China the fashion appetite is large, our brands are better and better known and ... we are still feeling very optimistic (over a five-year view)," Chief Executive Pablo Isla told analysts on Thursday.

The group made a sprightly start to the Christmas season as its on-trend offerings allowed it to adapt better than rivals.

Sales from Nov. 1 to Dec. 3 rose 15 percent in local currencies, suggesting a slight slowdown in same-store sales from the previous three months. But analysts said it was still a strong performance given rivals like Top Shop have had a slow start to Christmas trading due to mild weather.

"We can say that Inditex is trading just as strongly in the fourth quarter to date as it did in the third," SocieteGenerale analyst Anne Critchlow said.

In the nine months to end October, net profit rose by a fifth to 2.02 billion euros ($2.2 billion) on sales up 16 percent to 14.7 billion.

Isla said newer brands like Zara Home, Bershka and Stradivarius had performed particularly well.

Gross margin, a closely-watched measure of profitability, slipped slightly to 58.8 percent, as the strong dollar pushed up prices of garments sourced in Asia, though this affects Inditex less than its peers.

Inditex sources more goods in or near Europe, helping it adapt more quickly to fashion tastes and speedily deliver new ranges.

Inditex shares, up 37 percent this year, were down 1.5 percent by 1037 GMT, versus a 0.7 percent fall in the European retail sector.

Many market watchers have flagged the rich valuation of the stock, trading at around 34 times 2016 projected earnings, according to Reuters data, versus 24 times for rival Hennes&Mauritz.