// Zara owner Inditex is temporarily closing its 500 stores in Russia and has stopped trading online in wake of the country’s invasion of Ukraine
// A string of luxury retailers, including LVMH, Chanel, Hermes and Burberry have also stopped selling in Russia
Fashion giant Inditex, which owns Zara, has halted trading in Russia, closing its 502 shops and stopping online sales in the country.
The fashion retailer is the latest in the exodus of western brands that has stopped trading in the country, and is one of the biggest to close operations.
In a statement, Inditex said: “In the current circumstances Inditex cannot guarantee the continuity of the operations and commercial conditions in the Russian Federation and temporarily suspends its activity.”
Russia accounts for about 8.5% of the group’s global earnings before interest and tax.
READ MORE: Live updates – The retailers pulling out of Russia – from John Lewis to JD Sports
Meanwhile, a string of luxury retailers have shut up shop in the country.
French luxury giants LVMH, Hermes, Burberry and Chanel have decided to temporarily close their shops in Russia following its invasion of Ukraine.
LVMH, which has 124 stores in Russia, said: “Taking into account the situation in the region, LVMH regrets to announce the temporary closure of its stores in Russia from March 6.”
The group also announced a 5 million euro donation to support the International Committee of the Red Cross.
Chanel, which has 17 stores in Russia, said that “major uncertainty and the complexities of operating” had led it to temporarily suspend its operations in the country.
“We won’t be delivering to Russia any more, we will close our stores and we have already suspended internet shopping,” Chanel said.
Hermes said “it’s with regret that we have taken the decision to temporarily close our stores in Russia and pause all our commercial activities from March 4”.
Click here to sign up to Retail Gazette‘s free daily email newsletter
