The CEO of Spanish fashion giant Inditex, owner of the famous Zara brand and chain, said he expects sales to double to seven billion euros by 2006 from last year's 3.5bn euros.

Jose Maria Castellano told a conference in Santander around 40 per cent of those expected sales will come from other European nations while it also plans to expand steadily in Latin America.

The Galicia-based company currently generates 46 per cent of its sales in its domestic market but expects that figure to fall to 39 per cent over the next five years.