The Spanish group Inditex will focus on online sales. During the pandemic, its sales fell 44 percent.
The Spanish group Inditex, owner of several clothing brands such as Zara and Massimo Dutti, announced that it will close 1,200 physical stores worldwide. As explained in a statement, the objective is to promote online business and technologically integrated stores.
“Our priority is the health and safety of our people and our clients. For this reason, I want to publicly express our appreciation for the high involvement of all our personnel during the health emergency and during the return to stores and operating centers,” said the president. of Inditex, Pablo Isla, when referring to the coronavirus.
In the middle of the pandemic, and during its first quarter -from February 1 to April 30-, sales suffered a sharp drop of 44% compared to the first quarter of 2019, which is equivalent to losses of 409 million euros . One of the reasons behind this is that, for weeks, the company had 88% of its stores closed. In contrast, online sales grew 50% in the quarter, and 95% year-on-year during the month of April.