Trent trims stake in joint ventures with Inditex; doubles down on Zudio and Westside expansion.
Trent Limited, the retail arm of the Tata Group, has scaled down its stakes in its joint ventures with Spanish fashion giants Zara and Massimo Dutti as part of a strategic move to strengthen its own retail brands.
According to Trent’s FY25 annual report, the company reduced its holding in Inditex Trent Retail India Pvt Ltd (ITRIPL)-the joint venture that operates Zara in India-from 49% to 34.94%, selling 1,40,000 equity shares through a buyback. Similarly, its stake in Massimo Dutti India Pvt Ltd (MDIPL) was cut from 49% to 20% via the sale of 1,75,450 shares to Spain’s Grupo Massimo Dutti.
This shift comes amid flat sales growth for Zara India in FY25. Despite this, the brand saw a 23% increase in profit, with revenue touching ₹2,782 crore, up slightly from ₹2,771 crore in FY24. Profit for the year stood at ₹243.84 crore. ITRIPL’s total income rose to ₹2,839.50 crore, with comprehensive income at ₹299.47 crore, compared to ₹243.56 crore in the previous fiscal.
Massimo Dutti India saw marginal movement, with FY25 revenues of ₹100 crore, compared to ₹101 crore in FY24. The premium fashion brand, operating just 3 stores in India, reported a total income of ₹101.23 crore and a comprehensive income of ₹10.19 crore.
Meanwhile, Trent has accelerated its investment in in-house retail formats, namely Zudio and Westside. In FY25, the company added over 280 new stores, bringing Zudio’s footprint to 765 stores across 235 cities and Westside’s count to 248. This aggressive expansion comes as the Indian fashion and lifestyle market, valued at ₹13 lakh crore in 2025, is projected to reach ₹18 lakh crore by 2028, growing at a CAGR of 10–12%.
Trent clarified that its partnership with Inditex has always been financial rather than strategic, originating in 2009 to launch Zara in India with an initial 49:51 equity split.
In a separate development, Trent reported a 56.24% decline in consolidated profit for Q4 FY25, indicating ongoing recalibration amid evolving market dynamics.
