Of its 7,469 boutiques around the world, '3,785 are currently closed temporarily in 39 markets. FMTNews Zara
MADRID: Inditex SA said the coronavirus outbreak has forced the owner of the Zara and Massimo Dutti chains to shutter half its stores as the epicentre of the disease shifts from China to other key markets such as Spain and Italy.The company took a €287 million provision for the as Covid-19 reduces the value of spring-summer inventory, and the retailer postponed the decision on a dividend until sometime before the annual shareholder meeting in July. The stock fell as much as 5%.
The coronavirus outbreak has ravaged three of Inditex’s largest markets: China, Italy and Spain, all of which have imposed stringent lock-downs.
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