Spanish retail group Industria de Diseno Textil SA - more commonly known as Inditex - says it plans to spend up to €700 million on expanding its flagship fashion chain Zara this year, according to media reports.

Sources say that Inditex wants to open around 350 new Zara stores internationally this year, with growth expected to be especially strong within the UK, Italy and Germany.

Inditex, which presently operates 2,282 Zara stores throughout 56 countries, has said it plans grow the business twofold by 2010.
 
350 new Zara retail locations were opened in 2004, at the cost of €700m-€750m.
 
Inditex also operates the Berschka, Pull & Bear and Massimo Dutti fashion chains.