The Spanish company Inditex, which owns the brands of clothing stores Zara, Pull & Bear, Massimo Dutti and others, temporarily suspends the work of 502 stores in Russia. This is stated in a statement that the company addressed to the relevant regulatory body. 5th of March
“Under the current circumstances, Inditex cannot guarantee the continuity of operations and commercial conditions in the Russian Federation and is temporarily suspending its activities,” Reuters cites the text of the statement.
According to the agency, Russia accounts for about 8.5% of the group’s operating profit.
Inditex owns brands such as Zara, Pull&Bear, Massimo Dutti, Bershka, Uterque, Stradivarius, Oysho.
Against the backdrop of Russia’s ongoing operation to protect the Donbass, a number of brands have decided to suspend work in the country. So, on March 4, it became known about the temporary closure of boutiques of brands belonging to the group of companies LVMH (Louis Vuitton Moet Hennessy) and Kering in the territory of the Russian Federation.
The day before, a similar decision was announced by the Swedish company IKEA. It was also reported that the Danish toy manufacturer Lego suspended deliveries to Russia. The clothing brand Karl Lagerfeld also decided to suspend sales in the Russian Federation. The world’s largest chain of clothing and footwear stores Hennes & Mauritz (H&M) Group announced the same decision.
Bulat Shakirov, president of the Union of Shopping Centers, told Izvestiya that amid the closure of foreign brand stores, Russian shopping centers began to look for new partners. Instead of European and American brands, Turkish and Chinese brands may appear in the shopping center.
Russia launched an operation to protect the civilian population of Donbass on February 24. As Kremlin spokesman Dmitry Peskov clarified at the time, the special operation has two goals – the demilitarization and denazification of Ukraine. According to him, both of these aspects pose a threat to the Russian state and people. The Russian side also emphasized that it does not hatch plans for the occupation of Ukraine, and strikes are carried out only on the military infrastructure of the Armed Forces of Ukraine.
For more up-to-date videos and details about the situation in Donbass, watch the Izvestia TV channel.