Notice: amp_is_available was called incorrectly. `amp_is_available()` (or `amp_is_request()`, formerly `is_amp_endpoint()`) was called too early and so it will not work properly. WordPress is currently doing the `pre_get_posts` hook. Calling this function before the `wp` action means it will not have access to `WP_Query` and the queried object to determine if it is an AMP response, thus neither the `amp_skip_post()` filter nor the AMP enabled toggle will be considered. It appears the theme with slug `publisher` is responsible; please contact the author. Please see Debugging in WordPress for more information. (This message was added in version 2.0.0.) in /home/runcloud/webapps/techilive/wp-includes/functions.php on line 5313
Zara, Pull&Bear, Bershka to close stores in Venezuela as Inditex brand exits - TechiLive.in

Zara, Pull&Bear, Bershka to close stores in Venezuela as Inditex brand exits

0

The franchise operator of Zara and two other popular apparel chains will close all of its stores in Venezuela in the next few weeks.

Zara, along with Pull&Bear and Bershka, are owned by Spain’s Inditex SA and have been operating as franchises in Venezuela since 2007. The franchise is managed by Panamanian-based company Phoenix World Trade, run by Camilo Ibrahim.

The three retail brands have already gradually shut down outlets in Caracas malls, with some displaying new logos and names followed by the words “coming soon.”

Loading...

“Phonex WT is re-evaluating the commercial presence of its franchised brands Zara, Bershka and Pull & Bear in Venezuela to make it coherent with the new digital integration and transformation model announced by Inditex,” Operations Director Andres Brant said in an email statement. “Meanwhile, the five stores that remain open under the previous model will cease to operate in the next few weeks.”

Inditex franchises in Aruba and the Dominican Republic, which is also run by Phoenix, will continue to stay open, Brandt added.

Inditex declined to comment.

Loading...

The move came as the Venezuelan government increases efforts to draw foreign investment back into the country by effectively ending years of socialist policies. Sieged by US sanctions, the Nicolas Maduro administration has allowed the country to slide into a de facto dollarization since 2019, offering private companies some breathing room to operate.

Inditex entered the Venezuelan market in 1998, first managing the retail stores directly and then under a franchise model. The franchise navigated years of exchange and price controls that often led them to temporarily close stores due to a lack of merchandise.

The brands were highly popular among Venezuelans, who used to line up outside the stores to shop whenever the government forced to draw prices down or allowed the company to import merchandise at the subsidized, official exchange rate.

Loading...

Follow more stories on Facebook and Twitter

This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.

Loading...

Stay connected with us on social media platform for instant update click here to join our  Twitter, & Facebook

We are now on Telegram. Click here to join our channel (@TechiUpdate) and stay updated with the latest Technology headlines.

For all the latest Entertainment News Click Here 

Loading...

 For the latest news and updates, follow us on Google News

Read original article here

Denial of responsibility! TechiLive.in is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – admin@techilive.in. The content will be deleted within 24 hours.

Loading...
Leave a comment