Spanish fashion retailer Inditex has closed 502 shops in Russia besides stopping online sales.

Russia accounts for around 8.5 per cent of the group's global EBIT (earnings before interest and tax) and all the Inditex stores operate on a rental basis, The company palns to introduce a special support for its over 9,000 employees. It has already closed 79 stores in Ukraine.

Spain's second-largest fashion retailer Mango has also temporarily closed 120 Russian shops, and Tendam, the third-largest clothing group, has also taken a similar decision.

A week rouble and increased logistical challenges are making it difficult for retailers to conduct business in Russia , says Adam Cochrane, Analyst, Deutsche Bank Research. The country was an important element of Inditex’s sales growth in 2021, he adds