Zara Owner Inditex Shuts Shops, Halts Online Sales in Russia
(Bloomberg) --
Spanish fashion retailer Inditex SA is temporarily closing all its shops in Russia and halting online sales in response to the country's invasion of Ukraine.
The retailer “cannot guarantee the continuity of operations and trading conditions” in Russia, it said in a statement on Saturday. Inditex has 502 stores in the country, of which 86 are its Zara brand.
While Russia accounts for about 8.5% of total group earnings before interest and tax, the company's total investment in Russia, given that all locations are leased, “is not financially significant,” it said.
©2022 Bloomberg L.P.
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