MADRID, March 5 (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.
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Is Zara still selling in Russia?
Months after Zara shuttered its operations in Russia, its clothes are still flowing into the country. Even after hundreds of Western companies left Russia in protest against the country’s invasion of Ukraine, Apple iPhones, Zara skirts, and Mercedes-Benz cars are still flowing into the country.
When Zara will reopen in Russia?
Some Zara and Massimo Dutti stores may reopen in June 2022. This is reported by representatives of the company Inditex, which is going to continue doing business in Russia, with…
How many Zara stores are in Russia?
The Swedish retailer has around 170 stores in the country, its sixth-largest market with a contribution of 3.6% of group sales in the most recent quarter.
Does Zara ship to Russia?
Inditex has stopped sending products to Russia since the suspension, the source added. Products from many other Western brands are also still available on Wildberries.
Who is the owner of Zara?
Amancio Ortega, the Founding Chair of retail giant Inditex, the parent company of Zara, the largest global fashion retailer, is the wealthiest person in Spain and one of the wealthiest people in the world.
Is Zara shutting down in India?
According to recent news, the parent company that owns the world’s top fashion retailer Zara may close 1,000 to 1,200 stores, mostly in Asia and Europe, but it plans to expand its presence in India with at least four to five more properties for which it has already signed agreements with top mall developers.
What shops are shut in Russia?
Prada, Dior, Louis Vuitton, Gucci and Fendi were among those to clear their shelves in the luxury shopping malls of the Russian capital as sanctions begin to bite. American food and beverage giants including Coca-Cola, Pepsi and Starbucks have paused or closed operations in Russia in the face of western sanctions.
Who has stopped trading in Russia?
Fast food and drinks giants. McDonald’s, Coca-Cola, Starbucks and Heineken are the latest companies to announce they are halting business in Russia after mounting pressure to act. McDonald’s said it was temporarily closing its roughly 850 restaurants in Russia, while Starbucks also said its 100 coffee shops would shut.
Is there a Zara in Ukraine?
ZARA Ukraine | New Collection Online.
Is H&M still operating in Russia?
A company spokesperson in July said H&M would temporarily reopen physical stores in August to sell the remaining inventory in Russia. H&M, the world’s second-biggest fashion retailer, rents its 170 physical stores in the country and operates them directly.
Did Uniqlo pull out of Russia?
Following widespread backlash for defending its decision to keep Russian stores open, Uniqlo has now backtracked, temporarily suspending its operations in the country following its invasion of Ukraine. On March 10, Fast Retailing released a statement saying it ” is strongly against any acts of hostility.”
How many stores does Zara have worldwide?
The first Zara Home store was opened in 2003, focusing more on the homewares and home furnishings market. As of January 2022, there were over 2,000 Zara stores and over 500 Zara Home stores in operation around the world. Unsurprisingly, Zara was one of the most valuable clothing brands on the planet as of 2021.
Does Zara own H&M?
H&M is the largest international clothing retailer only behind Spain-based Inditex (parent company of Zara).
H&M.
| The H&M logo used since 1999 | |
|---|---|
| Trade name | H&M |
| Owner | Stefan Persson (28%) |
| Number of employees | 107,375 (2021) |
| Subsidiaries | Monki, Weekday, Cheap Monday, COS, & Other Stories, ARKET |
Who is the youngest billionaire?
Now Wang, 25, is the youngest self-made billionaire. And while he still partners with buzzy companies, today he’s got $350 million in government defense contracts. This has helped Scale hit a $7.3 billion valuation, and give Wang a $1 billion net worth (as he owns 15% of the company).
Who is richest woman in the world?
or the second year in a row on Forbes’ list of the World’s Billionaires, the planet’s richest woman is L’Oréal heiress Françoise Bettencourt Meyers of France. Worth an estimated $74.8 billion, Bettencourt Meyers is an estimated $1.2 billion richer than a year ago, making her the fourteenth richest person in the world.
Why are Zara stores closing?
The company, available in five continents, accelerated its reorganisation after the Covid-19 pandemic by closing smaller shops to focus on larger stores in the most prestigious avenues of bigger cities. Inditex had around 6,500 shops in mid-2021.
How rich is Zara owner?
As of March 2022, Ortega had a net worth of $48.1 billion, making him the third-wealthiest person in Europe after Bernard Arnault and Francoise Bettencourt Meyers, and the 27th-wealthiest in the world.
Is Zara owned by Indian company?
Zara operates in India through the association of its parent Spanish clothing company Inditex with the Tata group firm Trent Ltd – Inditex Trent Retail India Private Limited (ITRIPL). The Inditex group of Spain owns 51 per cent while Trent has 49 per cent.
What companies haven’t pulled out of Russia?
Here’s the list of companies still operating in the country after its invasion of Ukraine.
- Mondelez.
- Salvatore Ferragamo.
- Mars Inc.
- Kimberly-Clark.
- Coty.
- Hilton.
- Hyatt.
- Intercontinental Hotels Group.
What companies withdraw from Russia?
Companies That Have Withdrawn From Russia
| Company Name | 3M |
|---|---|
| Company Name | Activision Blizzard |
| Company Name | Adidas |
| Company Name | Adobe |
| Company Name | AECOM |