07 March 2022, Mumbai:
Spanish fashion retailer Inditex has halted trading in Russia, closing its 502 shops and stopping online sales, the company said in a statement on Saturday to the Spanish regulator.
“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 Zara owner company said.
Russia accounts for around 8.5% of the group’s global EBIT, Inditex added. (Reporting by Corina Pons, Editing by Louise Heavens).
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CREDITS: Financialpost.com.
