Zara shuts down stores in Serbia: Fashion giant changes business concept

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After 20 years of rule and huge profits, the so-called "fast fashion" industry is suffering huge losses and manufacturers such as the Swedish giant H&M, the Spanish Zara, Paul & Bear, and Stradivarius are closing thousands of stores around the world.

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As Telegraf Biznis was the first to report, this will happen also in Belgrade, and now Zara has confirmed that.

The company sent a statement to its customers announcing it is closing several retail stores in Serbia.

It further stated that this is why they are offering an online sale with discounts of up to 80 percent.

Because of these decision by fashion brands, people are losing jobs in sales in the developed world and in manufacturing in poor countries. In addition, this will not bypass our country either.

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Earlier, Fashion giant Zara announced that it will close 1,200 stores worldwide, but that their longer-term plan is to switch to online sales.

(V.B.)