The Russian government has approved the sale of Inditex’s business in this country to the Daher group, reported the Deputy Minister of Industry and Commerce, Víktor Yevtújov.
According to Yevtukhov, quoted by the RBC portal, the new owner will open stores in Russia under the MAAG, DUB, ECRU and VILET brands.
The opening of the new premises is scheduled for the months of April and May, he added.
The Spanish textile group Inditex, owner of zaraamong other brands, announced last October that it had closed an agreement with the Daher group to sell its business in Russia, where it has nearly 500 stores.
Inditex stressed that the terms of the operation would allow the preservation of “a substantial part” of the jobs that the group of Galician origin maintained in Russia.
As planned, the points of sale of brands owned by the purchasing group will be “totally alien to Inditex”.
The transaction means the cessation of Inditex’s operations in Russia after the suspension of its commercial activity in March 2022, after the start of the Russian military campaign in Ukraine and the imposition of Western sanctions.
In the event that future circumstances allow Inditex to return to Russia, the Spanish firm claims to have reached an agreement with Daher to study a collaboration between the two companies through a franchise contract.
In addition to Zara, the Spanish group operated in Russia with the Bershka, Pull&Bear, Stradivarius, Oysho, Massimo Dutti and Zara Home brands and had more than 500 stores, all under lease.
Until the outbreak of hostilities in Ukraine, Inditex obtained 8.5% of its operating profit from the Russian market.
Source: Gestion
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