As the conflict between Russia and Ukraine enters the 10th day, major brands, production houses, entertainment industries, sports arenas and others have levied various sanctions on Kremlin with many boycotting their products and suspending their activities all over Russia.
The latest boycott comes from Spanish clothing giant and Zara fast-fashion chain owner Inditex which announced on Saturday that it is "temporarily suspending its activity in all 502 stores" in Russia as well as on the group's online shopping store.
"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 company said in a statement released on Saturday.
Russia accounts for around 8.5% of the group's global EBIT (earnings before interest and tax) and all the Inditex stores operate on a rental basis, Inditex said.
Furthermore, Spain's second-largest fashion retailer, Mango, said on Thursday that it was temporarily closing its 120 Russian shops, and Tendam, the third-largest clothing group, said it had taken a similar decision on Saturday.
(with agency inputs)
