FAST-MOVING ZARA BUCKS THE HIGH STREET GLOOM

ZARA shrugged off the High Street gloom to post a jump in sales and profits last year.

The fast-fashion chain, which is owned by Spanish retail group Inditex, saw sales in the UK surge 17pc to £704.8m as its versions of catwalk dresses, shoes and other products flew off the shelves.

Strong sales put a rocket under profits, which shot up by a third to £40.9m in the year to January 31.

Zara was founded in 1975 by the former chairman of Inditex, Amancio Ortega. The store has become a huge hit with fashion-conscious shoppers looking to get catwalk-inspired clothing and accessories at High Street prices.

Once its products have been designed, it takes Zara just two weeks to manufacture and get them on the shop floor.

Inditex is the world’s largest retailer and also owns Massimo Dutti, Bershka and Pull & Bear.

In September the group reported a 4pc rise in sales and a 3pc boost in profits to £10.6bn.