Consumer Behavior

Fashion group reports big loss due to coronavirus pandemic

Photo by istock.com

June 10, 2020

Inditex, the biggest fashion group in the world, is reporting a $465 million net loss for February through April and the COVID-19 pandemic is the big reason for the loss and big dip in sales.

The group, which operates 965 stores across 27 countries and owns the Zara brand, said it has been "materially impacted," by the coronavirus, according to CNBC.

While sales showed in improvement in May the company said it's not yet at "normal levels."