Amid COVID-19, the popular fashion brand Zara (which is under Inditex) announced that it suffered a loss of 409 million Euros (approximately RM2 billion) in the first fiscal quarter as of the end of April.
It was its first loss since its establishment in 2001, and the amount of losses has more than the analysts' expectations because the COVID-19 pandemic forced the company to close nearly 90 stores within 3 months from February to April.
Photo Sources: Sinchew Daily
Its parent company, Inditex said that it will change its business strategy and permanently close up to 1,200 stores worldwide, equivalent to 16% of the total number of global stores. In the future, it will more actively switch to online sales.
The company emphasized that it will invest 1 billion Euros in the e-commerce business in the next three years.
Photo Sources: Sinchew Daily
On the other hand, based on the Facebook post released by the first Din Tai Fung in the United States, it decided to permanently suspend business from June 12 after 20 years of service because it could not survive the impact of the pandemic.
Din Tai Fung also showed its appreciation to all of its supporters through these 20 yeas that enabled it to become this Taiwan restaurant to become a Michelin restaurant. It is also stated the supporters are welcomed to visit other of their branches.
Sources: Sinchew Daily | Sinchew Daily
Cover Photo: Business Insider | Taiwan News
