1,200 Shops Shut: Spain’s Fashion Powerhouse Zara In Trouble After Losing Almost Half of All Sales

ZARA is forced to close 1,200 shops worldwide as the Spanish fashion powerhouse finds itself in trouble after losing around 44 per cent of physical sales.

Amancio Ortega is one of the richest fashion tycoons in the world, if not the richest Spanish man in the world.

His Inditex brand encompasses an array of fashion brands including Zara, Bershka, Pull and Bear, Stradivarius, Oysho and more.

The fashion industry has also been hard hit by the global pandemic, as their physical stores have been forced to shut and online sales have been slumping.

It is understood that a majority of the 1,200 Inditex shops which will close are located in Asia and Europe.

However, Inditex has announced that a majority of its employees who have been let off will be offered alternative roles which are more focused on online sales.

The fashion giant has seen its sales drop a staggering 44 per cent (€3.3 billion) just from February 1 to April 30.

The company is now refocusing its attention to the online business.