A building is reflected in the window of a Zara clothes store, part of the Spanish Inditex group, in Bilbao, Spain, November 30, 2021. REUTERS/Vincent West
March 5, 2022
MADRID (Reuters) -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.
The Zara owner is following some of the biggest western brands which have suspended operations in Russia, including its main rival H&M, following the invasion of Ukraine and the imposition of economic sanctions.
“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 world’s biggest fashion company said.
Russia accounts for around 8.5% of the group’s global EBIT (earnings before interest and tax) and…
