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7/12/2019  
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ENTERPRISES & CSR
Upping pressure on the world´s fashion retailers

Primark discount chain plans to increase the expansion pace

Primark profits rocket 44 in outstanding year

Associated British Foods (ABF.L) plans to increase the expansion pace of its Primark discount chain, upping pressure on the world´s two biggest fashion retailers, Inditex (ITX.MC) and H&M (HMb.ST), in their top markets in Europe.
Redacción 7/11/2013 Send to a friend
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Primark is planning an expansion in continental Europe, according to the Chief Executive George Weston. Primark will open its first store in France in December, being one of 13 openings planned before Christmas, along with five more openings in Spain.

Primark, which opened its first store in Dublin in 1969 under the name Penneys and launched in Britain in 1973, is focusing on growing existing markets for now, but is looking at other countries in the medium-term. Weston noted it was still not present in Scandinavia, eastern Europe and Italy.

Primark, which generates almost a third of AB Foods´ group sales, has performed strongly through the economic downturn thanks to its low prices and quick adoption of fashion trends.

The retail chain, which is part of the Associated British Foods group, saw a 22% (€5.1bn) rise in revenues in the year to September, boosting underlying profits by 44%.

The continued success of Primark comes despite its links to the Rana Plaza factory collapse in Bangladesh in April, which killed more than 1,100 workers. 

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