Spain’s Inditex, the owner of Zara fashion brand, saw its profit and sales growth taper off in FY19, as the world’s largest fashion group faces increasing competition in India from global rivals including Hennes&Mauritz. Inditex operates in the country through two joint ventures with Trent, the Tata Group’s retail arm —one for Zara and another for bridge-to-luxury label Massimo Dutti.

Inditex Trent, which runs 22 Zara stores in India, saw its revenue increase 17% to Rs. 1,438 crore in FY19 with net profit of Rs. 71 crore, according to Trent’s annual report released on Friday. A year ago, its revenues had grown 19% to Rs. 1,127 crore while profits surged more than 70% to Rs. 83 crore.