Investing
Zara owner Inditex to stop sourcing from Myanmar
© Reuters. FILE PHOTO: Shoppers walk past a Zara clothes store, part of the Spanish group Inditex, in Las Palmas de Gran Canaria, Spain, December 13, 2022. REUTERS/Borja Suarez/File Photo
LONDON (Reuters) -Zara owner Inditex (BME:) is in the process of stopping sourcing from Myanmar, the company told Reuters on Thursday, as a result of a campaign by global workers’ union IndustriALL to convince companies to divest from the country.
“Inditex is in the process of a phased and responsible exit from Myanmar, following IndustriALL’s call,” a company spokesperson wrote in an email. “As a result, we continue to reduce the number of active manufacturers in the country.”
Inditex did not give a timeline for its exit. It does not publish a list of suppliers, so it was not immediately clear how many factories in Myanmar were supplying the fast-fashion giant.
Myanmar, a major producer of garments for Western brands and retailers, has been run by a military junta since a February 2021 coup.
News site Sourcing Journal reported last month that Inditex planned to exit Myanmar.
Read the full article here
Closing Your Business? Do It Before the New Year to Save Money
Why Irate Artists Leaked OpenAI’s AI Video Generator Sora
Friends’ ‘Scrappy’ Side Hustle Led to a $1 Million Product
Unlock Lasting Business Success by Instilling These 5 Family Values
BlackRock, Vanguard, State Street sued by Republican states over climate push By Reuters
This All-Access Pass to Learning Is Now $20 for Black Friday
How to Create a Routine That Balances Rest and Business Success
Apple Prepares a New AI-Powered Siri to Compete With ChatGPT
A Macy’s Employee Made Accounting Errors Worth $132 Million
MIT Gives Free Tuition For Families Earning $200,000 or Less
Debt ceiling debate and its effect on the U.S. dollar
Debt ceiling default: Still no deal between parties
Stovall: If the U.S. defaults on its debt, all S&P 500 sectors will likely fall
What China's weaker-than-expected economy could mean for U.S. markets
A ‘Big Short’ investor sees financial disaster brewing in housing markets — again
-
Investing4 days agoThis All-Access Pass to Learning Is Now $20 for Black Friday
-
Passive Income4 days agoHow to Create a Routine That Balances Rest and Business Success
-
Side Hustles5 days agoApple Prepares a New AI-Powered Siri to Compete With ChatGPT
-
Side Hustles2 days agoA Macy’s Employee Made Accounting Errors Worth $132 Million
-
Side Hustles6 days agoMIT Gives Free Tuition For Families Earning $200,000 or Less
-
Passive Income5 days agoCustomers Want More Than Just a Product — Here’s How to Keep Up
-
Side Hustles4 days agoGift the Power of Language Learning with This Limited-Time Price on Babbel
-
Investing1 day agoFactbox-How Trump can overhaul US financial regulators when he takes office By Reuters