Inditex fell the most in 2019, after the Spanish owner of the Zara clothes chain reported the weakest earnings growth in five years. It’s not immune to the retail malaise that has burdened rival, Hennes & Mauritz (H&M), and many others.

The profitability of Zara owner Inditex shrank to an eight-year low as the world’s largest clothing retailer was confronted with adverse currency swings, higher garment costs and increasing competition.

Inditex, the world’s biggest clothing retailer, reported a brisk start to the autumn season yesterday after first-half profit rose by a quarter, sending its shares more than 3% higher.