The world's biggest clothing group, Spain's Inditex, is to open a Massimo Dutti store before Christmas in the former HMV outlet on Dublin's Grafton Street following the completion of legal contracts with the landlords.
The group is planning to spend about €3 million on fitting out the shop which has around 1,254sq m (13,500sq ft) of retail space at ground, basement and first floor levels. It is one of a small number of stores on the street with large floorplates – the others are Brown Thomas, M&S, BT2 and River Island.
The owners of the store at 65/66 Grafton Street dropped the rent from €1.7 million to €865,000 to attract Zara’s sister brand, Massimo Dutti, whose fashions for men and women are based on classic designs for daily and formal clothes.
The company has taken a 10-year lease of the building which is 60 per cent owned by the Irish Property Unit Trust and the balance by Aviva.
Inditex is now the dominant player in the fast fashion industry – it has more than 6,000 outlets in 86 countries – and reported net profits up 22 per cent last year to €2.36 billion.
Simon Cooper of Savills handled the letting while CBRE advised Inditex.
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