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
5 AI Books Top Entrepreneurs Are Reading in a Rush for 2025
FileJump Offers 2TB of Cloud Storage for $70—With No Strings Attached
It’s Time to Rewrite Your Company’s Values — Here’s How
Say Hello to the PDF Multi-Tool You Didn’t Know You Needed
If you are 60 years old, new 401(k) rules could save you money
5 Things That Could Significantly Impact Your Company in 2025
NFI Group surge after board reshaped with new appointments, chairperson By Investing.com
How Failing 22 Times Paved the Way to My Success
3 Challenges Entrepreneurs Will Face in 2025
10 Critical Questions to Ask Your Financial Advisor Now
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
-
Side Hustles5 days ago5 Things That Could Significantly Impact Your Company in 2025
-
Investing5 days agoNFI Group surge after board reshaped with new appointments, chairperson By Investing.com
-
Side Hustles6 days agoHow Failing 22 Times Paved the Way to My Success
-
Passive Income4 days ago3 Challenges Entrepreneurs Will Face in 2025
-
Investing6 days ago
Chinese hack of US telecoms compromised more firms than previously known, WSJ says By Reuters
-
Investing6 days agoApple Siri Settlement: Who Is Eligible for a Cash Payout
-
Side Hustles6 days ago3 Strategies to Make Your Next Campaign Go Viral
-
Make Money2 days ago10 Critical Questions to Ask Your Financial Advisor Now