3/5, 5:05 PM (Source: TeleTrader)
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Zara-owner Inditex closes all 502 shops in Russia

Spanish clothing company and owner of the Zara brand, Inditex, said on Saturday it has closed its 502 shops in Russia and halted online sales amid the crisis caused by Moscow's military offensive on Ukraine.

Inditex therefore followed the decisions made by numerous other big brands which suspended their operations in Russia following harsh economic sanctions imposed by western governments.

"In the current circumstances, Inditex cannot guarantee the continuity of the operations and commercial conditions in the Russian Federation and temporarily suspends its activity," the company noted, commenting that "the investment is not relevant from a financial point of view," despite accounting for 8.5% of its worldwide operations.

Baha Breaking News (BBN) / ND