Zara owner Inditex to gradually reopen stores in Ukraine from April 1
Adds detail on schedule and location in paragraph 2, background in final paragraph
MADRID, March 1 (Reuters) -Zara owner Inditex ITX.MC said on Friday it planned to gradually reopen stores in Ukraine from April 1, citing "local market circumstances" for the decision.
The world's largest listed fast-fashion company by sales said it planned in a first phase to reopen 20 stores in Ukraine, three of them under the Zara brand and resume online sales. The first stores will be around the Kyiv region.
"The group's priority continues to be the safety of its employees and customers," the company said in a statement, confirming an earlier report from the Financial Times.
Inditex closed its stores in Russia and Ukraine in March 2022 following Moscow's invasion of Ukraine on Feb. 24 and subsequent Western sanctions.
The group had 72 stores open in Ukraine and 558 in Russia in 2019, according to its annual report.
The fashion giant agreed to sell its stores in Russia to UAE-based Daher Group later in 2022, though it did not rule out returning to the country if circumstances changed.
In Ukraine, Inditex aims to reopen 50 stores in the coming months, the company added without specifying how long the process would take.
One of Inditex rivals, the Swedish fashion retailer H&M, started reopening its stores in Ukraine in November last year and now has seven stores open in Kyiv and Lviv.
As of November 2021, the H&M group had eight stores in Ukraine.
Reporting by Corina Pons and Inti Landauro; Additional reporting by Helen Reid in London; Editing by Aislinn Laing, Tomasz Janowski, Charlie Devereux and Alison Williams
Related Assets
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
