Zara owner Inditex says temporarily closing shops in Russia | Malay Mail

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MADRID, March 5 ― Spanish clothing giant Inditex, which owns Zara, announced today it was temporarily closing hundreds of shops in Russia as well as the group’s online shopping store. Inditex is one of many multinationals that have suspended business in Russia following its February 24 invasion...

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MADRID, March 5 ― Spanish clothing giant Inditex, which owns Zara, announced today it was temporarily closing hundreds of shops in Russia as well as the group’s online shopping store.

Inditex is one of many multinationals that have suspended business in Russia following its February 24 invasion of Ukraine.“Given the current circumstances, Inditex cannot guarantee the continuity of operations and business conditions in the Russian Federation,” it added.“Inditex’s priority remains its staff of more than 9,000 for whom will now develop a special support plan,” it added.

Eight brands make up the ready-to-wear fashion giant: Zara , Zara Home, Bershka, Oysho, Stradivarius, Pull&Bear, Massimo Duti and Uterque. Some were launched by the group’s founder, Amancio Ortega, while others were acquired over the years. The company, available in five continents, accelerated its reorganisation after the Covid-19 pandemic by closing smaller shops to focus on larger stores in the most prestigious avenues of bigger cities.Turnover was over €28 billion in and profit €3.6 billion in 2019, before the coronavirus pandemic temporarily slashed its results. ― AFP

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