Zara owner Inditex has shut up shop in Russia, closing more than 500 stores and pausing online trading in the country.
The Spanish fashion giant is the latest major Western brand to temporarily pull out of Russia following the country’s invasion of Ukraine.
Its great fashion rival H&M, and online competitors Asos and Boohoo, are among those who had already ceased trading in Russia, and pressure was mounting on Inditex to follow.
The fashion powerhouse, which also owns brands such as Bershka, Pull & Bear and Massimo Dutti, said at the weekend “it cannot guarantee the continuity of operations and trading conditions in the Russian Federation”.
It said it was, therefore, “temporarily” closing its 502 stores in Russia – of which 86 are Zara – and its transactional website in the country.
Inditex said its Russian business accounts for around 8.5% of group EBIT, but insisted: “The investment is not relevant from a financial point of view.”
The company will provide “a special support plan” to its 9,000-strong workforce in the country.
Inditex had already ceased trading from its 79 stores and online platform in Ukraine.
Over the weekend, luxury fashion house Burberry also shuttered its three stores in Russia.
It had previously paused shipments to the country due to “operational challenges”.
Upmarket department store operator Harrods also halted all deliveries to Russia, as did luxury food retailer Fortnum & Mason.
Fortnums does not stock any Russian products but sells a selection of its range through an export partner to shops in Moscow and St Petersburg.
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