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Zara-owner Inditex stalls amid global lockdowns

Video Credit: Reuters Studio - Duration: 01:22s - Published
Zara-owner Inditex stalls amid global lockdowns

Zara-owner Inditex stalls amid global lockdowns

Zara-owner Inditex has switched its clothes factories in Spain over to making medical supplies and its logistics hub has almost ground to a halt, while Sweden's H&M reports plunge in March sales.

Ciara Lee reports

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Zara-owner Inditex has switched its clothes factories in Spain over to making medical supplies, while its logistics hub has almost ground to a halt.

That's effectively frozen the nerve centre of its business from which it supplies stores worldwide.

The Spanish firm said in its annual results on March 18 that it had temporarily closed over 3,700 stores worldwide.

That would leave around half of its shops still open, suggesting its global footprint might help it to get through the crisis.

But with Spain suffering the most deadly outbreak outside Italy, the government there on Saturday tightened the terms of its lockdown.

That meant Inditex's 13 factories in its home market have had to stop making clothes.

The world's largest clothing retailer does not disclose the proportion of its goods made in Spain - putting a question mark over supplies to shops elsewhere that remain open.

On Friday (April 3) Sweden's H&M reported a 46% plunge in March sales.

The world's second-biggest clothing retailer said it expects a significant loss in the second quarter.

The virus has forced H&M to temporarily close most of its stores and flag big layoffs.

H&M's shares though were up 4% on the news as the retailer said it planned to strengthen its liquidity buffer with new credit.

Shares though have plunged 40% in the past month.

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