By John Smith • 20 March 2020 • 12:36
AS many companies with huge turnovers look to their governments to support them financially during the crisis caused by the coronavirus, Spanish giant Inditex, the world’s largest retailer confirms that profits will be down this year.
Nothing daunted however, they have decided that with more than 3,700 stores temporarily closed around the world (although encouragingly only 11 of those are now in China), it will start to help the fight against the virus by turning over much of its capacity to making accessories for the health section.
First project concerns face masks and Inditex expects to have more than 300,000 ready to hand over to the Spanish Health Authority within a matter of days.
It then plans to move into production or sourcing of gloves, protective glasses, caps, and face shields and once it can obtain the correct medical grade fabric will turn its capability over to production of medical gowns.
Spain is still the largest single market for Inditex products so it is repaying the country in which it was founded by doing what it can to assist during this time of emergency.
Although it is financially very sound with more than €8 billion in reserves, thanks to the uncertainty of trading due to the virus it has postponed any decision to issue a dividend but will review later in the year.
In the meantime, all shops that are open around the world offer customers the chance to return used or unwanted clothes which will then be donated to a number of different charities for distribution to those in need.
Share this story
Subscribe to our Euro Weekly News alerts to get the latest stories into your inbox!
By signing up, you will create a Euro Weekly News account if you don’t already have one. Review our
Married to Ophelia in Gibraltar in 1978, John has spent much of his life travelling on security print and minting business and visited every continent except Antarctica.
Having retired several years ago, the couple moved to their house in Estepona and John became a regular news writer for the EWN Media Group taking particular interest in Finance, Gibraltar and Costa del Sol Social Scene.
Share your story with us by emailing [email protected], by calling +34 951 38 61 61 or by messaging our Facebook page www.facebook.com/EuroWeeklyNews
Your email address will not be published. Required fields are marked *
Download our media pack in either English or Spanish.