The conglomerate will close around 1,200 stores as sales decreased 44 percent.
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Due to the corona virus for the first time in its history Inditex Sales have dropped significantly. From February to April, losses are estimated to reach 3,303 million euros.
In the first quarter of the year, thanks to their space optimization program, they contained a provision of EUR 308 million. In this way, smaller shops are closed. Without this measure, The losses would have been 175 million euros.
The sale on-line Yes, it went on and went up 50 percentas reported The country. This cushioned the hard shock of the pandemic somewhat.
Inditex owns the brands Massimo Dutti, Pull Bear, Bershka, Oysho, Stradivarius, Zara and Zara home. The company reported that will close 1,200 stores permanently by 2021 worldwide. This corresponds to 16 percent of the branches. However, 150 new, but larger ones will continue to open each year.
He also submitted a plan with a budget of EUR 2.7 billion to accelerate focus on large businesses and online sales.
“It means completing the project, the foundation of which has been gradually being laid with significant investments since 2012, which will change the company’s profile significantly,” he said. Pablo Isla, the President of Inditex.