Primark’s overall sales have risen six per cent for the year in constant currency terms. Profit at Primark will be higher than expected this year after the chain began buying more garments from Southeast Asia, where tariffs and production costs are lower than in China. The chain -- which sources around three-quarters of its products in dollars -- has also been boosted by the weakening of the US currency.

Primark has nine outlets in the US. Its US business will be worth as much as $6.2 billion if the company is able to successfully translate its fast fashion model. In Europe, brick-and-mortar fashion retailers have fallen from favor with investors amid the rise of e-commerce and a shift in spending from clothes to entertainment.

Value retail giant Primark is going from strength to strength. It has stores in the UK, Spain, Netherlands, the US, Belgium and Italy. The fashion chain is performing particularly well in the UK and is also benefitting from the currency shifts that have seen the pound getting weakening since the EU referendum vote a year ago. Primark has continued to open stores fast and added 1.3 million sq ft of retail space since the beginning of the financial year.