the Spanish group Inditex, owner of Zara, suspends its activities in Russia

Companies from all over the world are temporarily closing their curtain in Russia. The Spanish clothing giant Inditex, owner of Zara, the world leader in clothing, announced on Saturday March 5, “temporarily suspend its activity in the 502 stores” in Russia as well as on the group’s online shopping sites in the country.

“Given the current circumstances, Inditex cannot guarantee the continuity of operations and business conditions in the Russian Federation”the group said in a statement, adding that Russia accounted for around 8.5% of its operating profit. “Inditex’s priority remains its staff of more than 9,000 people, for whom (the group) will now develop a special support plan”the statement added.

Of these 502 stores, 86 are Zara stores, the text says. The Inditex company is today the first group of inexpensive fashion in the world, neck and neck with the Swedish H&M. Eight brands are grouped within the ready-to-wear group: Zara (nearly 70% of sales), Zara Home, Bershka, Oysho, Stradivarius, Pull&Bear, Massimo Duti and Uterqüe. Some were launched by Amancio Ortega, the group’s founder, others acquired over the years.