CONTINUECONTINUE
Inditex left Russia. The multinational has notified the CNMV this Saturday that due to "current circumstances it cannot guarantee the continuity of operations and commercial conditions in the Russian Federation". For this reason, it has temporarily suspended the activity of the 502 stores it maintains in the country (of which 86 are Zara) and in the country's online channel.
The Russian market is very important for Inditex, since "it constitutes around 8,5% of the group's global EBIT", as it has notified the company to the CNVM. "All the stores operate on a rental basis, so the investment is not relevant from a financial point of view," added Inditex, which highlights that its "priority" is developing a support plan for the 9.000 people it has on staff in this country.
In number of stores and personnel, Russia is the market, not counting Spain, where it has the most presence.
Many were those who wondered these days if the Galician giant was going to mar the decision of other textile chains, such as H&M and Mango, which have also decided this week to temporarily cease their operations in Russia. The waiting compá of the owner of Zara, Massimo Dutti and Oysho, among others, had its punishment in the markets, where in the last week the shares have plummeted more than 16%.
Tendam also ceases activity
Another Spanish textile company, Tendam, has also announced this Saturday its departure from temporarily suspending its operations in Russia due to the war in Ukraine. According to the statement issued by the company that owns brands such as Cortefiel, Springfield and Women Secret, “the decision to temporarily suspend activity in Russia will be effective, guaranteeing maximum protection to all employees and collaborators. Tendam has made itself available to the Spanish authorities and international NGOs to collaborate in everything that may be necessary both from the company individually and in collective actions”.
The textile group has 80 establishments in the slave country, where it also employs 400 people.
