Traders are waiting for Iran’s response to a nuclear deal proposal that could raise the country’s exports
There’s no need for fancy large-scale equipment or out of town contractors
Some in the industry believe a ban on the export of scrap will mean a more competitive steel industry, with lower prices passed on to consumers
Voting for the top five positions of the provincial leadership continued late into Sunday evening
Nevertheless, the bank says it has ‘an exceptional amount of capital’ on its balance sheet to withstand a potentially tougher economic climate
An employee at the Kruger National Park opened a case at the Skukuza police station in Mpumalanga
Four electoral commissioners disown result and shots fired as Odinga supporters storm podium
Skipper Kolisi says they would have loved momentum ‘but we can’t let our heads drop for long’
Porsche Taycan Turbo S laps the famous German circuit in seven minutes and 33 seconds
Spanish fashion retailer Inditex has halted trading in Russia, closing its 502 shops and stopping online sales, the company said n 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 about 8.5% of the group’s global earnings before interest and tax, and all the Inditex stores operate on a rental basis, Inditex said. “The investment is not relevant from a financial point of view.”
Inditex said it would give its workforce of more than 9,000 people a special support plan, without giving any details. The group’s 79 stores in Ukraine have already been temporarily closed.
Spain’s second-largest fashion retailer, Mango, said on Thursday that it has temporarily closed its 120 Russian shops. Tendam, the third-largest clothing group, said it took a similar decision on Saturday.
“The combination of the weakness in the rouble, resulting in large price increases for the Russian consumer, and increased logistical difficulties will make operations difficult for all retailers importing into Russia, even if there are no direct sanctions on their product categories,” said Adam Cochrane, an analyst at Deutsche Bank Research.
“Russia was an important element of the sales growth in 2021 for Inditex,” Cochrane added.
Would you like to comment on this article? Register (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Published by Arena Holdings and distributed with the Financial Mail on the last Thursday of every month except December and January.