Inditex, the €170 billion ($197 billion) Spanish owner of Zara, is treating the United States as a key growth market and plans 20 expansion projects there by the end of 2027. The program covers new stores, expansions and refurbishments for Zara, Bershka and Massimo Dutti, with locations planned in Denver, Phoenix, Pittsburgh and New York after launches in Miami. The U.S. is Inditex's second-largest market by sales after Spain, although the company has expanded gradually by using online orders to gauge demand before opening stores. Inditex is also reshaping its global estate around larger, higher-quality locations: its store count is about 2,000 below January 2019 levels, down 27% from its peak, while selling space has declined only 7%. The company has recently outperformed luxury groups, with its market value overtaking Hermes as Hermes shares fell 34% this year and LVMH declined 37%; Inditex remains close to its August record high. Management said shoppers are mixing brands and may be trading down from luxury after price increases. Inditex's Lefties brand is expanding as a competitor to Shein, while an EU decision to end duty-free access for e-commerce parcels in July prompted Shein to raise prices. Inditex said its global market share is around 2% and remains focused on its own business.