Zara, Bershka, Pull&Bear, Stradivarious, Oysho, Masssimo Dutti, Zara Home and Uterqüe stores close, as well as Cortefiel, Women’secret, Springfield and Pedro del Hierro, and online sales are suspended in Russia. Both companies thus join the path undertaken by other well-known brands.
Spanish textile companies Inditex (Zara, Bershka, Pull&Bear, Stradivarious, Oysho, Masssimo Dutti, Zara Home and Uterqüe) and Tendam (Cortefiel, Women’secret, Springfield and Pedro del Hierro, among others) reported this Saturday that they are proceeding to “temporarily suspend” its activity in Russia due to the conflict with Ukraine.
The two companies have made this decision public today, which affects both its physical stores (more than 500 in the case of Inditex and close to 50 for Tendam) like the “online” channel.
In a statement sent to the National Securities Market Commission (CNMV), the stock market supervisor, those responsible for Inditex They have explained that they cannot “guarantee the continuity of operations in the current circumstances.” They have also pointed out that their priority now will be your staff in the countryformed by more than 9000 peopleand for them it will launch “a special support plan”, although it has not provided more details in this regard.
“Russia constitutes around 8.5% of the group’s global EBIT”, explained these same sources, who have also pointed out that all stores operate on a rental basis, “so the investment is not relevant from the point of view financial”.
For their part, the managers of Tendam have indicated that this suspension of its operations in Russia “will be carried out guaranteeing the maximum protection” of its 400 employees in the country. the signature already closed last week its franchises in Ukraine.
The textile company has shown its willingness to “collaborate in everything that may be necessary” with the Spanish authorities and international NGOs in the context of this conflict.
The two Spanish multinationalsfollow in the footsteps of other large companies that have cut their business with Russia in recent days, either in protest against the invasion of Ukraine, due to supply problems or to comply with the sanctions imposed by other governments against Moscow. Among them are, for example: Mango, H&M, Nike, Adidas, Mango, Burberry, Ikea, Apple, Airbnb and many from the automotive sector: Toyota, Mitsubishi, Honda, Volkswagen, BMW, Mercedes-Benz, Daimler Truck, Mazda, General Motors, Jaguar Land Rover, Aston Martin, Renault or Harley-Davidson.
Source: Eitb
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