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The New Number One

Spanish fashion giant Zara has surpassed its U.S. rival Gap Inc. as the largest apparel seller in the world. During its first quarter, Zara's parent company Inditex said the chain recorded a 9 percent bump in sales to $3.26 billion. San Francisco-based Gap, meanwhile, posted sales of $3.19 billion and saw its revenue drop 10 percent.

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