New Delhi, June 12 -- Tata Group's retail arm Trent Ltd has pared its stake in its joint ventures with Spanish fashion giant Inditex, which operate the Zara and Massimo Dutti brands in India, according to its latest annual filings.

Trent has two separate JVs with the Inditex Group. The first, Inditex Trent Retail India Private Limited (ITRIPL), runs Zara stores; the second, Massimo Dutti India Private Limited (MDIPL), operates the Massimo Dutti brand.

In its FY25 annual report, Trent said it reduced its holding in ITRIPL from 49% to 34.94% by selling 1,40,000 equity shares through a buyback offer made by ITRIPL. Similarly, it cut its stake in MDIPL from 49% to 20% by selling 1,75,450 equity shares to Grupo Massimo Dutti, Spain, effectiv...