Inditex has decided to close its 502 stores in Russia, its second market after Spain, with more than 9,000 employeesas a consequence of the Russian invasion in Ukraine.
“Inditex informs that in the current circumstances it cannot guarantee the continuity of operations and commercial conditions in the Russian Federation and temporarily suspends its activity in the 502 stores (of which 86 are Zara) and in the country’s ‘online’ channel,” he said in a statement sent to the National Securities Market Commission (CNMV).
Russia constitutes about 8.5% of the net operating result (Ebit) group overall.
The company founded by Amancio Ortega has highlighted that all stores operate on a rental basis, so the investment is not relevant from a financial point of view.
Inditex has ensured that your workforce continues to be a priority, of more than 9,000 people, with whom it is going to develop a special support plan from now on.