Zara owner Inditex closes Russian stores and online platform

Spanish fashion retailer Inditex has halted trading in Russia, closing its 502 shops and stopping online sales, the company said in a statement on Saturday

The Zara owner is following some of the biggest western brands which have suspended operations in Russia, including its main rival H&M, following the invasion of Ukraine and the imposition of economic sanctions.

Russia accounts for around 8.5% of the group's global EBIT (earnings before interest and tax) and all the Inditex stores operate on a rental basis, Inditex said. "The investment is not relevant from a financial point of view"