Zara owner Inditex flags one-week delays due to Red Sea crisis
The world's biggest apparel retailer Inditex said average shipping times have been delayed by about a week by the Red Sea crisis, as container ships carrying its products avoid the Suez Canal and travel around the southern tip of Africa.
- Country:
- Spain
The world's biggest apparel retailer Inditex said average shipping times have been delayed by about a week by the Red Sea crisis, as container ships carrying its products avoid the Suez Canal and travel around the southern tip of Africa. Yemen's Houthis have kept up a relentless campaign of attacks on vessels in one of the world's busiest shipping lanes since November, in what they say is solidarity with the Palestinians during Israel's war with Hamas in Gaza.
"Shipping costs may have risen as a result of higher fuel consumption and the extraordinary cost overruns," Inditex said in its annual report on Thursday. "Our operations have not been significantly impacted by this situation so far," it added.
Inditex said the shipping disruption has so far been the main impact on its business from the conflict in the Middle East.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
ALSO READ
Israeli defence minister says a direct Iranian attack would require appropriate response
US military says destroyed missile launched from Houthi-controlled areas of Yemen
"She was walking barefoot, her pyjamas soaked in blood": Mother of Israeli hostage urges world to free daughter from Hamas
Israel reports attempted terror attack at military post
"Knows a thing or two about terrorism, how to confront it": Former Israeli envoy lauds Indian support after Hamas attacks