Business

Zara owner Inditex stops trading in Russia, closes shops and online platform

A building reflected in the window of a Zara clothing store in Bilbao
A building is reflected in the window of a Zara clothing store, owned by Spanish Inditex group, in Bilbao, Spain November 30, 2021. REUTERS/Vincent West

March 5, 2022

MADRID (Reuters) – Spanish fashion retailer Inditex has ceased trading in Russia, closing its 502 stores and halting online sales, the company said in a statement to Spain’s regulator on Saturday.

“Under the current circumstances, Inditex cannot guarantee the continuity of operations and business conditions in the Russian Federation and is temporarily suspending its activities,” Zara’s owning company said.

Russia accounts for around 8.5% of the group’s global EBIT, Inditex added.

(Reporting by Corina Pons, editing by Louise Heavens)

https://www.oann.com/zara-owner-inditex-halts-trading-in-russia-closing-stores-and-online-platform/?utm_source=rss&utm_medium=rss&utm_campaign=zara-owner-inditex-halts-trading-in-russia-closing-stores-and-online-platform Zara owner Inditex stops trading in Russia, closes shops and online platform

Caroline Bleakley

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