Inditex, Zara’s parent company, saw its stock close at 48.09 euros ($52.62) on August 20, pushing its market value over 150 billion euros ($163.8 billion) for the first time. This makes it the highest-valued company in Spain and the Ibex 35 index, surpassing Iberdrola and Santander. For Q1 ending April 30, Inditex reported a 10% YoY rise in sales to 8.2 billion euros ($8.95 billion) and a 7.3% increase in gross profit to 4.9 billion euros ($5.34 billion). Zara is closing some stores in China while opening new flagship locations, with a new flagship set to open in Nanjing, becoming one of the largest in China.