After the withdrawal of numerous large companies, the Zara parent company Inditex is now also ceasing operations in Russia until further notice because of the Ukraine war. All 502 stores in Russia are temporarily closed, the Spanish company announced on Saturday. “Under the current circumstances, the continuity of operations and business conditions in the Russian Federation cannot be guaranteed,” it said.
Among the 502 stores that will be closed, 86 are Zara stores. Online sales would also be temporarily suspended in Russia, it said. Russia is Inditex’s largest market after Spain. According to its own statements, the group of the 85-year-old founder and owner Amancio Ortega recently achieved 8.5 percent of total earnings before interest and taxes. In addition to Zara, the group’s brands also include Massimo Dutti, Pull&Bear, Zara Home and Bershka.
Inditex emphasized in its message to the Spanish stock exchange supervisory authority CNMV that the group’s greatest concern is now the more than 9,000 employees in Russia, which it wants to take care of. A special support plan is now being developed for this purpose. (dpa)
