Zara owner, Inditex announced that’s its permanently closing as many as 1,200 stores – 16 per cent of it’s outlets worldwide – as the world’s largest fashion retailer plans to double down on e-commerce.
As part of its post-coronavirus strategy, Zara will invest approximately $1.13 billion, in digital and $1.93 billion, in store expansion.
Store closure will most likely take place in Asia and Europe, with factories being shutdown as well.
Inditex experienced a net loss of US$465 million in the February to April first quarter.
Major clothing retailers from H&M to Gap have also reported an intense drop in sales as shoppers quarantine during global lockdowns to stop the spread of the coronavirus.
Have more to add to the story? Comment below and stay tuned for more!
