Zara - Zara falls in Covid-19 crisis
Time: 2020
Place: Worldwide
Details: In the midst of the COVID-19 crisis in 2020, Zara was hit hard by global store closures, with sales falling 44% year-on-year in Q1 2020 and the company reporting a net loss of USD 482 million. Inditex has announced it will close between 1,000 and 1,200 stores across the world, concentrating on the smaller ones in Asia and Europe. Although online sales have been motivating – Zara 's online sales have risen 50% for Q1 2020 – mitigating the damage is not enough.
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