The Spanish company Inditex – which brings together brands such as Zara, Bershka or Pull & Bear – has reported this Saturday that it is proceeding to “temporarily suspend” its activity in Russia, where it has more than 500 stores, because due to the conflict it cannot “guarantee the continuity of operations”.
(The corporate world turns its back on the Russian war.)
In a statement sent to the National Securities Market Commission (CNMV), those responsible for the textile group have pointed out that their priority now will be their workforce in the country, made up of more than 9,000 peopleand for them it will launch “a special support plan”, although it has not provided more details in this regard.
They have also specified that the suspension affects both their physical establishments and the “online” channel. “Russia constitutes around 8.5% of the group’s global ebit“, explained these same sources, who have also reported that all stores operate on a rental basis, “so the investment is not relevant from a financial point of view.”
(Western sanctions corner the Russian economy.)
The Spanish multinational thus follows in the footsteps of other large companies that have cut off their business with Russia in recent days, either as a sign of protest once morest the invasion of Ukraine, due to supply problems or to comply with the sanctions imposed by other governments once morest Moscow. On Russian soil, Inditex operates under the banners Bershka, Pull&Bear, Zara, Stradivarius, Oysho, Massimo Dutti, Zara Home and Uterqüe.
Within the textile sector, the Swedish Hennes and Mauritz (H&M) announced on Wednesday the temporary suspension of its sales in Russia due to the war with Ukraine, a decision that brands such as Nike, Adidas, Mango and Burberry have also already adopted.
EFE
