December 7, 2022

Taylor Daily Press

Complete News World

From video games to luxury watches, Zara is the latest in a long list of multinational companies to withdraw from Russia

From video games to luxury watches, Zara is the latest in a long list of multinational companies to withdraw from Russia

© Reuters

Inditex announced today that it will close 502 Zara stores in Russia. The online store is also closed. With this announcement, the already long list of multinational companies ignoring Russia grows. Overview.

Russia became increasingly isolated after the invasion of Ukraine. Politically, but also increasingly economically: many companies are withdrawing from the country. Many Russians are now rushing to those western stores because they fear the ruble will crash further and more stores will close.

Read also. Flanders municipalities give 1,000 euros per shelter to Ukrainian refugees

Inditex, the parent company of Zara, announced on Saturday that it is already temporarily withdrawing from Russia. But earlier, Apple, Asos, Boohoo, Burberry, Electronic Arts, Hermes, H&M, Ikea, JD Sports, Gucci, LVMH, Marks & Spencer, Mango, Nike, Cartier, Swatch and Under Armor made similar decisions. Some close all stores, others simply no longer carry new items.

In the meantime, all kinds of insults are being thrown at companies that are still active in Russia on social media. For example, the hashtags #BoycottMcDonalds and #BoycottCocaCola are trending on Twitter. For many companies, the decision to suspend activities in Russia is not an obvious one. For example, last year McDonald’s got 9% of its revenue from Russia and Ukraine. Inditex also anticipates that it will lose a significant portion of its sales as a result of this decision.

See also  3AC Can No Longer Pay Off Huge Bitcoin Loan to Voyager