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Spanish brands temporarily suspend activities in Russia

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Spanish brands temporarily suspend activities in Russia

Madrid, Mar 5 (Prensa Latina) Famous Spanish brands such as Zara, Bershka and Pull&Bear, belonging to the Inditex chain, announced the temporary suspension of activities in Russia.
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The consortium has more than 500 stores in Russia and adopted the measure because due to the military conflict it cannot “guarantee the continuity of operations”.

The news was announced today through a statement sent by Inditex to the National Securities Market Commission (CNMV, in Spanish), in which it explained that the textile group will now prioritize its workforce in the country, consisting of more than 9,000 people, and for this it will implement “a special support plan”.

Inditex, which operates on Russian soil with the stores Bershka, Pull&Bear, Zara, Stradivarius, Oysho, Massimo Dutti, Zara Home and Uterqüe pointed out that the suspension also affects equally its physical stores and the online shopping channel.

“Russia constitutes around 8,5% of the group’s global ebit (Earnings before interest and taxes),” the statement said.

Yesterday, Spain reported that it will not participate in the Moscow tourism fair this month, while Madrid’s Teatro Real announced the cancellation of Bolshoi Ballet performances, scheduled for next May, in the face of Russia’s military operation in Ukraine.

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